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Is the notion of free banking about to become a thing of the past then? I certainly hope not because I personally think that the major banks make enough money out of us with interest charges, overdraft fees, loans and credit cards etc.
Unless you’ve been on another planet you may have heard already that First Direct are about to scrap free banking for its customers. From February 2007 a monthly fee of £10 will now be charged, although it is possible that this charge may be avoided under certain conditions.
If your account is on average in credit by £1,500 each month or you pay in £1,500 or more each month then the fee will be waived. Other ways to avoid the £10 charge would be to open up a savings account, take out a mortgage, loan or credit card etc. with First Direct. In other words keep all your eggs in one basket and use exclusively their services otherwise you pay the charge. Does anyone else here believe that the banks are getting just a little bit too greedy?
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