it takes 3 working days - its called BACS

AFAIK it will be changing in may - tis a bit cheeky as they earn millions from it

though if banks didnt charge fees for going overdrawn or do things like this then theyd have to start charging fees in other areas - Id rather have free banking and let the people who go overdrawn all the time etc.. pay more

Although why people think they are entitled to a free service (banking) I dont know. No one thinks a cell phone company should give you free service.

^^^ you fool, just stick with the free one !

chances are, most of the stuff they give you for your £18 you can either get for free anyway, or its just cheaper to pay for it when you need it... travel insurance etc...

Although why people think they are entitled to a free service (banking) I dont know. No one thinks a cell phone company should give you free service.

Because its not a free service.  Its in no way similar to a telecoms company.

The banks are lending out more money than they physcially own and gambling it.  Thats why I mentioned the fractional-reserve system.  The banks are generating cash purely on the basis that we wont all try and take our money out because theyre massively overextending themselves beyond their physical assets and can only do that until people start withdrawing money.  their entire business model reliles on us.

If everyone stops using a telecoms company then they simply stop making money, stop providing the service and go bust (with some minor overheads for contracts and wages/pension obligations).  Banks on the other hand dont just go down - they have gambled our money so cant repay it.  So they cost us money they didnt actually own (it was ours) but also then take down the entire wealth they generated on that cash they didnt own which will be many times the initial investment.

Banks are free because they only exist with our money invested.  If it was simply a storage of cash system (which is how they present themselves) then they could justify a charge but theyre not.  They lend the money we keep there out to other people at a profit.

Without us putting money in from the real economy they go bankrupt instantly...  Kind of like exactly whats happening right now.

Quote from: Sam

Although why people think they are entitled to a free service (banking) I dont know. No one thinks a cell phone company should give you free service.

Because its not a free service.  Its in no way similar to a telecoms company.

The banks are lending out more money than they physcially own and gambling it.  Thats why I mentioned the fractional-reserve system.  The banks are generating cash purely on the basis that we wont all try and take our money out because theyre massively overextending themselves beyond their physical assets and can only do that until people start withdrawing money.  their entire business model reliles on us.

If everyone stops using a telecoms company then they simply stop making money, stop providing the service and go bust (with some minor overheads for contracts and wages/pension obligations).  Banks on the other hand dont just go down - they have gambled our money so cant repay it.  So they cost us money they didnt actually own (it was ours) but also then take down the entire wealth they generated on that cash they didnt own which will be many times the initial investment.

Banks are free because they only exist with our money invested.  If it was simply a storage of cash system (which is how they present themselves) then they could justify a charge but theyre not.  They lend the money we keep there out to other people at a profit.

Without us putting money in from the real economy they go bankrupt instantly...  Kind of like exactly whats happening right now.

I know how banks work, but they are still providing you a service for nothing, even if they are making money from your money.

I know how banks work, but they are still providing you a service for nothing, even if they are making money from your money.

If you know how they work then youre missing the point.  Theyre not providing a service for nothing.  Theyre applying risk to your cash.  Investing in risk gives the investor money in return.  That risk that you and I are taking in using that bank is what pays the fee.  Now the risk to the individual of keeping money as savings with a bank is more than the cost of holding the cash.  The rest is made up of interest paid on the savings.

The fee is taken directly out of the risk taken by the investor.  Its not a service for nothing.  Its a service for risk.  Its just a relatively low risk compared to other methods of saving.

this is pretty simple guys - banks make X amount from fees, BACS transfers etc,,, - take away those revenue streams and theyll just find another way to replace them - it isnt in their interests to just sit back become less profitable now is it.