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May 25th, 2012 
FAKE NEWS for the Zionist agenda
By
Sean Poulter
18:21 EST, 24 May 2012
|
18:23 EST, 24 May 2012
Bank customers should be charged a monthly fee on current accounts even if they are in credit, according to a finance industry watchdog.
Charges of £15 a month could be applied, allowing a fixed number of cash machine withdrawals, direct debits, standing orders and cheques. Any transactions beyond these caps would attract extra charges.
The idea comes from Andrew Bailey, executive director of the Bank of England and the chief executive-elect of the Government’s Prudential Regulatory Authority, set up to police the banks.
Free banking: Andrew Bailey, executive director of the Bank of England, described it as a ‘myth’ as it distorts the supply of banking services
He said up-front fees should form part of a radical shake-up of the current system in which the ‘myth’ of free banking is perpetuated.
He suggested that the fees would replace a regime of back-door charges which banks use to make money from ordinary customers.
The fact that banks pay little or no interest on credit balances in current accounts amounts to a stealth charge.
Separately, customers are stung with high interest rates and penalty charges on credit cards, loans and mortgages.
Mr Bailey suggested one benefit of the fees would be that banks would be less inclined to rip off customers through the mis-selling of products and services such as payment protection insurance.
In a speech to the Westminster Business Forum, he said it would be difficult for banks to introduce monthly charges ‘without appearing to collude’.
Andrew Bailey: Pushing for an end to free banking in Britain
Consequently, he said, the Government or its agencies may need to take action.
‘It may require intervention in the public interest, not least because it is a way to encourage greater competition,’ he said. But Labour Treasury spokesman Chris Leslie MP said: ‘It’s vital that George Osborne’s new regulator is on the side of ordinary savers, who trust the banks with their money and allow the banks to use their deposits to make a profit to cover the costs of their accounts.’
Official customer body Consumer Focus said: ‘What mustn’t happen is that consumers end up with the worst of both worlds – paying for accounts but still enduring unfair charges, opaque products, mis-selling and poor customer service.’
Which? executive director Richard Lloyd said: ‘It’s a complete myth that banking is free now – consumers pay more than £9billion a year in fees and lost interest on their accounts.
‘The idea that if banks charged more, they would stop trying to mis-sell other financial products is completely unfounded.’
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After needing a 650 Billion pound bailout that has made us all pay higher taxes for the next generation at least I don’t think banking is actually free is it…………… Parasites
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Ah, it’s good to see the poor overworked, underpaid bankers are being looked after by their establishment cohorts, isn’t it. Good job I get paid in cash and don’t bother with banks then!
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Reminds me about the mafia hardmen types who you see in films extorting store and business owners. “Give us protection money and nothing will happen to you, don’t pay and bad things will start occurring. You have been warned’.
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Put minimum wage up by 50%, because soon they will be charging us for anything..
how about stop squeezing money out of people?, they say money doesn’t grow on tree’s, load of rubbish.. if they wanted to, everyone could be wealthy. The yact as if money isn’t infinite, it’s just a currency and it keeps people civilized i guess.
They waste billions a year on wars, how about do something USEFUL with it?.
All the medical/technology advances they could’ve made the past 10+ years with this wasted money.
Spend it on something useful like a spacecraft that can find us intelligent life, that way we can get better technology faster and get out of this damn rut.
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What next? Householders obliged to provided crowbars to cat burglars, guns and knives to muggers? Well at least it may discourage them from using excessive force?
Or maybe this banking regulator ought to regulate the financial industry better. How many scams have occurred under the very nose of the regulator? Endowment misselling, pensions misselling, equity release misselling, ppi misselling, Equitable life fiasco, and now employer pension opt out happening as we speak but nothing is done… the list is endless. The regulator’s only action is to close the stable door after the event and in a way that aggravates the situation with inappropriate or inept action.
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Another ………… idiot put in a position to ensure we’re all fleeced.
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How about banks pay back in full all the tax payers’s money used to bail them out with interest back dated at average credit card rates added, with in the next 30 days first
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What a completely stupid idea. £15 a month for the banks having my money is unbelievable. What is this man on. Why can’t these idiots just suggest the banks are honest and open about their charges instead of saying we have to pay to stop the banks dishonestly fleecing us.
Maybe £15 a month is peanuts to this man but to me it is unaffordable. I would be better off keeping my money under the mattress.
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I hated the idea that my pay was going to have to go into the bank years ago now on top of all this he is suggesting I have to pay for the pleasure of using the bank because they are not prepared to work with employers to pay me out in cash. Another great bank scam to make banks wealthier and jo public poorer
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This is NWO at its finest.
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