BANK CHARGES [To the Editor of THE SPECTATOR.] SIR,—I was
very pleased to see space given to the subject of Bank Charges in your Banking Supplement of July
23rd. The public have little idea of the basis on which they are charged for the various services rendered by the banks, very largely because there is no real uniformity in the banks themselves. Undoubtedly, a scientific system of costing is required, and it is surprising to find that great institutions like our banks, so efficient in their service to the public, have not progressed in this direction. There are a tremendous number of services rendered to customers for which no charge at all is made, or, if the account is thought to be unremunerative because of an insufficient balance in money which the bank can utilise, a charge is made, but often computed in a haphazard manner.
The Bank Officers' Guild, the national organisation of bank staffs in England and Wales, is concerned about this subject, as shown in the following Resolution passed at its Delegate Conference this year : That this Annual General Meeting draws the attention of the British Bankers' Association to the widespread embarrassment felt amongst managers of branches at the lack of bases of uniformity in the matter of charges and allowances both as between Bank and Bank and even branches of the same Bank, and calls upon that Association to take steps to secure a unified policy in this direction."
The Resolution is self-explanatory and indicates the real need that there is for the establishment of a code of charges by agreement amongst the banks and a code to which the banks will conform.
The Bank Officers' Guild is concerning itself in this matter because of the difficulty in which its members, holding official positions in the banks, are placed, and because it is concerned with the continued welfare and prestige of the banks, believing that the welfare of its members is bound up with the welfare of the institutions which they serve.
The public, as a whole, will be prepared to pay fair charges for services rendered, particularly if they were convinced that increased charges were necessary in order that the staffs might have a square deal. Quite apart from this fact, there is dissatisfaction amongst customers on this matter of charges which will only be removed when a uniform code is introduced, made public and understood.—Yours faithfully, 28 Old Queen Street, Westminster, London, S.W.r.
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