Should banks axe our free accounts? Our personal finance experts Jeff Prestridge and Rachel Rickard Straus take opposing views
Jeff Prestridge Personal Finance Editor
Like a dish of battered fish, chips and mushy peas, free banking for those who stay in credit is an integral part of this country's DNA. It's a financial right that should not be taken away from us – not now, not in the near future, not ever. So when HSBC indicated last week that it is considering doing away with free current account banking services, I baulked at the prospect as I am sure many readers will have done.
Yet again, just when we need our banking industry to do the right thing, they think about doing the exact opposite. That is, profits first, customers a long way behind. Inexcusable. Unacceptable.
We've seen examples of unfriendly banking behaviour many times before, so we shouldn't be surprised. After all, it was the banks that triggered the 2008 financial crisis and brought the country to its knees – and then treated some of their business customers in its ruinous aftermath quite despicably.
And it was the banks that sold worthless payment protection insurance by the bucket-load without a hint of apology. More recently, they've taken a scythe to both their branch and cash machine networks, even if it's meant leaving entire communities bankless. No consideration for 'community' – the fabric of our society. Just ruthless, destructiv ..
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