posted on Oct, 26 2011 @ 07:49 AM
In the UK if you hold a basic current account and visa debit card there are no charges for paying in or withdrawing money, however the bank may place
a limit on how much can be withdrawn from the account in any 24 hr period. If you choose to upgrade your account, say to a gold or platinum, a monthly
charge will in most cases be charged. In my case £12 a month. With this I get AXA worldwide travel insurance for myself and my wife, mobile phone
insurance, AA breakdown cover and my purchases are insured from when I leave the shop.
This is all well and good for a standard customer, but when
your a business owner in the UK, the banks do nothing more than futt buck you. The businesses pay the service charge for the customer when they use
their credit or debit card.
We are not allowed to charge the customer for handling their card or set a minimum payment to make it worth while
accepting the card. In August this year I paid out £1200 in service charges (for that month alone) to the bank for card transactions alone.
So next year I'm going to install an ATM instead so customers have to withdraw cash and I can put it in my tills. The annual fee for hosting the ATM
is a bit more than the bank charges paid in August, and the good news!! The customer doesn't pay a fee for withdrawing cash.
For as long as the businesses pick up the handling and processing fees in the the UK I believe that we may remain charge free for the foreseeable
As for banks charging customers for holding their money? Not acceptable!! Why? Because they are going to use your funds to their ends. Its a trade