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is it just us in the uk


wolfie
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I was wondering weather banks operate over charging regimes like ours, in other EU countries like Germany or France for instance dose any one know? It would be interesting to know if this a UK or world wide issue. :?:

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UK.

 

Despite what the banks would have you believe, you can have free banking AND not overcharge your customers.

 

In France, you ave both, and lower interest rates. But (I'll say it before Bankfodder does, lol) they do close at lunchtime for 2 hours and often are closed on Mondays. Mind you, they don't close at 4 or 5 pm and are open on saturdays.

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Can we find out what say HSBC or other charge for say a returned direct debit in Germany or France

i.e. if it’s a lot less than in the UK we could use this against them as surely the same bank/computer mechanisms are used.

This could be a good argument against the charges if true.

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I know someone put a link to a US action group somewhere on this forum, but I'm damned if I can find it. Might be able to see what HSBC charges over there. Otherwise someone with a working knowledge of language(s) could look up thr foreign HSBC or similar sites.

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I knew I'd find some mention of this somewhere, if I just kept reading!

 

In The Netherlands, the banks are permitted to charge interest only on the amount owed. Of course, they can and do impose punitive interest rates - figures like 20% on unauthorised overdraft, for instance. Still, even 20% (annual rate) on a few quid for a few days is virtually nothing. Even on a couple of hundred, it's still negligable if you only owed it to them for a week. They still make totally outrageous profits.

 

They are also obliged to send you a statement every time any material transaction takes place on your account. I can't remember now how much is considered material, but the figure NLG 50 rings a bell, which was around 20 quid. This meant you didn't get big, nasty surprises as you do here.

 

How did this come about? Simple: the government passed a law. Never mind messing about with OFT and guidelines and whatnot, just make it law!

 

This was something else I was meaning to ask: if this is common in most Western European countries, then surely we could argue that English/UK banks have no justification for continuing their bloodsucking practices.

 

Or how about taking His Toniness & Co to international court to force the issue?

 

Incidentally, banks don't close for lunch there.

 

The PostBank was always open on Saturday mornings aswell, although this is less important since the coming of ATMs; it was also an innovator of automated processing and up until about 15 years ago was still using a system of punchcards that doubled as 'cheques' (though not as we know them, Jim).

 

Another possibly interesting Dutch fact is: all interest and costs connected with purchasing the home that is your main residence are tax deductable. :Cry: Ok, now I'm getting 'homesick'. So I shall add that they do add a smallish amount to your tax bill for the benefit of not having to pay rent (don't ask me to explain why).

And if you lose your job, they make you 'eat your house' before you can claim benefits.

And they have a wealth tax - aarrgghh

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Like the poster from The Netherlands I am myself from Scandinavia and can confirm you will not see such fees there. The concept is more "pay as you go" - and I think that's completely fair. If you use their services you pay a reasonable fee. If you go overdrawn, you pay a punitive interest but that is it. As the interest does add up it gives people incentive to put their accounts back in the black - but if you have only been overdrawn for a few days it only adds up to a few pounds.

 

Banks in the UK often seem to say that comparing with other countries is impossible as the markets are different. I am not buying that, I think it's a deliberate attempt to avoid further discussion. I am certain you can compare, once you compensate for the differences in their financial structures.

 

It is also interesting that some banks seem to say that "If you do not have these fees it will be the end of free banking", it seems like they are trying to blackmail us.

 

I think UK banks are archaic, stuffy and generally resistant to any change whatsoever. Not just in terms of fees but also when looking at services offered. Most EU countries have now scrapped cheques. Intra-bank payments take one day. SWIFT payments often cost £5-6. You can have companies send their bills directly to your internet bank and you can then log in and pay them by clicking on one button.

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  • 12 years later...

This topic was closed on 03/06/19.

If you have a problem which is similar to the issues raised in this topic, then please start a new thread and you will get help and support there.

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