Be interesting to see what they actually cover.
The code is actually already published with the new rules that all UK banks will be sticking by.
Indeed! I was reading the article and got to the point where they say “TSBs policy is expected to go further than the new code” and I’m like “yay, some actual info”. But nothing afterwards. How disappointing…
The things really stood out to me, both in this paragraph:
Moreover, the voluntary code, to come into effect from May 28, is likely to be funded by all bank customers and is only guaranteed for a year. One option for funding the scheme is to levy a charge of 1.25p on all online bank transactions. Only Nationwide and Lloyds have said they will not pass on the cost to customers.
- that new code of practice is only to be valid for a year? That’s new to me.
- more concerning to me: are we going to have to pay 1.25p per transfer in the future? That would mean I’d have to significantly rethink how I manage my money as I make lots of transfers…
Banks are part of many schemes that levy a charge, its never been passed on to customers directly in the past, no reason it will now.
It will be reviewed. No guarantee it will only last for a year.
Some banks already operate a similar scheme, this is just making it an industry wide thing.
I was going to say this over at the other place where they’re all getting knickers in a twist without actually engaging brains, but what’s the point? Just as i said with the bizarre certainty many people had that consumers would have to pay a per use charge to use the post office for banking in the near future, largely as they desperately try to run down the post office to make Paypoint seem better. It’s one option, yes, but not the most likely or sensible by a long shot.
Speaking of the other place: I bet they would want to pass on the charge. Oh, I can’t wait for that discussion
A quid no-fraud convenience fee per transfer sounds fair to me
Fraud is pretty inconvenient
I was going to comment on there that 1.25p is the very definition of a a small fee so it would be perfect for Monzo, and that like with depositing cash people could choose not to make any kind of online payment if they wanted and avoid the small fee as Monzo was just being super open, honest and transparent, but thought i best not. No one wants another 5000 word rambling nonsense from a COps about how because elephants have trunks, milk averages 50p a pint, and grass needs cutting from spring to autumn, 1.25p is the super perfect amount, every single Monzo customer told them so and demanded, insisted even, that it be introduced, so theyre super keen and super happy and super needing to find a thesaurus, and oh BTW, Monzo is the best.
What did I start
I never assumed that banks would pass the charge on - just that it was one possibility banks were looking at to fund the new scheme - more likely I assume, if such a charge is introduced it will be absorbed but there will be more pressure to use a account as a “main” account (which will still impact how I bank)
I only posted that in the other forum as a sidenote to my main post about Dozens asking about cheque imaging.