Motley Fool: Is Free Banking Doomed?

Only yesterday, in Your Credit Cards Need £1 Billion, I warned that credit-card issuers are looking for ways to make more money from the UK’s 32 million credit card holders. Today, current accounts are under the cosh, as telephone and internet bank First Direct announces that it is to introduce monthly fees from 1 February 2007 for some of its current-account customers.

First Direct current-account customers who don’t pay in £1,500 a month into their accounts, or fail to maintain an average balance of at least £1,500, will be charged a monthly fee of £10. However, they can avoid this charge if they have another financial product with First Direct, such as a credit card, personal loan or savings account….

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