Banks

[Mike HurleyParticipant @mikehurley60381]

Thought this may be of use / interest to others. We (wife & I) have both banked with one of the Major high street banks (Hong Kong / China based) for as long as we can remember, but recently had enough when they closed the remaining branch near us, having closed all the others in the area anyway (I live in an urban area in the W Mids – so hardly a rural location). This is due to reducing footfall according to them. Yes, I know most people use online banking most of the time as do we, and rarely go to a branch for routine stuff now – but, just occasionaly when things go tits-up, It was nice to be able to pop into a branch and speak to a human, rather than try and usually fail sorting it out through their customer un-helpful line, which as an alternative to a branch is just a non-starter.

As a consequence, decided to change. we both moved to a large buiding society bank (which operates nationwide) which has local branches and helpful staff. Switched using the 'banking switch guarantee' scheme and it was a totally faultless simple process for both of us, not a single hitch. Couldn't rate the efficiency and ease higher. By the way we also got £200 each as a thank you bonus!

I have no connection with either of the financial institutions that I haven't mentioned by name, just thought my experience may be of use to others.

Regards Mike

[Mike HurleyParticipant @mikehurley60381]

Recent experiences thereof

[DMBParticipant @dmb]

1 Good on yer!

2 Dont stand for rubbish service

3 Pretty obvious who the 2 businesses names are. Was considering same move.

Similarly, the AA has just tried to sting me with a £49 increase @ renewal. I complained and woman @ other end knocked off £8 and going to ring me back on Wednesday. Not good enough, cheaper quote £27 less, so she will be wasting her time unless she wants to match it. Some orgs. call it "Customer retention"

 

Edited By DMB on 05/12/2022 10:14:39

[CirclipParticipant @circlip]

Problem with Building Society.Recently tried to transfer trusteeship of an account and as a wrinkly, times are no problem, BUT, party to be transferred to works for a living so having to take half a day off to action this is a pain. Pity that when Building Societies converted to Banks, they didn't have Saturday or convenient opening hours built in.

Didn't realise the AA had become a Bank?

Regards Ian.

[Mike HurleyParticipant @mikehurley60381]

At least the building society has somewhere you can actually visit (even with reduced opening hours) as opposed to the Bank. Exactly the point I was trying to make.

[Ady1Participant @ady1]

Getting the banks to re-open and provide a decent service is easy

Re-instate Post Office Banking so that a minimum level of service is provided for society, then the banks can't drop below that level or they will cease to exist in the retail market

I find society interesting insofar that the MORE our great leaders do… the LESS useful stuff actually gets done

[CirclipParticipant @circlip]

Lucky to be able to use both as there are branches of both in local town within easy access of each other.

Regards Ian.

[egaParticipant @ega]

I believe that the building society whose name was not mentioned is a mutual, a concept I strongly approve.

[not done it yetParticipant @notdoneityet]

While I have no intention of ‘going into the red’, are there any building societies which allow over-drawn accounts?

A long time ago, I possibly wanted a short term overdraft (sort of bridging loan) of about ninety grand. My bank manager didn’t bat an eyelid and it was agreed and sorted in twenty minutes. Can you do that in a building society? OK, likely can’t do that in a bank, these days, either.

I’m not saying ‘don’t change’ ad it is your choice. We have both bank and building society accounts. ‘Eggs in one basket’ comes to mind.

[KWILParticipant @kwil]

Quite correct, it is a Mutual. One the carpet baggers did not steal.

[Rod RenshawParticipant @rodrenshaw28584]

Our local building society branch, which has branches nationwide, is open on Saturday mornings 9.30 to 1.00 pm, as well as during the week, and it does have helpful staff some of whom are quite lovely.

[duncan webster 1Participant @duncanwebster1]

Posted by Ady1 on 05/12/2022 10:55:03:

Getting the banks to re-open and provide a decent service is easy

Re-instate Post Office Banking so that a minimum level of service is provided for society, then the banks can't drop below that level or they will cease to exist in the retail market

I find society interesting insofar that the MORE our great leaders do… the LESS useful stuff actually gets done

But we don't even own the post office anymore, it was sold off to line the pockets of people who are already rich.

[Graham MeekParticipant @grahammeek88282]

Thanks for the heads up on the Building Society, as we loose our last Bank in the town in January it might be something to consider.

As regards the Post Office, or more correctly and in particular Royal Mail. My wife recently sent off some un-barcoded stamps on the Swap offer. I was dead against just putting the stamps in an envelope and just posting them off, but I was out voted.

Sure enough the reply came back that they were counterfeit. As it stands, we, nor Royal Mail, have any proof that the stamps they say are counterfeit are the ones sent in. According to the Martin Lewis program some envelopes have not arrived. There is a surprise given the advertising on the outside of the envelope.

I would have been happier if these stamps had been franked at the Post Office and a franked receipt given. That way the stamps are un-usable and we have proof that the ones received are indeed our stamps.

Luckily where we purchased the stamps reimbursed us without question, Others might not be so lucky.

All in all I consider this to be a really good scam by Royal Mail, talk about getting you to pay twice. I for one will not be using their services again if there is an alternative.

To those thinking of sending off their stamps I would urge them to think twice, or use them up over the Christmas.

Regards

Gray,

[Bantam BillParticipant @bantambill]

All the main stream bank have closed in my area, but the local post office will pay money in to my account and withdraw it, along with other banking services. The post office is in a local convenience store and is open for the same hours as the store which is very convenient.

https://www.postoffice.co.uk/everydaybanking

 

Edited By Bantam Bill on 05/12/2022 13:23:33

[HOWARDTParticipant @howardt]

Our last bank/ building society closed early summer this year, we used to have four. There is supposed to be a banking hub open when they can find suitable premises, these are used by any bank to allow meetings to take place and usual bank transactions. I don’t think it is worth chasing around changing banks merely because there is a local branch, what happens when that branch closes usually sooner than later.

[Bill PhinnParticipant @billphinn90025]

Nationwide are proving to be the worst financial company I've ever had the displeasure to deal with. I'll elaborate later.

[Nigel Graham 2Participant @nigelgraham2]

They must think us born yesterday when they trot out things like; "closing our branches because most of our customers now use our on-line services". I use the last noun advisably.

Of course, because that is what the companies have been cajoling, manipulating, forcing us into doing. Disingenuous? Yes, like those faux-pastoral names given by "marketing" types to sprawling housing-estates; or the ads that claim " […..] is up to 99% better " .

The lady in my bank once asked if I had considered banking on-line. I replied that I had tried but with little success (I could not make it work). Then I added,

"Anyway, why are you talking yourself out of employment?"

She did not really have an answer to that, but seemed to see my point.

[Rob McSweeneyParticipant @robmcsweeney81205]

Posted by not done it yet on 05/12/2022 11:24:54:

While I have no intention of ‘going into the red’, are there any building societies which allow over-drawn accounts?

Halifax do.

[John Doe 2Participant @johndoe2]

It is an absolute disgrace that Banks are closing all over the country.

Every time I go into a branch there are lots of people queuing up, so their justification of low footfall is probably false and made-up – how would we ever know if they were lying?

The ONLY people that closures are benefitting is the bosses – who will reduce their overheads significantly by closing branches, while the rest of us have to deal with passwords, on-line banking, and waiting 40 minutes on a phone to get through to someone to speak to. And the bank staff will be out of a job as well.

And also Post Offices, which are now crammed into the back of a local Spar shop or whatever, and which are not manned if the shop is busy.

Why all the economies? Banks used to earn their income from the interest on our money. Has that changed?

[blowlampParticipant @blowlamp]

Posted by John Doe 2 on 05/12/2022 16:19:39:

…Why all the economies? Banks used to earn their income from the interest on our money. Has that changed?

That never really was the case. Do a search for 'Fractional-reseve banking' – it should open your eyes with regard to how banks actually 'make' money.

Martin.

[Bill PhinnParticipant @billphinn90025]

Posted by blowlamp on 05/12/2022 16:42:10:

Posted by John Doe 2 on 05/12/2022 16:19:39:

…Why all the economies? Banks used to earn their income from the interest on our money. Has that changed?

That never really was the case.

They make money largely from the interest they get from lending your money to others. Fees and bank charges supplement this.

So my way of putting it would be to say banks earn a large part of their income from the interest on our money. In which case, John Doe's assessment of the case is fairly unexceptionable.

[blowlampParticipant @blowlamp]

Posted by Bill Phinn on 05/12/2022 16:52:54:

Posted by blowlamp on 05/12/2022 16:42:10:

Posted by John Doe 2 on 05/12/2022 16:19:39:

…Why all the economies? Banks used to earn their income from the interest on our money. Has that changed?

That never really was the case.

They make money largely from the interest they get from lending your money to others. Fees and bank charges supplement this.

So my way of putting it would be to say banks earn a large part of their income from the interest on our money. In which case, John Doe's assessment of the case is fairly unexceptionable.

You too need to do some research. Lending out savings is not how banks create their profits.

The BoE website admits that money is created when banks make 'loans' of money they do not have.

Martin.

[Bill PhinnParticipant @billphinn90025]

Posted by blowlamp on 05/12/2022 17:08:45:

The BoE website admits that money is created when banks make 'loans' of money they do not have.

Martin.

Please link to the text in question.

[blowlampParticipant @blowlamp]

https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf

Money creation.

[duncan webster 1Participant @duncanwebster1]

I thought they were only allowed to lend out a multiple of the actual deposits. No matter how governments try to regulate banks and other financial institutions they will find a way out. According to a radio programme recently banks found a way of frustrating the Breton Woods agreement, which was intended to keep markets stable, by inventing the Euro-dollar (nothing to do with the EU, so Brexiteers can keep calm), and when Maggie tried to control money supply, the banks just invented new kinds of money, basically IOUs (which is all money is after all).

I'd happily line all currency speculators and Hedge Fund managers up and force them to get a proper job, perhaps clearing fat bergs, rather than making money off the back of the real economy.

[Author]

Posts