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malcolm
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malcolm is offline
UK
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28-07-2016, 10:12 AM
21

Re: Negative Interest

Originally Posted by Twink55 ->
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.
Just as I suspected.....now do you believe me that I have never paid any bank charges ?
Julie1962
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Surrey
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28-07-2016, 10:18 AM
22

Re: Negative Interest

There were also charges for bank accounts, not specific transactions, if you had less than £500 left in the bank each month you paid £25 for the privelige of having an account.

Barclays lloyds and natwest all charged

We had a building society account for our wages as we couldn't afford that and prior to them becoming banks they were much better than a bank.
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Twink55
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Twink55 is offline
Cheshire, England
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28-07-2016, 10:26 AM
23

Re: Negative Interest

Originally Posted by malcolm ->
Just as I suspected.....now do you believe me that I have never paid any bank charges ?
I never questioned whether you paid bank charges Malcolm, but as that quote says most people did, up to 1980 when the new idea of free banking if you remained in credit started. Bank staff were offered free banking, even in the 60's, to avoid them banking anywhere other than the bank they worked for.
 
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