Banking here makes me homicial!

themeone
Senior Member



Joined: 28 May 2004
Posts: 75
Location: London UK

Posted: Wed Jul 20, 2005 1:06 am

 

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Maybe I should clarify what I mean by bank charges.

I'm talking about normal charges for day-to-day activity, such as charges for depositing money, charges for writing cheques, charges just for having the account. Provided you stick to the terms of your account, and do not go overdrawn without permission, I don't think any UK bank will levy these charges on a private customer. In fact, it's my understanding that these kind of charges were outlawed in the 1970s for private accounts.

If you do not stick to the terms of your account, or go overdrawn without asking, then such charges will be levied, and are likely to be high.

Charges for other services such as bankers drafts, depositing foreign cheques etc seem to fall into a different category and I think would be a lot more difficult to avoid. I suppose the logic behind this is that for most customers these would be "infrequent" transactions. I think many regard the level of charges for these services as a bit of a rip-off, frankly, so you're best off finding other ways, if you can.

Banks also tend to be uncompetitive on a range of other services:

Stockbroking - don't even think of using a bank, use an online deal-only service.
Foreign Currency - you're likely to do better elsewhere, e.g. Marks & Spencer.
Executor service - banks have a reputation for being slow and expensive.

Finally do remember, you can't cash third party cheques here. It's just not done. Occasionally, if an employment agency has to pay you by cheque, they have an arrangement with one branch of a bank, where that cheque can be cashed, but that's the only situation I've ever known of where a cheque can be cashed at a bank in the UK.

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Jaberwocky
New Member



Joined: 22 Jul 2005
Posts: 1
Location: Southanmpton

Posted: Fri Jul 22, 2005 12:29 am

 

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I have been here in England since September and I have had tonnes of problems with my bank especially since my acount is an offshore account and based in a branch on the Ile of Wight, while the branch I deal with is in Southampton. It seems that Comunication between branchs of the same bank over here is far more difficult than communication between different banks in Canada. Which is a problem for me since it seems that different services are offered by different branchs of my bank. When I mentioned my banking frustrations to a good family friend over here who hapens to be in management for a chain of malls, he gave this bit of wisdom:

"That England may be a first world country but it has a third world banking system"

I found this too be too true with just about all my transaction although the bank tellers and staff have gone out of there way to help me they just seem to be running into a wall most of the time.

thats my bit Thanks

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vandoo
Junior Member



Joined: 02 Nov 2004
Posts: 21
Location: London

Posted: Thu Aug 18, 2005 12:12 pm

 

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Say what you will about the poor customer service in UK banks, delays in cheque-cashing, and outrageous charges for "extra" services, but I'm with themeone.

It drives me insane that all Canadian banks charge YOU for the privilege of using YOUR money. It isn't like they let it rot in some secure vault - they lend it out to somebody else or reinvest it elsewhere for another profit. I'm all for good old-fashioned capitalism, but the fact that no bank offers a charge-free service makes me suspicious of collusion.

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Deus
CanuckAbroad VIP



Joined: 16 Sep 2004
Posts: 215
Location: Wrecsam

Posted: Thu Aug 18, 2005 1:05 pm

 

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there is a great 7 page article about banking in July's "Which Magazine"
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themeone
Senior Member



Joined: 28 May 2004
Posts: 75
Location: London UK

Posted: Sat Aug 20, 2005 2:02 pm

 

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It seems things are changing in Canada, as President's Choice now offers free banking, along the lines of standard UK current accounts. Don't know how popular their product has been, but maybe it will spell the end of bank charges in Canada, given time.

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npthompson
New Member



Joined: 05 Jul 2007
Posts: 1

Posted: Thu Jul 05, 2007 1:44 pm

 

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I'm wondering if anyone has tried having their UK employer do direct deposit to a Canadian bank or if that's even possible? My daughter has a job in the UK for 2 months so it's not really worth setting up a bank account, so we're looking for other options.
Thanks.

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