Uk Nationwide Incoming Managing Director States

[Khun Bob]

Read in City AM free London paper given out in the City of London. The incoming managing direct of the Nationwide Building Society does not rule out charging for banking services.

Very little details were given apart from the above. The article covered statements from a number of senior people in UK banks. This is coming on the back of regulators reviewing how much banks should charge for several actions (unauthorised overdrafts, credit card charges etc) and mant people successfully claiming back past bank charges. These charges appear to have been an intrinsic part of UK bank being able to provide 'free' banking. However, after a bumper year of profits there may be expectations of profits for this year and next from the shareholders wanting to see the same again and banks chaging their profit making model.

In the article there was no mention of chages to the benefits natiowide gives UK expats/tourists in thailand - still, despite being a building society, nationwide are bahaving much more like a bank concerned about profits, so I am not clear how long this may last. Nevertheless, when ever I am in contact with a nationwide member of staff potentially in the know I do ask what there commitments is to free overseas transactions. As all ways same reply - it is a key benefit and is highly likely to change. Well I hope that is so, but it appears that it may be necessary to pay for banking services with nationwide and many other of the uk banks if the current review and enforcement of maximum charges across the whole financial spectrum continues in the uk. As far as I can see few stones will be unturned.

See www.moneysavingexpert.org for the consumer driven movement taking place.