Re: Negative Interest

Nonsense !
I have had bank accounts since the 1960's and have never paid a brass farthing in bank charges.
My present Santander 123 current account pays me handsomely to operate it.

Re: Negative Interest

Back in the 80s they were still charging unless you stayed £500
In credit. I can remember thinking it odd if you didn't have much money they charged you but if you were reasonably off they didn't.

Re: Negative Interest

I certainly paid bank charges foe every transaction in the 60's and well into the 70's.

Re: Negative Interest

I can tell you that you paid per entry or on turnover... the customer even had a choice. I was working for a bank at that time and the only ones who didn't pay charges were the staff or those with special concessions. They were automatically taken from you bank statement... so those who didn't do a monthly, or quarterly check, may not have noticed. I was in control of the charges, so if a good looking sexy guy came in to complain, I could usually arrange a refund.

Re: Negative Interest

I don't understand any of that Twinkle.
I can categorically state that I have never paid any bank charges ever !

Re: Negative Interest

Perhaps you had a special friendship with the manager. there were always a few who got favours

Re: Negative Interest

Perhaps you might have to soon.

Re: Negative Interest

I had a current account in Barclays that I used for my cabs. It was quite healthy and cash was paid in monthly. I would normally write cheques for the outgoing expensives.
Suddenly after many years, they started adding charges. I went and asked them why they are doing this.
They made some excuse that it was an active account. Eh! So what I have had this account for many years, so why suddenly you are charging me?
They said that they will not charge me anymore.
About 6 months later I saw on my statements that they had started charging me again.
When I again questions this, they now said it is a business account and they have to charge.
Up yours.. I closed the account and went to the Abbey national, and stayed there with no charges until I retired and closed that account as I no longer needed it.

Re: Negative Interest

So what are these charges and where and when are the applied and to which accounts ?

Re: Negative Interest

They were taken from your bank account on a monthly or quarterly basis, usually on current accounts. I picked up this on the internet to confirm.

Charges for specific transactions
Until the 1980s, most banks in the UK charged for all transactions. A number of newer entrants to the personal current account market took a "no fees whilst in credit" approach, leading very rapidly to a situation where no bank could compete with others without offering the same deal.

While the loss of income incurred was, to some extent, covered by the interest earned on carrying balances in current accounts, the banks' profitability on personal current accounts was severely impacted by this change in the charging structure. In turn this led to the banks' increased use of charges for exceeding overdraft limits as a means of generating their required level of profitability.