Banking News
OFT announces decision and next steps on bank charges
Following the Supreme Court's judgment last month, the OFT has today announced its next steps in securing changes to unarranged overdraft charges and the wider personal current account market.
Cash machine withdrawals could reach record amounts
Sainsbury's Finance estimates that £10.6 billion will be withdrawn from ATMs this December. This equates to around £341 million a day, £14.2 million an hour or £237,100 a minute.
Older people not phased by withdrawal of cheques
Proposals to phase out cheques by 2018 will not have the huge impact on older people that many are predicting according to over 50s experts.
Commission launched to probe the ‘Future of Banking’
Rt. Hon David Davis MP, Rt. Hon John McFall MP, Dr. Vince Cable MP and Which? have joined forces to launch the ‘Future of Banking Commission', which will bring together MPs, banks and the general public to debate Britain's banking system.
Age Concern and Help the Aged response to cheque decision
In response to the Payment Council's decision to set a target date of 2018 to close the cheque clearing system, Andrew Harrop, Head of Public Policy for Age Concern and Help the Aged, said: "This move by the Payments Council will leave millions of older people worrying about how they will manage their finances without cheques.
2018 target date set for closure of central cheque clearing
Today (16th December 2009) the Payments Council Board has agreed to set a target date of 31st October 2018 to close the central cheque clearing.
Mutuals gain in popularity
Mutual societies are among the winners in the economic downturn, as consumer trust in banks and building societies has fallen, according to research commissioned by retirement income specialists, MGM Advantage.
Assetz: Base rate held at 0.5%
Stuart Law, Chief Executive of Assetz, comments on the Bank of England base rate decision: "It is no surprise that the Bank of England has decided to hold base rates again at the historically low 0.5%.
Five million contactless cards now issued by Barclaycard
Barclays and Barclaycard, the leaders in contactless payment in the UK, have announced that they have well over five million contactless enabled cards in issue in the UK.
UK interest rates held at 0.5%
The Bank of England's Monetary Policy Committee today voted to maintain interest rates at 0.5%.
Directgov explains Pre-Budget Report 2009 on web, mobile and TV
What will the Chancellor’s announcements in today’s Pre-Budget Report (PBR) mean for you? People including environmentalists, motorists, parents and pensioners can all find clear, concise information about this year’s Pre-Budget Report (9 December 2009) by visiting the Nation’s Official Website, Directgov.
Barclays enhances mobile phone banking service
Barclays has updated its unique mobile phone banking site making it simpler, faster and easier for customers to do their banking whilst on the move.
Newcastle Building Society supports stamp duty extension
Newcastle Building Society is urging the Government to extend the stamp duty holiday ahead of Alistair Darling’s last Pre-Budget report before the general election.
Weak support for the two-legged black horse
Research by leading financial website The Motley Fool - Fool.co.uk - has found that there is weak support among investors for the latest rights issue from Lloyds Banking Group.
Trading volumes soar as Lloyds launches rights issue
Trading volumes up 39% with Lloyds accounting for almost a third of the TD Waterhouse top ten. Angus Rigby, Chief Executive Officer, TD Waterhouse comments: "Overall trades were up 39% compared to the previous week, with buys storming 37% ahead of sells.