Ethical banks surge in new accounts

[Murph7355]

martin84 said:

...
I would say there's a lack of knowledge around certain things. ...

Indeed there is.

This in itself does not mean there is no choice, however.

In any given circumstance there is a choice that does not involve high APR loans and being forced to take PPI. And/or a bunch of personal choices that lead up to them.

The banks have paid out millions so far because of many reasons I would think.

First amongst them is an acknowledgement that some have actually been mis-sold.

I would also think they are concerned about the PR, and have probably decided that the cost of filtering out the duff claims from the real is simply not worth it bearing in mind the above.

But like I said, it's irrelevant. The banks have made their bed and chosen their direction. Won't stop people moaning though.

[Murph7355]

martin84 said:

Murph7355 said:

If you can point me to where I've said this I will accept the rest of your view.

I'm sure somebody on here has made posts which would give that impression and seeing as 98% of PH'ers are exactly the same person I didn't think I'd be too far off with my remark.

You know what "thought" did...might be better to do a bit more of it before you post unsubstantiated rubbish

[crankedup]

Murph7355 said:

crankedup said:

Piece in The Daily Mail today confirms the Co-operative Bank is now close to closing the deal with Lloyds Banking Group. This will see Co-operative increase the number of their branches by 632.The deal includes five million new customers which would triple the size of the Co-op's banking arm. From this we can say that the current number of accounts in Co-op is around 1.3 million approximately. So the 60% increase of new accounts opened during the past week must be around 600,000 or so. Not bad going.

It's late and I've had a long day (bless ), but I didn't think that was what the original stat was saying.

I thought they were saying that they had seen a 42% (60%) increase in new account openings, not that their account base had increased by 42% (60%) in 3 weeks (a week?).

Also. I was under the (perhaps mistaken) impression that Lloyds was being forced to flog off branches?

To clear this up, the 60%+ are (approx' 600,000)new accounts which have signed up, I thought the last ten days but could be three weeks, whatever. The Lloyds deal will bring potentially another additional 5 million accounts to the Co-operative bank when the deal is sealed in November. The European Commission ordered Lloyds to sell, the Co-operative are the best deal for Lloyds.

Edited by crankedup on Sunday 15th July 11:12

[rich1231]

crankedup said:

To clear this up, the 60%+ are (approx' 600,000)new accounts which have signed up, I thought the last ten days but could be three weeks, whatever. The Lloyds deal will bring potentially another additional 5 million accounts to the Co-operative bank when the deal is sealed in November. The European Commission ordered Lloyds to sell, the Co-operative are the best deal for Lloyds.

Edited by crankedup on Sunday 15th July 11:12

And most will want to move back.

[crankedup]

rich1231 said:

crankedup said:

To clear this up, the 60%+ are (approx' 600,000)new accounts which have signed up, I thought the last ten days but could be three weeks, whatever. The Lloyds deal will bring potentially another additional 5 million accounts to the Co-operative bank when the deal is sealed in November. The European Commission ordered Lloyds to sell, the Co-operative are the best deal for Lloyds.

Edited by crankedup on Sunday 15th July 11:12

And most will want to move back.

That's a pearler, evidence?

[turbobloke]

crankedup said:

rich1231 said:

crankedup said:

To clear this up, the 60%+ are (approx' 600,000)new accounts which have signed up, I thought the last ten days but could be three weeks, whatever. The Lloyds deal will bring potentially another additional 5 million accounts to the Co-operative bank when the deal is sealed in November. The European Commission ordered Lloyds to sell, the Co-operative are the best deal for Lloyds.

Edited by crankedup on Sunday 15th July 11:12

And most will want to move back.

That's a pearler, evidence?

Regardless of what anybody actually thinks about the prospect, the phrase 'will want' is set in the future - how can there be evidence in the present? Those people moving banks will need to experience the high quality/low quality of service and/or loan and interest rates, then reflect on claims over ethics vs quality and the rest.

It's a case of wait and see whether you believe the prospect has any basis or not.

[madala]

heppers75 said:

crankedup said:

Its very easy to change from one bank to another, with the diabolical service offered by the big bank retail outlets I'm surprised that anyone would want to keep an account open with them.

Yes the time of big banks serving customers has long since gone, as I alluded to in my O.P. However, this may change when the retail side has to stand alone. Or perhaps the retail side will simply close its doors, in which case that will be good news. It will release some high street bank facilities for the ethical small fry to continue mopping up those retail customers. I guess this in turn will release a little pressure of the continuing hate campaign from Joe Public toward the big banks. That is until they realise they are being shafted by the investment banks from all other angles.

The issue of course is old chap that these lovely free services everyone gets today will all of a sudden come with a pretty hefty cost, do you think Visa Debit networks, Cash Machines and payments processing is something that comes at a zero cost?

The only reason all these services are free today is that they are subsidised through the very investment arms you wish to disassociate from retail.

Once more the law of unintended consequences should this come to light will prove a right SoB for Joe Public!

.....complete and utter bollix.....the fking banks cream enough out of me as a retail customer.....retail and investment banking MUST.....and I repeat MUST be separate entities.....no more fking with me hard dosh you s.

[crankedup]

turbobloke said:

crankedup said:

rich1231 said:

crankedup said:

To clear this up, the 60%+ are (approx' 600,000)new accounts which have signed up, I thought the last ten days but could be three weeks, whatever. The Lloyds deal will bring potentially another additional 5 million accounts to the Co-operative bank when the deal is sealed in November. The European Commission ordered Lloyds to sell, the Co-operative are the best deal for Lloyds.

Edited by crankedup on Sunday 15th July 11:12

And most will want to move back.

That's a pearler, evidence?

Regardless of what anybody actually thinks about the prospect, the phrase 'will want' is set in the future - how can there be evidence in the present? Those people moving banks will need to experience the high quality/low quality of service and/or loan and interest rates, then reflect on claims over ethics vs quality and the rest.

It's a case of wait and see whether you believe the prospect has any basis or not.

Reads like a mystic meg line, of course bank lovers must be searching now for anecdotes, after all the writing is on the wall for the big retail banks. They have screwed over the customer once to often, at long last the customer is taking action, move accounts.

Edited by crankedup on Sunday 15th July 16:41

[crankedup]

madala said:

heppers75 said:

crankedup said:

Its very easy to change from one bank to another, with the diabolical service offered by the big bank retail outlets I'm surprised that anyone would want to keep an account open with them.

Yes the time of big banks serving customers has long since gone, as I alluded to in my O.P. However, this may change when the retail side has to stand alone. Or perhaps the retail side will simply close its doors, in which case that will be good news. It will release some high street bank facilities for the ethical small fry to continue mopping up those retail customers. I guess this in turn will release a little pressure of the continuing hate campaign from Joe Public toward the big banks. That is until they realise they are being shafted by the investment banks from all other angles.

The issue of course is old chap that these lovely free services everyone gets today will all of a sudden come with a pretty hefty cost, do you think Visa Debit networks, Cash Machines and payments processing is something that comes at a zero cost?

The only reason all these services are free today is that they are subsidised through the very investment arms you wish to disassociate from retail.

Once more the law of unintended consequences should this come to light will prove a right SoB for Joe Public!

.....complete and utter bollix.....the fking banks cream enough out of me as a retail customer.....retail and investment banking MUST.....and I repeat MUST be separate entities.....no more fking with me hard dosh you s.

Wouldn't have put it quite like that myself, but the message is spot on.

[rich1231]

crankedup said:

Reads like a mystic meg line, of course bank lovers must be searching now for anecdotes, after all the writing is on the wall for the big retail banks. They have screwed over the customer once to often, at long last the customer is taking action, move accounts.

Edited by crankedup on Sunday 15th July 16:41

You do know the customer accounts are being moved without the customers able to disagree? If it was my account being moved I would be going straight back. T

[rich1231]

madala said:

.....complete and utter bollix.....the fking banks cream enough out of me as a retail customer.....retail and investment banking MUST.....and I repeat MUST be separate entities.....no more fking with me hard dosh you s.

What exactly do they cream out of you?

[sidicks]

madala said:

.....complete and utter bollix.....the fking banks cream enough out of me as a retail customer.....retail and investment banking MUST.....and I repeat MUST be separate entities.....no more fking with me hard dosh you s.

You sound like an intelligent and well-informed person.

Care to elaborate on the above?

[crankedup]

rich1231 said:

crankedup said:

Reads like a mystic meg line, of course bank lovers must be searching now for anecdotes, after all the writing is on the wall for the big retail banks. They have screwed over the customer once to often, at long last the customer is taking action, move accounts.

Edited by crankedup on Sunday 15th July 16:41

You do know the customer accounts are being moved without the customers able to disagree? If it was my account being moved I would be going straight back. T

Yup, I am fully aware of that. However, those customers have had warnings of the impending takeover for over a year now, those that are keen to stay in Lloyds would likely have moved branch by already. Presume that Lloyds will offer a goodwill gesture to those former customers, perhaps an inducement in an effort to retain/win back those customers? The possible problem for those former Lloyds account holders is they will see a Co-operative banner over the shop front soon. That will be as annoying to some customers as when high street banks closed a branch.

[heppers75]

madala said:

heppers75 said:

crankedup said:

Its very easy to change from one bank to another, with the diabolical service offered by the big bank retail outlets I'm surprised that anyone would want to keep an account open with them.

Yes the time of big banks serving customers has long since gone, as I alluded to in my O.P. However, this may change when the retail side has to stand alone. Or perhaps the retail side will simply close its doors, in which case that will be good news. It will release some high street bank facilities for the ethical small fry to continue mopping up those retail customers. I guess this in turn will release a little pressure of the continuing hate campaign from Joe Public toward the big banks. That is until they realise they are being shafted by the investment banks from all other angles.

The issue of course is old chap that these lovely free services everyone gets today will all of a sudden come with a pretty hefty cost, do you think Visa Debit networks, Cash Machines and payments processing is something that comes at a zero cost?

The only reason all these services are free today is that they are subsidised through the very investment arms you wish to disassociate from retail.

Once more the law of unintended consequences should this come to light will prove a right SoB for Joe Public!

.....complete and utter bollix.....the fking banks cream enough out of me as a retail customer.....retail and investment banking MUST.....and I repeat MUST be separate entities.....no more fking with me hard dosh you s.

How thoroughly eloquent and also missed the point entirely.

I have no issue at all with the retail and investment arms being separated and in many ways believe it would be a good thing all round I was simply positing that should that happen then the 'free' banking Joe Public has been used to will no longer be free.

As long as you can grasp that and you have no issue with it then all power to you comrade.

I personally already pay for banking services anyway so while I am sure that would increase I don't really have an issue with it, however the mouthbreathing morons that do things like... Oh let's see.. Respond to a random post on a thread with obscenities and ill informed diatribe don't get that and will be the first ones posting threads in a years time with titles like "Retail Banking costs out of control".

[sidicks]

martin84 said:

I think its the bonuses paid to people who brought down their bank resulting in the taxpayer bailing them out - who are presumably not top staff - which annoy people. Bonuses paid because it was supposedly 'in the contract' which sort of defeats the whole point of a bonus surely, if it's contractually guaranteed irrespective of what you do.

You do understand that the bonuses were paid to those that did achieve their contractual requirements NOT the ones that 'brought tha bank down' as you put it?

In reality they can't charge for basic bank accounts because there will always be one who doesn't charge and then they get all the customers.

Basic principle of anti-selction in (Insurance) - if you charge the wrong price (i.e. nothing) and get all of the business you just make a bigger loss!

[crankedup]

sidicks said:

madala said:

.....complete and utter bollix.....the fking banks cream enough out of me as a retail customer.....retail and investment banking MUST.....and I repeat MUST be separate entities.....no more fking with me hard dosh you s.

You sound like an intelligent and well-informed person.

Care to elaborate on the above?

Just another PIA customer eh, shows the depth of anger and resentment, most likely more than just this poster feeling peeved. Showing arrogance is of little help I suggest but if it makes you feel better.

[rich1231]

crankedup said:

Yup, I am fully aware of that. However, those customers have had warnings of the impending takeover for over a year now, those that are keen to stay in Lloyds would likely have moved branch by already. Presume that Lloyds will offer a goodwill gesture to those former customers, perhaps an inducement in an effort to retain/win back those customers? The possible problem for those former Lloyds account holders is they will see a Co-operative banner over the shop front soon. That will be as annoying to some customers as when high street banks closed a branch.

It certainly will. I would guess that the shift back will be pretty rapid, as just from a management and infrastructure pov the Co-op are woeful.

[sidicks]

crankedup said:

Just another PIA customer eh, shows the depth of anger and resentment,

Shows a basic lack of knowledge, maybe?

crankedup said:

most likely more than just this poster feeling peeved. Showing arrogance is of little help I suggest but if it makes you feel better.

Do you think they sound intelligent and well-informed?

[crankedup]

sidicks said:

martin84 said:

I think its the bonuses paid to people who brought down their bank resulting in the taxpayer bailing them out - who are presumably not top staff - which annoy people. Bonuses paid because it was supposedly 'in the contract' which sort of defeats the whole point of a bonus surely, if it's contractually guaranteed irrespective of what you do.

You do understand that the bonuses were paid to those that did achieve their contractual requirements NOT the ones that 'brought tha bank down' as you put it?

In reality they can't charge for basic bank accounts because there will always be one who doesn't charge and then they get all the customers.

Basic principle of anti-selction in (Insurance) - if you charge the wrong price (i.e. nothing) and get all of the business you just make a bigger loss!

Could have started a new thread perhaps, the cost of motoring insurance has apparently fell for the first time in a decade. Reason being more people are using price comparison sites to find the best price insurance for their needs. Hardly surprising really as most 'ordinary' folk are searching out best deals in a more pro-active way.
This ties in with this thread and some posters believing that current bank accounts will see charges applied/raised now that we see changes within the sector coming on stream. I take an optimistic view on this, I am convinced this will not happen, customers are now far to savy to accept charges and will move accounts to a better deal, as is happening in motor insurance.

[crankedup]

rich1231 said:

crankedup said:

Yup, I am fully aware of that. However, those customers have had warnings of the impending takeover for over a year now, those that are keen to stay in Lloyds would likely have moved branch by already. Presume that Lloyds will offer a goodwill gesture to those former customers, perhaps an inducement in an effort to retain/win back those customers? The possible problem for those former Lloyds account holders is they will see a Co-operative banner over the shop front soon. That will be as annoying to some customers as when high street banks closed a branch.

It certainly will. I would guess that the shift back will be pretty rapid, as just from a management and infrastructure pov the Co-op are woeful.

Care to elaborate or is this just another bit of flim flam?