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Why can't banks supply a real-time balance?
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elaine2303 wrote: »
On a related note, something which really bugs pretty much all of us with a printer is the cost of the ink cartridges, but I see that Kodak have started advertising their new printer and that the cost of the cartridges for that are £6.99 & £7.99. Wonder how long it will be before everyone else's prices drop dramatically.................... It usually works like that on the High Street and banks are on the High Street.............
Very true. We need to vote with our feet. Campaigning should be done I agree, but like you say, it's usually quicker and more effective if customers can force the price of things down by boycotting the biggest offenders.
I guess the downside to this though is that some people will be stuck with their current bank as they will have poor credit records and no-one else will take them on.
A bit of both would work though.If you will the end, you must will the means.0 -
Very true. We need to vote with our feet. Campaigning should be done I agree, but like you say, it's usually quicker and more effective if customers can force the price of things down by boycotting the biggest offenders.
I guess the downside to this though is that some people will be stuck with their current bank as they will have poor credit records and no-one else will take them on.
A bit of both would work though.
Absolutely but we have to start somewhere. I also think that the capitalism card would come into play here.
Many people have a bad credit rating because of being in this downward spiral and are not particullarly bad with money, just caught in the banks' greedy system. They would probably be much more careful in the future should they ever get out of it.
Any business needs customers to survive so if the bank with the lowest costs were to make it clear that if they were approached by someone with a not exactally brilliant credit history they would at least consider the application. You may still be turned down but at least you get to put your case to a sympathetic ear.
Interesting Facts - An ostrich's eye is bigger than its brain. (I know some people like that.)
Starfish have no brains. (I know some people like that too.) :rotfl:
:hello: elaine 23030 -
barbiedoll wrote: »ST, I wasn't getting paranoid. The word with all of the exclaimation marks wasn't a swear word! (The first four letters begin with F and rhyme with deck!) On the cheque paying thing, my brother's friend used to work for a major bank and he was responsible for clearing cheques at night. He told us that the cheques actually cleared, i.e the money was taken from the payer's account, in a matter of seconds, but that the banks held onto the money for a few days before depositing it into the payee's account. This was over 20 years ago so I'm sure that the technology has improved somewhat since then.
That's a new definition of clearing to me - clearing is when it arrives (irrevocably) in the payee's account.
And I doubt that technology (for cheques) has improved that much in 20 years, and there's not much incentive to do it as there are likely to be phased out.0 -
euronorris wrote: »Nonsense!
They do it here!
Today for example:
Food shopping delivered. Paid for by card upon delivery.
Then logged online to check balance half hour later, transaction already showing.
Partner then transfers me some money for the shopping and a book. I click refresh (literally) and the money is there.
Please, explain to me, why this would be sooo hard for the banks to implement in the UK?
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Yes but what good does that actually do you? The current UK system used by many banks means partly processed transactions may or may not show up in an online/ATM balance. To be safe you need to assume they haven't been processed and take account of them.
In a real time system you know they haven't been processed if they are not showing - but they could still turn up at any minute and take you by surprise if you haven't accounted for them. So you are no better off.
The bottom line is that there isn't any system that can accurately show an 'available balance' that is both up to date and foolproof - coz to be that thay would have to be able to predict the future.0 -
euronorris wrote: »Nonsense!
They do it here!
Today for example:
Food shopping delivered. Paid for by card upon delivery.
Then logged online to check balance half hour later, transaction already showing.
Transaction shows on my account instantly when I use it in a shop - it is taken out of my 'available' balance.
With the faster payments, any payments I make/receive from another indivudual are usually pretty much instant and listed my account as cleared.Partner then transfers me some money for the shopping and a book. I click refresh (literally) and the money is there.
I agree things could be improved further, but they have come on a bit. I still don't understand why some banks don't credit cash deposits made after 3.30 until the next day, or why if I put cash into a cash machine (the ones with an envelope) the Nationwide will clear it once they check the envelope the next day, but at the Halifax it takes four days to clear it (same as a cheque)!Please, explain to me, why this would be sooo hard for the banks to implement in the UK?
Answer: it isn't hard, but they make more profit the way things currently are. They do not want people to be good with their money as that would you reduce their income.
Unfortunately, such an attitude has only lead to a financial breakdown in the UK.0 -
RBS is brilliant for real time balances,they also offer texts, you text balance to their mobile banking and they text u back a real time balance, and luckily for me Orange mobile, dont charge me for sending balance texts or recieving them, Not sure about other networks. So its handy, i can check my balance before i go the till:happyhear0
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