So we now have fee free bank accounts. It sounds a good idea - no fees, and no capacity for dangerous overdrafts.
But is there a downside?
You have to know they are there - there hasn't been massive publicity.
Some won't want them - public suspicion of the banks hasn't gone away.
And these less used to the security issues around online banking may be vulnerable to the ever-increasing threat of hackers.
But on the whole, a good thing...
Nine High Street banks and building societies in the UK are to launch basic bank accounts which will not charge a fee for missed payments.The new accounts will be available from 1 January to people who fail to qualify for a full current account.It follows an agreement between the Treasury and the industry in December last year.Nine million basic account holders will now not be charged for missing a direct debit payment, or a standing order.Previously they might have paid up to £35 per failed payment, sometimes pushing them into an overdraft, so increasing the charges further.