Free banking. What free banking?
Never in our recent British financial history have we seen the banks in such a pickle…..
Foreclosures. Bail outs with billions of tax payers’ money. New banks spawning like takeaways. Bonuses and dirty tricks by the bank managers.
Where will it all end?
A leading national newspaper declared this week “The age of free banking draws to a close”
But the question is : “Has there ever been truly free banking?”
This is how the system works.
First you join a bank and like millions of others never think to switch and after a time are blissfully unaware of the charges that you are paying.
In most cases you can ask for a bog standard account which provides you with a debit/cash card and apparently that’s it.
You then become embroiled in the bank’s shenanigans of moving you up to an “Added Value” account.
For example, Lloyds TSB can give you for free a CLASSIC account. But before too long you are enticed and encouraged to move up to a fee paying account which offers you this benefit or that.
Check carefully what you are getting because these benefits may not represent much at all.
So at Lloyds TSB for example you can move from nothing to £7.50 all the way through to £ 25 a month. Just like that.
That’s a huge amount of money.
But back to the so called free account like the classic I have used as an example. Other charges kick in and this is where the banks prosper.
For example, if you exceed your overdraft limit without agreement you can be charged as much as 30% of the amount overdrawn.
There are other bank charges which may apply. A big one is payment protection insurance where the bank or other provider encourages you to take out this insurance against a loan. In many cases you could never claim against such a policy. Frankly, you have been diddled.
Fortunately you can recover many of these so called unfair charges that go back 6 years. Yes you can!
Fill in the application form on this page and our claims company will send you an info pack. It is dead easy because they do the work and if they don’t recover your money you don’t pay a penny. Do it now.