Millennium Bank New Charges

cubsur wrote: I've done a little reading of the reverse situation ie a non resident opening a UK bank account. For a start, most banks simply don't do it. Anti-terror and money laundering laws being the reason. For the three that do, I am seeing charges of around £20 a month unless you have for example £25,000 with them. Masses of verbiage of course clouds the actual situation, as it does here.

Should be equally illegal(when applied to EU citizens)then Tom.

I've been to my bank. In simple terms, the €5,20 monthly charge applies to most current accounts for a variety of reasons. All banks now charge this, they said. That may or may not be true.

Equally basically, if you have more than €500 a month paid into your account salary or pension you are usually exempt. If you have more than €5,000 in savings with your bank you are exempt. There are other ways you can perhaps wiggle out out of it.

The bank person pointed to me a scheme Millennium have which, by paying 8 Euros a month, exempts you from monthly account, credit and debit card charges, gives discounts on insurance etc.  Something I shall do the reading and the maths on. You do have to apply in person at your branch however.

So why have they got a price list on their website that means absolutley jack S*i*. 

Jayjan wrote: So why have they got a price list on their website that means absolutley jack S*i*.

Common practice is it not, to make pricing incomprehensible to the average person.

I will bet most people haven't a clue why they pay what they do for banking, phone, gas, water, electricity etc etc and are not bothered to change to a different supplier where possible.

As for me, I am going to delve into the ways and means of moving some money around to avoid the monthly charge, which is equivalent to two beers per month, and I get 0.05% interest (less tax of course) by having more in savings.

Or I might put it on a horse so to speak.

I looked at the 8 Euro per month option but as I don't make regular payments into my account (just one per year at the moment) it doesn't seem to work for me.

I am still pondering. No rush, as this month's €5,20 has already gone out.

I think its discrimatory against non residents, another  instance where they  are taking  the pee. Money is money after all, especially if you have a substantial amount in your account regardless of it  being a  current  or savings account. Feeling annoyed!!!!!

Careful Stuart, they might charge quarterly or twice a year or once a year but I bet they will get you eventually.

Well Tom we have had over the €5000 mark in our account   at some stage and have still got charged this €5.20. I know its only a small amount but its the principle behind it that annoys me and probably lots of other account holders. Their pricing policy on website is not clear, suppose its only there just to confuse people.