Is it time to end 'free' banking?
We’ve long said ‘free’ banking’s a myth. In reality, it’s ‘fees-free’ for those in credit. The price is no in-credit interest, high overdraft interest and hefty bank charges. Some policy wonks are calling for the end of 'free' banking. They say banks would mis-sell less, as they wouldn’t need to flog as many other products to subsidise it. So, a simple choice: would you change things?
We’ve long said ‘free’ banking’s a myth. In reality, it’s ‘fees-free’ for those in credit. The price is no in-credit interest, high overdraft interest and hefty bank charges.
Some policy wonks are calling for the end of 'free' banking. They say banks would mis-sell less, as they wouldn’t need to flog as many other products to subsidise it.
So, a simple choice: would you change things?
Results
| Make charges transparent: People should pay for what they get, with no cross-subsidies, even if it means a monthly fee. |  |
782 votes (11 %) |
| No change: Keep fees-free in-credit banking as it is. | |
6,094 votes (89 %) |
6,876 votes received.
We try to use technology to limit voting to one per person. Occasionally, this may erroneously block a few people's votes (eg, from shared offices). Apologies for that.
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