Thread Rating:
  • 2 Vote(s) - 2 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Banks could charge £2.50 every time we use a cash machine
11-24-2009, 06:50 PM,
#1
Banks could charge £2.50 every time we use a cash machine
Quote:Banks could charge customers to take out money from a cash machine, campaigners fear.

They believe the banks will introduce new 'rip-off' charges if they lose a long-running court battle this week with the Office of Fair Trading.

It could signal the end of the free banking currently enjoyed by millions whose accounts never go into the red.

One possibility is that customers could be charged to use the 39,000 cash machines in the UK that are free at present.

Industry experts believe a levy of up to £2.50 could be imposed per withdrawal.

Another potential outcome is that banks could force customers to pay a monthly fee to bank with them.

On Wednesday, the Supreme Court is expected to clear the way for a decision that overdraft charges imposed by banks over many years were unfair.

Banks could be forced to pay refunds totalling more than £10billion to customers hit with extortionate penalty charges.

The consumer group Which? estimates that around 12million people have been hit with bank charges since 2001, but about two-thirds have not asked for their money back.

Eddy Weatherill, from the Independent Banking Advisory Service, said yesterday that banks will always 'profiteer where they can'.

He said: 'Banks think they can charge whatever they like - and get away with it. There is no doubt that they will bring in new fees, or higher existing fees, wherever they can.'

Phil Jones, a personal finance campaigner from Which?, said: 'It is like a balloon. When you push in one part, it comes out in another. The banks are consistently finding sneaky ways to make money out of people.'

Which? pointed to latest figures, from the Bank of England showing the average overdraft rate has hit 18.9 per cent.

See the Which? Britain Needs Better Banks campaign at http://www.bnbb.org.

Last week, Santander, owner of Abbey, introduced a 'fee-free' current account.

The Zero Current Account has no overdraft fees, no charges for bounced payments, no charges for taking out cash overseas and no foreign exchange fees.

But it is only available to those who take out, or already have, a mortgage with the bank or one of its new subsidiaries, Bradford & Bingley and Alliance & Leicester.

Experts say other banks will follow suit, which will benefit many customers - but freeze out millions more.

Wednesday's judgment is not the end of the battle. It will only dictate whether the Office of Fair Trading has the right to determine what is, and what is not, a fair bank charge.

If the OFT wins, as expected, it will announce its findings early next year.

http://www.dailymail.co.uk/news/article-1230126/Banks-charge-using-cash-machines.html
The revolution is not an apple that falls when it is ripe. You have to make it fall. - Che Guevara

Resistance Films Youtube Channel

TriWooOx Podcast
Reply
11-24-2009, 07:12 PM,
#2
RE: Banks could charge £2.50 every time we use a cash machine
this has been the norm here in the states for years.
Reply
11-24-2009, 10:50 PM,
#3
RE: Banks could charge £2.50 every time we use a cash machine
Not in the UK, you can find a free ATM usually hanging off a supermarket or pertrol station.

Others have the cheak to charge you £1.60 to withdraw, that's quite often 16% of the amount im actually withdrawing! No, thank you.
Reply
11-24-2009, 10:53 PM,
#4
RE: Banks could charge £2.50 every time we use a cash machine
Yep. Transaction fees, NSF fees, fee fees....fuck the banks!
“Today’s scientists have substituted mathematics for experiments, and they wander off through equation after
equation, and eventually build a structure which has no relation to reality. ” -Nikola Tesla

"When the power of love overcomes the love of power the world will know peace." -Jimi Hendrix
Reply
11-25-2009, 03:27 AM,
#5
RE: Banks could charge £2.50 every time we use a cash machine
burn the banks to the ground and chase out the banksters
Reply
11-25-2009, 10:22 PM,
#6
RE: Banks could charge £2.50 every time we use a cash machine
It's been that way in Canada for nearly a decade now. ATMs charge $1.50 to $3.00 (CDN) now plus a $1.50 'network fee'. These charges wouldn't exist if people carried more cash on them or went to a branch and took out enough cash to last them a week or two -- but I don't recommend that if you are apt to be intoxicated on any given night.

.. and ditto fuck fees, fuck bankers, fuck usury and FUCK this monetary system. Money was originally intended to serve us as a tool to help facilitate transactions and now we are forced to be slaves to this illusion of power.
There are no others, there is only us.
http://FastTadpole.com/
Reply
11-26-2009, 06:40 AM,
#7
RE: Banks could charge £2.50 every time we use a cash machine
Solution to the fees problem ...... stop keeping your money in the bank. I would assume most of you have done this already.
Reply
11-26-2009, 09:30 AM,
#8
RE: Banks could charge £2.50 every time we use a cash machine
Yep. No banks for me. Big Grin
“Today’s scientists have substituted mathematics for experiments, and they wander off through equation after
equation, and eventually build a structure which has no relation to reality. ” -Nikola Tesla

"When the power of love overcomes the love of power the world will know peace." -Jimi Hendrix
Reply
12-22-2009, 11:23 AM, (This post was last modified: 12-22-2009, 11:26 AM by kevlar.)
#9
RE: Banks could charge £2.50 every time we use a cash machine
in some 3rd world countries they charge you to take money out, put money in and even to check your balance.

i don't see why you are all against banks. the central banks are the problem, most banks don't practice fractional reserve banking, only the central bankers.

if there was real competition in the banking industry it might not be as bad. but thanks to central banks you don't get any competition.
Reply
12-22-2009, 04:56 PM, (This post was last modified: 12-22-2009, 05:10 PM by standvast.)
#10
RE: Banks could charge £2.50 every time we use a cash machine
Quote:Solution to the fees problem ...... stop keeping your money in the bank. I would assume most of you have done this already.

I actually asked my employer 3 years back if they'd be
willing to give me an old fashioned bag of cash every month.
They spun me a line about this being very inconvenient for them,
as they don't keep cash currency at the office.
When i filled out / signed my contract it required a bank account,..
i didn't want to have to push them to give me my first paycheck in
cash, but i didn't fill it out at first.
They got back to me around payday saying they NEEDED me
to supply them with my bank account and that cash payment was not
an option.
Most employers will look upon you strange if you tell them "i don't have a bank account" ,
(and say ; "well then you can't get payed / a job, can you ? )
so i didn't see that as a viable option to tell a law firm resource manager during my intake talk...
instead i waited till i worked there a few months and then decided
i'd check again if it was possible to receive my pay in cash...
they are still debating / stagnating me everytime i remind them that
i'd like an answer to my request..

Now what i do is pay whatever i have to pay immediatly when
i get my check, then hit the bank and take the rest out of my account in cash (small bills) .
If you use the ATM in Holland you don't pay fees and inside the bank
at the counter you don't pay fees either,
but just because it suits me to have my money on me or at least
close to me instead of at the bank, i take it all out when i get it.

I suppose one could demand ones pay in cash,
when not having a bank account,..
i have never heard of it being absolutely manditory to
have a bank account just so you can work somewhere,..
I take it that if there is a method the employer can legally pay you
which does not envolve banks and is doable for the employer
than there should be no problem. but Most people will look at you
as if you are alien when saying you don't have a bank account,
sorta similar to the reaction i get when telling peops i dont have a cellphone.

Another thing i ran accross is this ;

if you take all your money out in cash, like i do,
and then later find out you still have to make some cash payments at the bank,
you do pay fees ..
even if you want to put the cash back in your own account you pay fees at some banks.
If Thine I that I spy with my own little I Doeth Offend thee ; Pluck It out.

Reply
12-22-2009, 09:31 PM,
#11
RE: Banks could charge £2.50 every time we use a cash machine
Quote:.. sorta similar to the reaction i get when telling peops i dont have a cellphone
true that - I get that quite a bit too - I even felt compelled to write about it on the fringe thinking Facebook group No, I don't have a cell phone. Yes, I have running water.

10 Reasons NOT to Cave in and get a Cell Phone
http://www.facebook.com/topic.php?uid=2310629451&topic=4642
There are no others, there is only us.
http://FastTadpole.com/
Reply
03-17-2011, 05:25 AM,
#12
RE: Banks could charge £2.50 every time we use a cash machine
Quote:It’s Coming: The $5 ATM Fee

Big banks have been fighting new federal rules that seek to limit consumer fees on debit cards and overdraft charges. But in the meantime, the banks have a plan B: More fees!

J.P. Morgan’s retail bank, Chase, is even testing fees of $5 in Illinois and $4 in Texas for people who use a Chase ATM and aren’t a bank customer.

The fees already are big business. As Robin wrote, ATMs generated $7.1 billion in fees last year
http://digg.com/news/business/it_s_coming_the_5_atm_fee
http://blogs.wsj.com/deals/2011/03/16/its-coming-the-5-atm-fee/
There are no others, there is only us.
http://FastTadpole.com/
Reply
03-17-2011, 06:58 AM,
#13
RE: Banks could charge £2.50 every time we use a cash machine
They did the same in the UK, and after a LOT of fuss the public the charges quashed through the courts.
"He that saith he abideth in him ought himself also so to walk, even as he walked." -- 1 John 2:6
"Whatever affects one directly, affects all indirectly... This is the interrelated structure of reality." -- Martin Luther King Jr.
"He that answereth a matter before he heareth it, it is folly and shame unto him." -- Proverbs 18:13
"Everyone thinks of changing the world, but no one thinks of changing himself." -- Leo Tolstoy
"To love is to be vulnerable" -- C.S Lewis

The Kingdom of God is within you! -- Luke 17:20-21

https://duckduckgo.com/
Reply
03-17-2011, 02:00 PM,
#14
RE: Banks could charge £2.50 every time we use a cash machine
we all make this huge mistake in thinking that banks consider YOU as a customer. you are merely grass, wheat to be cut down and the worth stripped from you. that capital is given to a bank's real customer. the shareholder.
Reply
07-01-2011, 06:48 AM,
#15
Information  RE: Banks could charge £2.50 every time we use a cash machine
Banks Credit Companies (except AMEX) Lose 40% of transaction fees to retailers.

Quote:Final Fed debit card rule less costly to banks
June 29, 2011, 5:12 p.m. EDT
By Ronald D. Orol, MarketWatch

WASHINGTON (MarketWatch) — The Federal Reserve on Wednesday adopted a watered-down final rule on debit-card swipe-fee rules that will shift billions of dollars in revenue from banks to retailers.

The Fed voted to cut fees that retailers pay to accept debit-card payments to 21 cents, plus a conditional charge of a penny and 0.05% of the transaction value for fraud prevention.

On the average debit transaction of $38, the Fed’s rule will have retailers pay 23.9 cents, from the roughly 44 cents they currently pay.

The rule, while painful to banks, is less costly to them than the proposal the central bank released in December that would have cut fees that retailers pay to accept debit-card payments by an average of 73%, to a range of 7 to 12 cents a swipe.

Investors had anticipated a final fee cap of 16 cents to 18 cents, according to a Goldman Sachs poll.

The Fed estimates that bank revenue from debit-card fees is likely to decline by more than 40% under the rule. The Fed said it is “unclear” whether consumers in the aggregate will be helped or harmed.

Fed governor Elizabeth Duke voted against the decision, arguing that it will increase the regulatory burden on small banks.

The rule is expected to impact traditional electronic network operators Visa and MasterCard, but the proposal specifically exempts the network American Express Co. operates. The new fees would go into place in October. The regulation was previously scheduled to take effect on July 21.

Visa and MasterCard shares immediately rallied on publication of the draft rules and closed with a 15% and 11.3% gains respectively. PayPal owner eBay gained 6.6%.

Banks also were stronger, though they also had been helped by Bank of America’s proposed legal settlement over failed mortgages.

“The Fed’s ‘final’ rule is better for the industry than even the most optimistic analysts had predicted. It will, I suspect, be challenged in court by retailers,” said Tom Brown, a partner at O’Melveny & Myers LLP in San Francisco.

....

The Retail Industry Leaders Association, a group of merchants, said they were disappointed with the rule, arguing it will hurt consumers.

“The Fed’s about-face suggests it abandoned the facts that the board embraced in the December proposed rules, instead ceding to the wishes of the big banks and credit card companies” said RILA President Sandy Kennedy.

The Fed was required to adopt the rules based on a controversial provision included in the post-crisis Dodd-Frank Act that was authored by Sen. Richard Durbin, Democrat of Illinois.

....
Full Story: http://www.marketwatch.com/story/final-fed-debit-card-draft-less-costly-to-banks-2011-06-29-1518100
There are no others, there is only us.
http://FastTadpole.com/
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
Star Will encrypted peer-to-peer currencies make banks obsolete? BitCoin, ECash Ripple .. solar 57 10,349 03-15-2014, 02:20 PM
Last Post: CharliePrime
  Evidence Banks Have Bought Off Washington Andrej75 1 452 11-18-2013, 12:58 AM
Last Post: stiffy
  Banks to Rule Them All mexika 0 518 08-28-2013, 08:35 PM
Last Post: mexika
  How The Too Big To Fail Banks Were Born yeti 1 429 01-20-2012, 09:29 PM
Last Post: h3rm35
  UK banks charging as much as 800,000% on overdrafts TriWooOx 3 621 12-03-2011, 07:23 PM
Last Post: nwo2012
  Science of Revolution - Defeating Wall Street Banks and the Federal Reserve yeti 0 473 10-24-2011, 04:07 PM
Last Post: yeti
  Israel's credit downgraded same time as USA Solve et Coagula 0 369 08-07-2011, 11:07 AM
Last Post: Solve et Coagula
  The Great American Bubble Machine Solve et Coagula 4 1,420 05-23-2011, 02:07 AM
Last Post: FastTadpole
  Irish banks need extra 24bn euros to survive TriWooOx 0 476 03-31-2011, 07:02 PM
Last Post: TriWooOx
  Go easy on banks or we could leave UK, threatens HSBC TriWooOx 2 820 03-08-2011, 04:48 PM
Last Post: rsol

Forum Jump:


Users browsing this thread: 1 Guest(s)