If the UK banks are having to borrow from the Government and are in such trouble how long will it be before the ordinary person is charged for having a current account?
chas
How long before we start getting charged for a current account?
Mar 20, 2008
5 Replies
Not long, now they've been stopped penalising those who've broken their overdraft limits, and also now they've speeded up transactions of electronic payments they have to recover the interest they have lost there.
Tiddy Ogg.
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Didn't know about the speeding up of electronic payments... Could you clarify? Has the obligatory 4 working days for an electronic payment to "clear" been shortened?
In a way I won't mind an account charge (within reason of course) providing in return the 4 day clearing period is dropped.
It's called Faster Payments, and starts in May 2005
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It's in addition to BACS and CHAPS. It looks like it's down to individual institutions as to how much they charge for it. Not all institutions will be in the system immediately.
Apparently it will be capable of transferring money in a few hours usually.
Jeremy
D'oh - make that 2008
This page suggests the cost is much cheaper (cost in pence) compared to CHAPS, though I don't know how much the banks are thinking of passing onto the consumer
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No they haven't. This is still pending a result
tim
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