Thursday, 17 January 2008
Will the banks win their case on charges?
The UK banks have finally begun defending a case against the OFT re their allegedly unfair business charges.
I am personally quite keen that they win. Effectively what the banks do is rip off people who are stupid. Going overdrawn without a limit - stupid. Writing a cheque that you know will bounce - stupid.
Of course, at times I have done both the above and it is a annoying when they get you; but by doing this we have free banking and lower charges for those customers who can manage their finances. Do we really think that if they lose the bank's shareholders will just accept lower profits in future, of course not.
A prime example of idiocy in in the link, scroll down and see the comment by Luke. The chap could see his problem but clearly could not be bothered to fix it, so he calls them bloodsuckers.
Having lived abroad, it would be a shame to see the end of free current account banking in the UK, it is a great model overall for the financially prudent.
Posted by CityUnslicker