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December 15, 2010


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Jonathan Charley

There is more competition out there than most people are aware of. Handelsbank, the Swedish Bank, has been quietly opening branches across the UK where the branch manager acts as the old bank manager and is empowered to make decisions. They, not surprisingly, have prize winning customer satisfaction. http://www.itsafinancialworld.net/2010/11/money-money-money-swedish-bankers-in.html

Jonathan Charley

When Martin Lewis and others talk about the rich being subsidised by the less well off when it comes to 'free banking', they never take into account the way that the better off pay the banks through having large balances in their current accounts and either not receiving any interest or microscopic interest on their accounts. The banks do not only make money from overdraft charges, a large amount is made simply from static money sitting in low interest accounts. The reality is that today we don't have free banking, what we have is opaque banking and most people would rather have it that way then paying specific fees for every transaction.

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