MSE News: Call for banks to help financially excluded

davethorp

rb10 wrote: »

Not on the same account, but, subject to status, they will give you an account with an overdraft facility on it.

It just has a different name to the one that you have at the moment.

Which leads me back to my original post. Why not have the one account for all and add facilities to that as requested subject to status? Allows for much greater flexibility as well as making applying for an account much simpler as there aren't several accounts to choose from. Plus people could apply for new facilities on their account without having to open a brand new account with a new account number which would be the case with some banks

Lokolo

davethorp wrote: »

Which leads me back to my original post. Why not have the one account for all and add facilities to that as requested subject to status? Allows for much greater flexibility as well as making applying for an account much simpler as there aren't several accounts to choose from. Plus people could apply for new facilities on their account without having to open a brand new account with a new account number which would be the case with some banks

I did think this. So like you can choose what you want. But I think the process would be unbeliably complicated. I suspect in the future if we end up paying for accounts this would be an option...... e.g.

Cheque Book? 50p
Overdraft? £10 arrangement fee.
etc.etc.

You pick and choose depending what you want to spend.

Doing this when the service is free would cause abuse after abuse and cost a lot to maintain imo.

From a business respective, offering it free is a waste of resource.

huw01

I agree with vast majority on here. We have to face it that certain people will be hopeless with money, they never change and thus I cannot blame the banks for excluding them. It is a fact of life, there will always be people who will be in debt. Why are they turning to these paydayloans companies etc. There are plenty of these credit unions around who seem to boast on how good they are ( I personally wouldn't touch them with a barge pole)

I'm afraid there are too many dogooders out there willing to spout off about the so called afflicted and shout how terrible it is. Most people are in that situation due to their own stupidity and recklessness. Those who are genuinly hard up but who can manage their finanaces would be helped by a credit union. Why should the banks take risks utilising the money of the thrify and careful majority. End of rant.

davidgmmafan

"Unfortunately computer software is not currently at the stage when this can always be relied upon. A small number of retailers do not have a direct link to banks to be able to authorise withdrawals instantly (e.g. on trains)"

Eh? so what you are saying is because a tiny minority or retailers don't instantly process withdrawals they should abandon any attempts to make the balance given online or on an ATM up to date?

"I follow the T&Cs laid out in our agreement, and so I am treated well."

I follow the T & C's too, I however don't believe they should be free to change them to whatever they like and force customers to accept them. Some banks, notably Halifax, appear to think exactly that.

I would also add that there is an inherent contradiction in the banks approach to charges and the way they talk about customers. They say they don't like 'bad' customers who incur charges, yet the figures show they LOVE these very customers cos they generate around £2.6 billion, and the banks said if they didn't have this revenue they would have to bring in charges elsewhere (a lie IMO but that doesn't alter the fact that argument was made).

"Take natwest (who I bank with) the only differences between the basic step account I have and the full current plus account are

• Offline Visa Debit + Cheque Guarantee (subject to status anyway, online visa debit same as step account offered to everyone else)
• Cheque Book (extinct and I think subject to status)
• Overdraft (subject to status) "

I think what the poster was meant that a full debit card and checkbook should be offered and that this isn't the case now. I believe the Co-Op does some kind of debit card not sure if its a full one though.

Lokolo

davidgmmafan wrote: »

"Unfortunately computer software is not currently at the stage when this can always be relied upon. A small number of retailers do not have a direct link to banks to be able to authorise withdrawals instantly (e.g. on trains)"

Eh? so what you are saying is because a tiny minority or retailers don't instantly process withdrawals they should abandon any attempts to make the balance given online or on an ATM up to date?

"I follow the T&Cs laid out in our agreement, and so I am treated well."

I follow the T & C's too, I however don't believe they should be free to change them to whatever they like and force customers to accept them. Some banks, notably Halifax, appear to think exactly that.

I would also add that there is an inherent contradiction in the banks approach to charges and the way they talk about customers. They say they don't like 'bad' customers who incur charges, yet the figures show they LOVE these very customers cos they generate around £2.6 billion, and the banks said if they didn't have this revenue they would have to bring in charges elsewhere (a lie IMO but that doesn't alter the fact that argument was made).

"Take natwest (who I bank with) the only differences between the basic step account I have and the full current plus account are

• Offline Visa Debit + Cheque Guarantee (subject to status anyway, online visa debit same as step account offered to everyone else)
• Cheque Book (extinct and I think subject to status)
• Overdraft (subject to status) "

I think what the poster was meant that a full debit card and checkbook should be offered and that this isn't the case now. I believe the Co-Op does some kind of debit card not sure if its a full one though.

Just to point out, its easier if you put quotes in brackets or in bold, easier to differ for the old people that are on the forum.

To quote you do:

to start and

to end. Without the spaces.

Lokolo_ wrote:

I did this message earlier

Will go to:

Lokolo wrote:

I did this message earlier

Mikeyorks

To my certain knowledge a number of Treasury agencies have been working on providing basic bank facilities to the 'unbanked' (that's proof it came out of Govt!) for over 10 years. The basic plan never appeared to get beyond Post Office doing the providing ...... as the more familiar financial names on the High Street were totally disinterested.

From time to time a headline surfaces to suggest it's not all dead :-
http://news.bbc.co.uk/1/hi/business/8389973.stm

......... but it only seems to be breathing shallowly! And having stood in a PO queue on my unavoidable annual Christmas visit and listened to the mayhem surrounding pensions and winter Fuel allowances ..... the outcome could be total meltdown if it does ever get off the ground.

But as regards on demand credit ...... a year is barely past since meltdown threatened, and already the lessons are being consigned to history by those who don't have to foot the bill.

Mikeyorks

Lokolo wrote: »

Just to point out, its easier if you put quotes in brackets or in bold, easier to differ for the old people that are on the forum. [Quote}

Can you explain that again - please - for those of us too ancient to understand technology? Whatever happened to the 'rolleyes'! There are occasions when it's sorely needed.

Lokolo

Mikeyorks wrote: »

Can you explain that again - please - for those of us too ancient to understand technology? Whatever happened to the 'rolleyes'! There are occasions when it's sorely needed.

I can't tell if you're being serious or taking the !!!!

Mikeyorks

Deadly serious!

It's a throwaway style borne of being old and experienced!

Lokolo

Mikeyorks wrote: »

Deadly serious!

OK to quote like the above do this

MESSAGE

But without the spaces between the e and the square bracket.

---

If you go to this post:

http://forums.moneysavingexpert.com/showpost.html?p=30007721&postcount=28

That you did, and edit it, if you edit the } to be a ] (squiggly to a square) and add a forward slash to the second bit, it should sort itself.

The forward slash indiciates you wish to end the quote.