Return of the basic banks account?

[indebtstudent]

I've been thinking about this for the past cuople of days and, though bank charges are clearly unjustified, isn't the problem with the system itself? ( sa system which is arguably desinged to maximize the number of charges generated). If you ask for a current account on which you cannot go overdrawn you would be hard pressed to find such a product.

Some time ago I understand banks got together and launched basic current accounts but few now seem to bother with this product. Unless you open a card based savings account (which would be similar to a current account with a cash card) you run the risk of incurring these charges.

I'm not talking here about debit cards as I can imagine a situation outside of the banks control when they're forced to pay up for something which takes the account overdrawn (say a cheque and a card purchase). My point is that the cunsumder is denied the right to choose, and indeed many could think (quite resonably) as they have no overdraft they can't go overdrawn and thus cannot be charged.

[Movingon]

I for one would be QUITE happy with a bank account which charged me £5-£10 per month for the facility, which charged me £0.50 per pop on cheques and cashpoint withdrawals, and which had an overdraft interest rate. Exceeding your overdraft limit would not be permitted, AT ALL, and penalty charges for bouncing items would be realistic; i.e. £2 or thereabouts. They would be applied when the account was in credit. Bounced items would be re-presented when it was possible to do so; AUTOMATICALLY.

If a bank introduce an account like this, I will transfer TODAY.

Stoney, mate, i just cannot see a Direct debit payment being asked for when the money was in there. i do agree with what you are saying but i would prefer to see a model of banking based on say business accounts at the moment, in that you pay an amount for what you use or a maybe a slightly amended form of heavy user, medium user and a low user(clearly defined by a criteria of the number of transactions involved).