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entwisi · 15-11-2006, 20:33

Let me clarify a few things,

1) Its not that you have to keep 1500 quid in your account, you have to have 1500 quid go through your account. i.e. if you pay in that amount from 2 salaries then its free no matter how much is in the account(minimum wage is ~10K/year or 800 quid a month so 2 min wage salaries will be enough)

2) if you have another product ,savings account, CC(even if like JB you pay it off each month), agreed overdraft, etc then its free.

3) Banks are a business! They exist to make money be that for shareholders or a CEO is absolutely irrelevant. If they don't then they are out of business and you would soon be screaming where your savings had gone. There is a risk to almost all their investments and they have to cover all risks due to LEGAL requirements that are set by the goverment. You may not understand it but its not normal people where banks make all these millions of profit. the general public actually COST money to service their accounts, I haven't heard anyone thanking them for this service over the last 20-30 years!

4) and this is the biggy!!! the UK is nearly UNIQUE in having a free banking service. Abroad you pay for writing cheques/making ATM withdrawals, Standing orders etc. If you lived abroad you would be used to paying for your banking service and this would not be newsworthy at all.

So before you start shouting teh odds, please make sure you understand what you would be looking at if you lived abroad.

15-11-2006, 20:33	#7
entwisi God Member Join Date: Apr 2004 Location: Up Bash Posts: 7,827 Blog Entries: 3 Liked: 44 times Rep Power: 4390	Re: Direct To Your Wallet/Purse Let me clarify a few things, 1) Its not that you have to keep 1500 quid in your account, you have to have 1500 quid go through your account. i.e. if you pay in that amount from 2 salaries then its free no matter how much is in the account(minimum wage is ~10K/year or 800 quid a month so 2 min wage salaries will be enough) 2) if you have another product ,savings account, CC(even if like JB you pay it off each month), agreed overdraft, etc then its free. 3) Banks are a business! They exist to make money be that for shareholders or a CEO is absolutely irrelevant. If they don't then they are out of business and you would soon be screaming where your savings had gone. There is a risk to almost all their investments and they have to cover all risks due to LEGAL requirements that are set by the goverment. You may not understand it but its not normal people where banks make all these millions of profit. the general public actually COST money to service their accounts, I haven't heard anyone thanking them for this service over the last 20-30 years! 4) and this is the biggy!!! the UK is nearly UNIQUE in having a free banking service. Abroad you pay for writing cheques/making ATM withdrawals, Standing orders etc. If you lived abroad you would be used to paying for your banking service and this would not be newsworthy at all. So before you start shouting teh odds, please make sure you understand what you would be looking at if you lived abroad. __________________ Ian Technical God, No 1 Geek And Linux Guru Have you seen my Flickr pictures?