Negative Interest

This means that sooner or later we will have to pay the banks to keep our money.
So does this mean its back to the dangerous but cheaper under the mattress method?

Re: Negative Interest

First bank accounts we had we both had to pay for, only people with over I think £500 had a free account.

Personally I don't have a problem with paying for a service but they would have to revert to paying wages in cash for many as it's not fair to expect a person on low pay to pay for an account to get their money.

Re: Negative Interest

They have been talking about this for a while, I did mention to my husband the other day about taking my money out and putting it under the bed. But like you Julie it takes the biscuit that you have to pay to get your money out to pay bills.

I wonder if it is the same if you pay with direct debit because a lot of us have these set up to come out each month.

Luckily I am not with either of these banks but how long before the others follow suit.

Re: Negative Interest

Business customers only I think you will find, that is how I read it yesterday.

Re: Negative Interest

Back in the late 60's everybody paid bank charges and banks offering to reduce those charges were to encourage people to have their wages paid directly to the bank, instead of pay in cash. The plan was to make sure they everybody needed a bank account, so banks could do more business with them ie. sell them other services for which they would pay a fee.
No business would consider now paying in cash, be it pension or salary, because of the expense, work time and security risks. For most people this means that you would have no real opportunity to close your bank account as they now have us all by the short and curlies!

Re: Negative Interest

Hi

If they are charging us to keep our money, does that mean that they will now be paying us to have overdrafts?

Re: Negative Interest

In that case they will have to offer free accounts for some or employers will have to pay the charges it annoys me now we have to have Internet access and printer to get a wage slip on a small job paying minimum wage that's a huge expense. I already have to have access to three people's wage slips in the company I work for so I can print theirs out each month as they can't afford Internet on their wages.

Re: Negative Interest

That's my understanding.
Personal accounts could be included under the new T&Cs but that's unlikely.

Re: Negative Interest

The day they start charging me for my money in their banks, out it comes and I shall buy gold.
Where I keep it, I ain't telling you lot.

Re: Negative Interest

I think we would consider that too it's not like the banks have ever helped us, we got short shrift when we found 17 percent interest rates impossible to pay, then they miss sold us an endowment mortgage, now they pay out less than 1 percent on savings, we feel they have made money off us all way along.