The BBC website reports that First Direct has said they will be introducing monthly fees for running a current account.

First Direct will very likely be the first of many and it will be a shock to a whole generation of bank users who thought banking would always be a free service. The other banks will, no doubt, be licking their lips in anticipation of the enormous extra profits they will be able to make if they follow this example.

It’s thought that First Direct may be testing the water to see how customers react. Not that it will make that much difference since banks always seem to put profits first and they will, no doubt, see this as an opportunity. For all the choice in the high street banks will see this as a way to squeeze their customers. If they all decide to do the same then where else can a customer go?

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