Dear Listener

The Christmas Eve Money Box is a bit different. See below.

So here I can report on a couple of stories that have broken this week but which won’t be in Money Box on Christmas Eve.

The banks have all agreed not to charge us when we buy foreign currency in the UK with our debit card. At the moment Lloyds, Barclays, RBS, Santander and Co-operative Bank charge between 1.5% and 2% if customers buy foreign currency in the UK with a debit card. Those charges will all go by the end of 2012, though why it will take so long isn’t clear. Consumer Focus – which reported the charges to the Office of Fair Trading – estimates the change will save consumers £20m a year. Consumer Focus is itself set to be scrapped in the next couple of years. There will be no change to the more expensive ‘foreign currency loading’ or up to 3% which almost all banks charge on every time we use a credit or debit card abroad.

Bad news though for people who hoped the cheque guarantee card might return. That was effectively ruled out by the Payments Council after it published research which showed that the loss of cheque guarantee cards had caused very little harm. The card, usually combined with a debit card, guaranteed cheques up to £100 in value. If the cheque bounced then the bank was liable for the money. It was scrapped in June in a move seen as softening up the public for the eventual scrapping of cheques – which was planned for 2018. But when the banks were forced into a u-turn and agreed to keep cheques as long as anyone wanted them there were hopes it might resurrect the guarantee as well. That now seems very unlikely.

***IN MONEY BOX THIS WEEK***

Instead of our usual attempts to cram four top stories into 24 minutes we are going to cram in four top guests. In a wide-ranging discussion they will use the light of 2011 to illuminate the prospects for 2012. Topics will include: the euro, will it survive? (including rare recordings of the first euros coming out a cash machine at 0001 on 1 January 2002). Inflation: will it fall below the 5% ish that has dogged us in 2011. House prices and mortgages will also be on the table – will either rise or fall in 2012? Savings and investments will be there too – just how do you make money at the present uncertain and inflationary time? And pensions – a bad year all round.

We will be asking and occasionally answering those toughies in our 24 minutes this week. Will we make it? Find out on Radio 4, Saturday at midday – Money Box is the best accompaniment to making those mince pies. There is no repeat on Christmas Day (we didn’t want to be a turkey) but you can listen online anytime www.bbc.co.uk/podcasts/series/moneybox - or download the most popular business podcast (ours) through iTunes.

There is more information on our website www.bbc.co.uk/moneybox where you can also download transcripts of past programmes and send us ideas or problems you want us to look into. And you can if you want let us know your predictions for 2012.

This newsletter is available at bbc.co.uk/moneybox/newsletter around the time it hits your inbox (tell your friends who don’t subscribe). And you could join more than 17,800 people who follow me on Twitter to enjoy (or rant about) my random but timely thoughts on money and a few other things whenever I’m awake at twitter.com/paullewismoney.

Consumer rights is the subject for Money Box Live on Wednesday at 3pm. Call with your question anytime after 1pm on that day on 03700 100 444 or email through the website when the programme page is updated. Or of course just listen.

Best wishes,

Paul

PS. No BBC One Breakfast trail on Saturday but I will be back on Breakfast later in the week, probably on Thursday and usually around 0640 and 0820 talking about a money story and answering emails and tweets. But the time, and occasionally the day, can vary.

e-mail Paul Lewis