Maintenance charge in banks??

Question

just wondering what a maintenance charge (service charge) in a bank is for, i don't have an overdraft and no direct debits so why every month do i get a charge of £43 service/maintenance charge?

Answer 1

For making lodgements, withdrawals or writing cheques.  

Most banks put their charges on their website, did you try checking there?  Otherwise just phone them, but beware they will probably charge you for doing that too!

Answer 2

It's a charge for the type of account you have.  Change to a standard account (preferably with another bank).

If you open a Flexaccount with Nationwide, there are no charges if you remain in credit.  You can draw out cash from ATMs abroad with no commission or dodgy exchange rates (you get a straight commercial rate) and the same applies to credit card transactions abroad.

What's more, they don't pay me a penny for recommending them. (Come on guys - at least a free pen!)

Answer 3

that sounds way to high -- do you have over draft protection or anyother special condition attached to your account!!!

Answer 4

While charging a monthly service charge or maintenance fee is pretty typical, the amount is unusually high. The fee can be for not maintaining a minimum balance, not using their online banking or some are simply to have to the account. That said, most banks have all sorts of account types and today, many that are free. Maybe you were placed in the wrong type of account based on what you plan to keep in it and the transactions. You could be being charged for several things in one. Try checking with the bank, see if they have a fee schedule you can take home an review (or view online). I would suggest that you look for another bank if you can’t find a cheaper one, but since all you have is your paycheck going there, you probably have to for some reason. Maybe if you can’t find one that is free at that bank, at least one that is cheaper. And clarify that they are no cost to convert to the new kind if you do, and if you need to inform your employer of the change. Some banks can change account types but allow you to keep the same number, others don’t.  

Answer 5

Many banks charge a maintenance fee every month or every quarter for current accounts.  But there are many others that don't, as long as you stay in credit.  Sometimes you have to keep a minimum amount in credit, sometimes it is simply enough that you stay in the black.  Research it out, you can do it online, and go change your bank to one that isn't costing you the earth.

Answer 6

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Answer 7

have you asked your bank about this charge?

when you draw our money from the ATM, is the money cleared?? (sometimes you will be charged if you draw out money and the money isn't cleared yet in your account)

Some banks make a monthly charged for certain accounts, these accounts give you travel insurance and other things which is why you are charged.

Check it out with your bank, a wrong coding on your account made by the bank could have given you an account your didn't want.

Please check with your bank or write to them.  

If you are not happy with the reasons regarding the charge you can write to the banks omibusman, (if you live in the UK)

Lastly if the reason for the charges are not forthcoming, change your Bank.

Answer 8

I would make enquiries of other banks asap. I imagine that one or two would be keen to get your business. However you need to ask if they have a minimum balance to be in the account to give free banking. It probably varies so ask.