BGN Entrepreneur

Are you looking to keep track of your money and stay one step ahead of the banks? Read on and learn from this five-minute refresher. Start right here today.
Unfair overdraft fees, unexplained charges, interest rate rumours, etc. why are the banks so baffling? There is light at the end of the credit-crunch tunnel, as bankshave recently made some major changes. Some are good, while some others are bad. The best thing one can do is to keep on top of what is changing.

The good new:
1. No crazy lunch-hour queues
Everyone hates to sacrifice their lunch break time to queue in banks. So now, some banks are promising to open until 8pm, and even on Sundays.

2. Getting paid for existing
Banks are desperate for business, so good credit scorers can reap the rewards.

3. Charges dropping
There is no law banning the banks from charging a penalty of GBP 25 for going over the overdraft limit though it is unfair. But fortunately, some banks like Alliance & Leicester and Halifax are now dropping the charge to only GBP 5 a day.

4. Bigger nest eggs
Financial whizz kids predict interest rates will rise in January 2011, so by the end of the year, your savins could profit by 2%. If you are a saver, this is very good.

The bad news:
1. Sky-high mortgages
Extortionate mortages are widely predicted in line with interest-rate rises. Also the chances of finding a property that is not a shoebox in London for under GBP 270K is tiny, so I guess the stamp-duty lift on properties under GBP 250K only really applies to non-Londoners.

2. Reclaim shame
Bank charges may be dropping, but don’t hold your breath for refunds. The flipside of lower charges is that it is much harder and slower to reclaim than it used to be.

3. Sliding into debt
Now, more than ever, there are easy-to-obtain interest-free credit cards. Usually, there is no interest for the first few months, which is so attractive, that one don’t consider the enventual extortionate rates.

4. So long, temporary overdrafts
Banks are now reluctant to hand out short-term extensions, often insisting you get a new formal limit, and pay for the privilege. It is not fair that someone with good credit is refused a one-off extension.

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