Improve money rules in 50 words

calypso_rhapsody

Just in case you haven't found this thread:
https://forums.moneysavingexpert.com/discussion/2015131

I've read lots of complaints and grumbles on this forum about the way banks treat their customers ... well here's you chance to propose a change in rules that will improve things.

I've added one entitled "Fair treatment for maturing savings" (post no 57 on that thread) but i'd encourage you all to add your own pet gripe!

Milarky

I think I commented somewhere that maturity dates should not allow banks to take advantage of weekends (since they are fond of making funds available as cheques) How often does your 1 year bond run out on a weekend for instance? It would be easy enough to require funds to mature at the start of the next available week to the relevant anniversary (technology required: 1 calendar) Such a general rule would disadvantage no one.

(And I agree with your principles too..)

calypso_rhapsody

Well of course if they sent the money by CHAPS on a Friday you'd get it that day .... but i agree that it would be better to have on a Monday so you have time to move around as you wish. It's the issuing of cheques that really p**s me off - there's the risk of loss, the postal delay (even if it is delivered to me the next day, as the post arrives about mid-day and i live 10 miles from the bank it can take me some time to get it banked) and then the clearing delay - i reckon 7 to 10 days is not uncommon. I'll accept BACS (3 working days) but really feel that they should offer CHAPS as standard. But that's more than 50 words!!