{"id":135,"date":"2007-08-08T02:46:15","date_gmt":"2007-08-08T02:46:15","guid":{"rendered":"http:\/\/www.the-finance-zone.co.uk\/banking\/uk-monthly-bank-fees-are-not-wanted\/"},"modified":"2007-08-08T02:46:15","modified_gmt":"2007-08-08T02:46:15","slug":"uk-monthly-bank-fees-are-not-wanted","status":"publish","type":"post","link":"https:\/\/the-finance-zone.co.uk\/index.php\/2007\/08\/08\/uk-monthly-bank-fees-are-not-wanted\/","title":{"rendered":"UK Monthly bank fees are not wanted"},"content":{"rendered":"\n\n
<\/td>\n<\/tr>\n<\/table>\n

Few people would prefer monthly bank fees to the current system of high penalty charges, new research suggests.<\/span> <\/span><\/span><\/p>\n

The High Court is set to decide in a test case whether the level of penalty charges made by banks is legal. <\/span><\/span><\/p>\n

If it rules against the banks, they may try to recoup money with monthly fees or by charging for each transaction. <\/span><\/span><\/p>\n

At the moment, people can be charged as much as \u00c2\u00a335 for going overdrawn without agreement or for having a direct debit refused. <\/span><\/span><\/p>\n

The Office of Fair Trading (OFT) is investigating the current penalty charges system. <\/span><\/span><\/p>\n

Kevin Mountford, head of current accounts at moneysupermarket.com, said free banking was possible “largely because of the number of people who are hit with fees and charges”. <\/span><\/span><\/p>\n

If this was outlawed, a pay-per-transaction system – as used in many other countries – could become a reality for the UK. <\/span><\/span><\/p>\n

“We could well see the system prevalent in Western Europe, North America and Australia, where there are a certain number of free transactions and then you pay for any additional ones,” he said. <\/span><\/span><\/p>\n

“We have already seen some providers abandon the concept of free banking by steadily introducing a bevy of charges on their less profitable customers.” <\/span><\/span><\/p>\n

The introduction of such transaction charges could lead to a change in the spending habits of individuals used to making cash withdrawals or multiple card transactions, he added. <\/span><\/span><\/p>\n

These people were likely to make efforts to reduce costs, he added. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Few people would prefer monthly bank fees to the current system of high penalty charges, new research suggests. The High<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[2],"tags":[],"class_list":["post-135","post","type-post","status-publish","format-standard","hentry","category-banking"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=135"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/135\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}