Banking Fees 'Incomprehensible'

Banking Fees 'Incomprehensible'

A European Commission, Europe wide bank charges survey has suggested that bank literature on charges are ‘incomprehensible’ and suggests even where countries such as Spain and France have a more transparent charges structure, they still pay more.

The report suggests that the UK performs poorly at 17th out of 27 of the cheaper banking nations with an average yearly charge of €93.  The most expensive being €253 in Italy and the least expensive being Bulgaria at €27.

We find all this hard to reconcile and fundamentally disagree with the ‘witch hunt’ on bank charges.

1. Why should anyone have free banking?
2. Why should you not have to pay for a cheque to be processed?
3. Why should you not pay for debit and credit card transactions?
   

These systems and the security behind them to protect your money costs billions of pounds.  

It is also obvious why Bulgaria is cheaper, staff costs and office premises, rents, rates and taxes are cheaper, so they do not need to charge as much.

Overdraft Facilities

We also less than comfortable with banks being taken to court over ‘extortionate’ excess overdraft charges.

If a solicitor firm has cause to review your file and send you a letter, they can charge anything between £50 and £150.

If a Chartered Banker has cause to review your file because you have ‘stolen’ their money i.e.  exceeded your overdraft by not taking care of your account or not asking permission, resulting in a file review, why should the Bank not charge for those services? The bank employee still has to be paid that day after all.

Britain expects free banking, cheap credit and no charges when we abuse our credit line.  No wonder bankers are having to take high risk gambles just to try and make money.

Bring back the old days of a simple charging structure for your banking facilities.  Perhaps, even a law society approach with a maximum fee standard for different transactions.

Why is it that a business has to pay for banking but consumers do not?

‘Incomprehensible’? We find the whole system of expecting something for nothing and the consumer, even the ‘naughty’ ones, being always right incomprehensible.

All we are suggesting here is common sense on all sides to maintain a professional banking system in the UK.

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