Do you trust the banks anymore? A new scam?

[AlexKP]

So, half-way in to the financial cataclysm, the Banks seem likely to be held to account for years of zealous overcharging too. Their response? Well, have a read...

http://news.bbc.co.uk/1/hi/business/7969395.stm

Do they have any credibility left? Given that they have thus far singularly and catastrophically failed to live up to their immense social responsibilities, do you trust them now?

(And in case you needed to remind yourself, here is an article about thier failed appeal to prevent these charges being investigated...)

http://news.bbc.co.uk/1/hi/business/7910852.stm

*An option for the catastrophically stupid.

Edited by AlexKP on Saturday 28th March 11:09

[Skywalker]

They are not a service. They do not do me any favours. I have to pay for every service that I buy from them.

They are businesses designed and run solely for the purposes of making profit (OK - not too well achieved by some)

[thinfourth2]

I think there is a huge market for a "bank" that charges for its services rather then uses my money to fk about with and invest in something utterly stupid to try and make a profit.

Edited by thinfourth2 on Saturday 28th March 11:15

[db08]

Are there any bank accounts left that don't charge you if you go over your limit?

I'd pay about £10 a month for an account that would just say "No" if there were no funds available, instead of taking more money from the account.

Yes I know I should just manage my money better

[Ry_B]

People forget banks aren't there to help..banks are there to make money..it's a business! Just like TVR was, just like Mazda are...

I still trust them, they won't loose your money or pretend it isn't there.

[eldar]

db08 said:

Are there any bank accounts left that don't charge you if you go over your limit?

I'd pay about £10 a month for an account that would just say "No" if there were no funds available, instead of taking more money from the account.

Yes I know I should just manage my money better

There are accounts that do that, usually without the tenner a month. They do however charge for saying 'NO'.....

[Percy Flage]

How much would you be prepared to pay for someone to look after your money in a secure environment, give you 24 hour access to that money and process payments at shops for you, without the need for you to (almost) ever risk having serious amounts of cold hard cash on your person?

Nothing?

£5 per month?

£20 per month?

Or would you happily take the risk of being paid in cash and keeping the cash in your house and not have any sort of overdraft facility when the cash runs out a week before pay day?

If you're putting £'000s through your account each month, and I rather suspect most here do, then free banking and properly disclosed charges if you breach your agreement with your "safe" are a good deal.

There are no "hidden charges". It's just most people really can't be arsed to read the small print.

[AlexKP]

Ry_B said:

People forget banks aren't there to help..banks are there to make money..it's a business! Just like TVR was, just like Mazda are...

I still trust them, they won't loose your money or pretend it isn't there.

I don't agree. Banks may be businesses, but clearly they are not like any other business. They occupy a position of unique social responsibility - and their total inability or unwillingness to acknowledge this is what has led to the current meltdown.

[Steamer]

Having a few 'Honesty' problems with the Abbey at the moment.

A very young lad that works there advised my mum and dad on a great savings plan:

2 accounts each - both paying '5.5%' upto a max of £2.5K - just set up two direct debits to swap the money between both each month. You'll get 11% on the 5k total he said.

Job done! I'll do the same I thought!

Anyway - a month later: 1% interest on both accounts Not happy about that - so we go to see the same lad again...

"Oh - its all changed, you now need FIVE accounts each - swap a £1000 between each and you will get 5% on the lot"


I'm starting to think this young lad is talking st but gets an insentive for the amount of the accounts he signs people up for - Can't be many people opening savings accounts at the moment.

[grumbledoak]

So, the BBC telling us how the banks are all bds. What a shock.

[AlexKP]

grumbledoak said:

So, the BBC telling us how the banks are all bds. What a shock.

Well, I think they are just reporting the news in this instance... Which is what they are supposed to do. You can't complain just because it doesn't reflect well on the banks.

[Crusoe]

Never had a bank charge in my life and always know how much I have in there. No excuses for taking money from them by going overdrawn, it's like complaining you went over a credit card limit. Fees are all there in writing when you signed up, why not just do the rare thing of accepting personal responsibility.

[Mclovin]

the bbc couldnt report on a piss up in a brewery....i dont trust them either...

[jamoor]

fesuvious said:

Im afraid that whilst we might baulk at the amount they charge, the fact that anyone has a charge levied against them is their own fault

To charge £35 for going over your overdraft might sting, and it might be excessive, but its the account holders fault its happened not the banks.

ETA

If you don't like the rules, play a different game

Edited by fesuvious on Saturday 28th March 11:35

Well, why do they honour the transaction, why don't they say "no, we don't have any money to give you, sorry!"

[sleep envy]

jamoor said:

fesuvious said:

Im afraid that whilst we might baulk at the amount they charge, the fact that anyone has a charge levied against them is their own fault

To charge £35 for going over your overdraft might sting, and it might be excessive, but its the account holders fault its happened not the banks.

ETA

If you don't like the rules, play a different game

Edited by fesuvious on Saturday 28th March 11:35

Well, why do they honour the transaction, why don't they say "no, we don't have any money to give you, sorry!"

are you serious?

do you blame the manufacturer when you stand on an upturned plug?

[NDA]

Percy Flage said:

How much would you be prepared to pay for someone to look after your money in a secure environment, give you 24 hour access to that money and process payments at shops for you, without the need for you to (almost) ever risk having serious amounts of cold hard cash on your person?

This is pretty much my view.

Banks are entitled to make a profit - that's what businesses do. If you don't like banks, then don't use them - use cash. You'll struggle, but then that's your prerogative.

Some seem to think that they have a right to borrow money from a bank, when in reality they don't. If I run a business, my customers don't have a right to receive my goods and services without paying for them, why would a bank be any different?

In terms of today's mood against bankers, then I think we are all entitled to say WTF have you been doing?? The same question could be asked of the local Councils who put tax payers money in wobbly offshore accounts. The numpties who were buying and selling CDO's should have kicked the tyres, they didn't. Nobody could be bothered to examine how these debt packages were structured - but that's a whole other topic.

Would I trust a major high street bank with my cash? There's no alternative.

[Dare2Fail]

jamoor said:

fesuvious said:

Im afraid that whilst we might baulk at the amount they charge, the fact that anyone has a charge levied against them is their own fault

To charge £35 for going over your overdraft might sting, and it might be excessive, but its the account holders fault its happened not the banks.

ETA

If you don't like the rules, play a different game

Edited by fesuvious on Saturday 28th March 11:35

Well, why do they honour the transaction, why don't they say "no, we don't have any money to give you, sorry!"

Because then you would have threads on here and complaints in public about how terrible the banks are for "returning the direct debit for my mortgage because I was only £5 short.". The bottom line is the banks are damned regardless what approach is taken.

Having worked for two banks in the past I am FAR from a fan of them. I wouldn't trust them as far as I can throw them. I can, however, say with relative confidence (based on how it was when I worked there) that when a payment is honoured despite the account not having sufficient funds the bank is actually trying to help the person out. Yes, you will incure charges, but no you won't have to deal with the repercussions of your payments not being honoured.

[skip_1]

Now we have state-owned banks then surely they couldn't be allowed to charge for overdrafts etc.?

[Dare2Fail]

skip_1 said:

Now we have state-owned banks then surely they couldn't be allowed to charge for overdrafts etc.?

So, in effect, the tax payers should cover the costs for other people's unauthorised borrowing? Do you really want to pay for someone elses overdraft?

[fido]

You really need a another category:- 'Neither Trust Or Distrust'

Never been charged for being overdrawn, though i have been overdrawn on 2 occasions for which they just wrote a letter asking me not to do it again. So from my (perhaps selfish) point of view, i would actually like them to continue charging in these circumstances so that i don't have to pay £X per month for the privilege of a bank account. I don't like subsidising the inept.

skip_1 said:

Now we have state-owned banks then surely they couldn't be allowed to charge for overdrafts etc.?

Yes, so that they can continue making a profit for their new shareholders (be that the state or otherwise).

Edited by fido on Saturday 28th March 13:17