SamuelRSmith on 10 December 2011
| kowenicki said: can we just clarify In the UK: Most banks have a free overdraft "buffer zone' Authorised Over drafts are not at ridiculous interest rates Credit Unions exist in the UK Banking in the UK is free if you remain in credit, No banking fees. No ATM fees (unless you use one of those shitty ones you find in Motorway service stations). No debit card fees. If you write a cheque that talks you overdrawn and the cheque is honoured then you only get charged by your own bank. If you end up with an extortionate rate for going over your buffer zone.. tough. |
Unfortunately, these costs are usually passed on to retailers. Which is why some businesses charge you for using your card/make you buy a minimum amount. In the USA they outlawed this... which resulted in banks trying to charge for debit card accounts, consumers (obviously) kicked off, so the banks withdrew on this policy... but they're gonna have to cover this cost somewhere.
I know this post has little to do with your original post, it's just that a lot of people kick off about debit card charges in shops, etc.
