Stop! Isa thieves campaign

dunstonh

lvader wrote: »

There are 2 things that I find ridiculous, the need to transfer ISA's every year and the need to create a different account for new funds.

You dont need to transfer ISAs every year and you dont need to create a different account for new funds. If you are doing that then you are doing that by choice.

jamesd

lvader, neither of those things is required by the ISA rules. Nothing in them prevents adding money to accounts from past years. Transfers and such are mostly useful to chase the best rates and that applies to non-ISA savings accounts as well.

bagsacash

Lets recap banking practices

1.) Banks create ISA accounts that customers have to withdraw their cash from each year, unless the customer is prepared to accept a much lower rate.

2.) When an ISA tranfer is necessary, as in (1) above, it can take up to, or more than a month, with loss of interest for the transfer to take effect.

3.) Banks advertise a headline grabing rate to draw in customers only to slash the rate shortly afterwards. Knowing it will take at least a month if the customer wishes to tranfer - with loss of interst.

4.) When rates are slashed the bank does not inform the customer of the rate drop. So the customer still thinks he/she is getting the same rate.

5.) Banks like to create new accounts with similar sounding names to the one that has had its rate slashed. This can fool customers into thinking they still have the best or similar rate, when in actual fact the rate has been slashed on the old account and the customer would need to tranfer with loss of interest.

6.) Some say banks don't know a customers needs but banks will slash customers account rates by up to 30 times the opening rate, without notice - like that is something a customer would want.

7.) Banks claim to be a safe investment but with rates being slashed on some of the accounts by up to 30 times I'd say BEWARE! because your money could be worth a lot less than when you put it in.

Apart from banks and the cowboy tradesman every other business I know of is there to serve and help the customer. For example I phoned halifax and asked how much can I tranfer by Bacs for it to arrive same day - I was told I cant have that information because of security reasons.:rotfl:

Some try and play the silly game of saying banks cant be expected to phone their customers telling them about savings rate changes or send them letters informing them of better savings deals - but hold on a minute I often get letters telling me the banks latest offer of their 19% APR credit card special, and lots of cold calls offering me loans and insurance.

Ok lets accept for one moment its too expensive and time consuming for that little poor bank to send their customer a letter or even make a phone call, why cant they inform their customers online when a customer logs in, or send them emails of ISA rate changes, I mean come on banks realy like automated systems esp when it comes to sending out info about loans, credit cards, insurance and mortgages.

Why not savingins? Oooh I will have to think about that one:rotfl:

glider3560

bagsacash wrote: »

Apart from banks and the cowboy tradesman every other business I know of is there to serve and help the customer.

Incorrect. Every business exists to make a profit. Serving customers is just a by-product of making profit.

oldagetraveller

bagsacash wrote: »

Yawn. Post 15 reported

:rotfl:

The original post 15 was spam and has been removed so my reference was not to your post, now 15. Buck up!:D

cloud_dog

bagsacash wrote: »

Lets recap banking practices

1.) Banks create ISA accounts that customers have to withdraw their cash from each year, unless the customer is prepared to accept a much lower rate.

2.) When an ISA tranfer is necessary, as in (1) above, it can take up to, or more than a month, with loss of interest for the transfer to take effect.

3.) Banks advertise a headline grabing rate to draw in customers only to slash the rate shortly afterwards. Knowing it will take at least a month if the customer wishes to tranfer - with loss of interst.

4.) When rates are slashed the bank does not inform the customer of the rate drop. So the customer still thinks he/she is getting the same rate.

5.) Banks like to create new accounts with similar sounding names to the one that has had its rate slashed. This can fool customers into thinking they still have the best or similar rate, when in actual fact the rate has been slashed on the old account and the customer would need to tranfer with loss of interest.

6.) Some say banks don't know a customers needs but banks will slash customers account rates by up to 30 times the opening rate, without notice - like that is something a customer would want.

7.) Banks claim to be a safe investment but with rates being slashed on some of the accounts by up to 30 times I'd say BEWARE! because your money could be worth a lot less than when you put it in.

Apart from banks and the cowboy tradesman every other business I know of is there to serve and help the customer. For example I phoned halifax and asked how much can I tranfer by Bacs for it to arrive same day - I was told I cant have that information because of security reasons.:rotfl:

Some try and play the silly game of saying banks cant be expected to phone their customers telling them about savings rate changes or send them letters informing them of better savings deals - but hold on a minute I often get letters telling me the banks latest offer of their 19% APR credit card special, and lots of cold calls offering me loans and insurance.

Ok lets accept for one moment its too expensive and time consuming for that little poor bank to send their customer a letter or even make a phone call, why cant they inform their customers online when a customer logs in, or send them emails of ISA rate changes, I mean come on banks realy like automated systems esp when it comes to sending out info about loans, credit cards, insurance and mortgages.

Why not savingins? Oooh I will have to think about that one:rotfl:

So, out of all this are you saying that the person who chose to invest in the product bears no responsibility?

This is my last post as I am perpetuating this rediculous thread.

LesU

So why do banks and BS's offer a semi-decent interest rate (inc bonus) on an ISA or savings account for 12 or 18 months followed by a class lowest rate? Surely churn is not what the industry is looking for?
Perhaps these banks should emblazon their mission statement across the front of their web pages. 'Our mission is to make you jump through hoops if you are on the ball, and rob you if you are forgetful'.
I wonder if the public in general would put up with an energy company that offered a 5% reduction in energy costs for the first 12 months followed by a massive rise after that period? You could always change energy provider of course at the end of the year, but would you bother to take out the account?
I think the idea of making it illegal is a complete non-starter, but a naming and shaming approach would hopefully help to reduce this style of bank/customer interrelation.

bagsacash

Incorrect. Every business exists to make a profit. Serving customers is just a by-product of making profit.

Wrong, profit comes from customers, therefore profit is a by-product of customers

bagsacash

So, out of all this are you saying that the person who chose to invest in the product bears no responsibility?

This is my last post as I am perpetuating this rediculous thread.

Thats precisely what I am saying. Bank accounts are supposed to be a safe investment hence the low return on your money. But these days the bank accounts are not a safe investments, banks can collapse as we all now know, and the rate of return is now up and down like a share price not to mention the loss of interest around every corner.

Savings Customers are getting a very raw deal, its diabolical!

And when there are those who think customers are a by-product of profit - what hope is there for uk business in general.

john_s_2

bagsacash wrote: »

4.) When rates are slashed the bank does not inform the customer of the rate drop. So the customer still thinks he/she is getting the same rate.

Why on earth would the customer think that? If they are too lazy / naive to check their interest rates from time to time (especially once a fixed rate deal has expired) then they get what they deserve.

Similarly, if you keep an eye on things, move your cash around when a better deal surfaces, you also get what you deserve!

Simples :-)