HSBC Says It Could Charge for Current Accounts

I'm with Halifax but would change banks if they did it.

I would change banks if they started charging me and shop around for a better account, preferably one that would still offer competitive deals

I'm not with HSBC, but I would change banks if the one I am with wanted to start charging me.

I think I would change banks but if one bank starts charging others will follow. I believe Americans pay their banks for current accounts.

I guess with interest rates being so low many accounts aren't profitable. At the moment they seem to make most of their money from people who go overdrawn and get penalties or people running an overdraft. If you just run a simple a/c without paying any fees I guess you are unprofitable unless you have quite a few thousand in it. However I don't think most people would accept paying fees and would move if such a move was possible. I think unless all banks start charging simultaneously the first bank to do it would suffer the most.

I read about this on money saving expert site a few days ago, but it was on the savings account, if the rates Bank of England rates were to drop lower/negative - companies would not give you any interest but charge you for a fee for having an account.

Would change account if they wanted to charge unless what they give you in return is worth it and covers the charge (unlikely)

Yes, I’ve had a HSBC account for 14 years, I’d be saying bye bye!

Crazy you would have to pay charges for a current account. Sounds as ****** up as paying to withdraw your own money.

Problem is if one Bank does it they'll all do it as they all copy each other and screw us over one way or another

They are trying to do away with cash then the banks can do what they want and nothing we can do about it

This used to be the norm but no chance from me for as long as there are free and reputable alternatives! They use your deposits as capital against lending, so they make money from it anyway. This seems unnecessary.

I think it is a disgusting move if it becomes commonplace. The banks make their huge profits due to us placing our money with them, mortgage interest, investments, overdraft interest etc. Society has moved to a place where it is unthinkable not to have a bank account and it is very wrong to bring in something like this when we already pay by the back door by even letting them manage our money!

In some other countries banks do charge for basic accounts...

Technically my First Direct bank account is charged - but if you pay in over a certain amount then its waved. I have been with them for years but I would seriously think about moving if they did start imposing the charge.

If they do, I am sure everyone would change to another bank. Good luck lol