News and Politics | November 12, 2008 | 29 comments

Could this mean the end of free banking as we know it?!

source: http://www.dailymail.co.uk/news/article-1084976/End-free-banking-UK-faces-charges-use-cash-m...

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tallmansam
Analysts Datamonitor claim that free banking is on its way out in only a matter of time, which means being charged for taking money out at cash machines and cheques.

What is you feeling on this?
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    News and Politics,   Current News UK,   Money
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29 comments // Could this mean the end of free banking as we know it?!

  • thorstein
  • unadopted
    • 0
      unadopted  
    • Image

    • With the banks getting tighter and tighter, I've found this site to be an absolute goldmine of information on how to beat their dirty little tricks...

    • 3 years ago
  • justright
  • Elevator
  • purplefox
    • 0
      purplefox  

    • Why should we be charged for taking out our own money? the system just doesn't make sense (though maybe it never really did..)

      Guess I should start hollowing out my mattress now.

    • 3 years ago
  • commandercool
  • call1963
    • 0
      call1963  

    • I do not use ATM machines because i also feel i should not have to pay the bank to get my money. That doesn't stop them though. They are getting very creative with customer fees, & I think sooner or later I'm going back to my mattress while its still legal to carry money

    • 3 years ago
  • 1percent
  • justright
  • UWAZell
    • 0
      UWAZell  

    • Actually in the US the only time you are charged a fee to use an ATM is when you use one which is not from your institution and outside of their network. In addition, there are barely any banks that still charge you a monthly 'maintenance fee.'

      Australia and the UK both need to catch up with the States in that regard.

    • 3 years ago
  • J_Jammer
  • hapykap
    • 0
      hapykap  

    • Already one of my Credit Card banks is charging me double the finance charge they charged me just a few months ago. I pay on time and more than the minimum.

      We Bailed them out and this is how are we rewarded?!

      Live Learn Love Grow Evolve, Create-Greatness and give it away...

    • 3 years ago
  • RubberRims
    • 0
      RubberRims  

    • To those who read this article a small tip. By March 2009 by hook or crook pay off your financial depts as fast as you can. We will all be a lot poorer as the pound slowly slides. By my calculations and this is a conservative estimate £1.42 will by you $1.00 next year.

      The realisation of just how banks will recoup the losses they have made is by no means clear yet.

      But I will ask you to keep looking at the value of the £ this is all you will need to understand. To the average wage earner a point in perspective, our finances within the banks are marginalised within a global market you will be worse off because of this.

    • 3 years ago
  • punkerton
    • 0
      punkerton  

    • This would be a great time to become a bum. Then you don't have to worry about any fees! Only other bums....which may or may not be worse.

    • 3 years ago
  • RaceBannon
    • 0
      RaceBannon  

    • Ladies and gentlemen here's a way to beat the banks.
      You don't have to accept everything in life that happens to you because "its the way it is".. thats for prostitutes
      Organize and destroy!

    • 3 years ago
  • GeoffNI
    • 0
      GeoffNI  

    • Would not affect me so much because I use the debit card and electronic bill payment, rarely cash machines. With the mess banks are in it probably will become safer to store your money in a tin. Employers will have to be prepared to pay out in cash.

    • 3 years ago
  • ProfessorFunk
  • TrikyNiki
  • islek
    • 0
      islek  

    • While I don't like the idea of having to pay to extract cash from my own account (especially if it's at my own bank!), it would definitely make me think twice about what I was withdrawing that money for. Do I really need it? Perhaps it could be an odd blessing in disguise... encouraging consumers to keep their money growing interest in a bank and saving it versus spending it. I can see why the banks would want that, too.

      (Or conversely, everyone will panic, remove all of their money from the system, crash the banks, and shove their savings under a mattress to hope for the best. I wouldn't put it past the masses to be so ridiculous.)

    • 3 years ago
  • MiguelSanchez
  • Elevator
  • Elevator
    • 0
      Elevator  
    • MiguelSanchez:

      It's not your money. You do not have a claim to that actual money but rather that amount. This allows them to loan out your money and make even more “money”. In other words the total of amount of money in all their accounts exceeds the amount of money they have on hand 10 fold. Because they loan out 10 times more than they have, if 1 or more persons withdrew a total amount more than their 10% reserve they would go under. Worse yet, they would call in all their debts and anyone unable to pay their loans would also be bankrupt. That is why it’s illegal in the US to say a bank is insolvent (hooray for freedom of speech!). This is also why we have FDIC which basically a bailout guarantee for banks. But, as if this were a sick joke, the FDIC also has only a fraction the reserves it “insures” too.

      Back in the day banks were largely just depositories where people stored their money (gold or silver) and then were issued a receipt for the deposit which was accepted as money. Now there is no gold or silver to back the paper and money is worth nothing, people only accept it because the central bank said so ( it’s the law).

      The point is that most “money” doesn’t actually exist. That’s why central banks want people to use checks (debt cards are digital checks). In this way it can control inflation easier (or so they think) and they will only have to print money if there is a run on the banks.

      http://mises.org/story/3128

    • 3 years ago
  • call1963
  • bigloutech
  • Mr_Costello
  • BloxParty
  • soz87
    • 0
      soz87  

    • what is the world coming to, the government pays out £?????????????????? for a war, olimpics we dont even want here and sending bugle 2 mars but we have 2 pay 4 prescriptions, glasses, dentist and now to take our own money out? surely not

    • 3 years ago
  • Commentor
    • 0
      Commentor  

    • In the USA there are many machines that charge up to $3 to obtain cash.

      Retailer's are often a better source of obtaining cash with a purchase.

    • 3 years ago
  • mattbrawn
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