Business banking news review: week ending 18 Dec 2014
Nine British personal and business bank account providers have fallen in line with Treasury demands by offering fee-free basic bank accounts to Brits.
The collection of banks, which account for something like 90 percent of the British banking marketplace, have gone on to say that the free accounts will come with debit cards as well – a serious boon for Brits who can’t access current acounts for whatever reason. Believe it or not there’s around nine million Brits who use basic bank accounts, which are perfect for low income earners or anyone who has had their credit flushed down the toilet by the credit crunch and the resultant economic downturn.
Now, when I say basic I mean it – these accounts are absolutely bare bones. There’s no overdraft facilities, and they certainly don’t carry in-credit interest rates or anything like that; however, they do offer services like direct debit or having wages paid in. Still, if you ask me basic accounts are better than nothing – and they’re certainly better than stuffing your mattress with banknotes.
Of course these basic accounts, prior to the new agreement, weren’t necessarily that plentiful. Some of them only offer cash cards that can be used at cashpoints but not for purchases online or in store, and others charge exorbitant fees – like £30 for making an excessive number of withdrawals in a given month.
So this is where the new deal comes in, right? No more ridiculous fees and no more card games – basic bank account holders will be given a standard debit card to make purchases with, obviating the need to run to the nearest cashpoint whenever you have to go shopping. If you ask me, it’s about time these changes were put into place. Prior to this it seems like we were penalising low income earners for being poor – and ensuring that they remain poor as well. It’s just the kind of behaviour I would expect from High Street bastards looking to line their pockets with their ill-gotten gains.
Well to hell with them! I’m all for this new fee-free basic bank account programme. And I hope it sticks in the craw of every banking executive when they think about how they can’t take advantage of people nearly as much as they used to be able to. Let them squirm and suffer for once, the greedy sods.