I keep my bank accounts in the black – so why should I pay for those who incur overdraft charges? But why should those who do get into trouble be expected to pay for my current account? The disingenuous public relations messages from the banks show they are hoping to please the masses like me, with their argument that ‘Free’ banking could end as overdraft charges challenged.
Let’s get this message straight – I do not benefit now from “free” banking. The banks make money from our money – in terms of the time they take to clear cheques, transfer money or pay bills, and by investing our money yet not paying decent interest rates when we are in credit.
There should be reasonable charges that reflect the actual cost of sending a letter and so forth. But, banks have taken the savings made by increased computerisation and kept it. They transfer call centres to the lowest cost base and push us more and more to online banking, whilst maintaining a punitive cost for overdrafts and other “services”.
At the same time, they make it harder to open a bank account, treating us not like honest citizens but all as potential money launderers, terrorists and international criminals.
They show contempt to customers and staff.
If I am to pay for my current account, banks should remember this is my money and when I want it transferred do it immediately. With computerised systems it does not take 5 days to go from my account to another and vice versa. I should not have to ay £25 for the privilege of transferring my money immediately.
In terms of professional communications, the banks are bullies who use any attempt to threaten, lobby and wriggle their way out of acting responsibly. Once upon a time, banks and their employees were trusted and deemed to be honorable members of society. That is no longer true – they have destroyed their reputation by money grubbing activities.
It is about time they practised honest communications and a bit of respect.