CITY VIEWS: SHOULD ALL BANKS CONSIDER MONTHLY FEES?
JIM BAND
ROBERTSON CAPITAL
“I used to be charged a monthly fee, after I set up a premium account without realising. I wasn’t seeing the benefits so I stopped and went back to a free account. Companies should pay for the services they get, but personal accounts don’t give enough to be value for money at the moment. If you’re effectively lending money to the bank and not getting perks in return, I don’t think you should be charged.”
STEEG TANGY
BNP PARIBAS
“I’m charged for my account in France, but as a young person the fee is only around €2 a month. All the banks there charge for current accounts, and it’s accepted by customers that the service costs money. But people are used to free banking here, and it will be very difficult to introduce a charge. Plus, it’s harder to open an account in France, and a lot of people will miss that convenience if a charge comes in.”
PHILIP CHURCH
THE BANKER
“I use a premium account and I don’t mind the charges, as I get travel insurance and car cover as part of the deal. If banks can foster a better relationship with customers then they might be willing to pay for that kind of service. It might be difficult for people on low incomes if a charge is brought in by all the banks. The banks are desperately keen to get deposits, and it’s a bit rich for them to charge just for that.”