Why do Banks try so many tricks?

Loanranger

dunstonh wrote: »

Only if you are foolish enough to choose one of those. Most banks still offer traditional bank accounts. Lloyds may not advertise the classic or classic plus accounts but they are available on request they are no bolt on cost current accounts. I suspect most banks are similar in that they want to sell you stuff and you just need to be strong and say no.



You look at the failures and its mostly ex building societies recently turned bank trying to borrow themselves to make them bigger. Even some smaller building societies still got caught up it.

Ex, precisely.

dunstonh

Loanranger wrote: »

Ex, precisely.

Selective response there from you

It was mostly ex building societies and building societies that failed or had issues.

2sides2everystory

dunstonh wrote: »

it might be more accurate to point out that most households in this country have their lifestyles enhanced off because of banks and building societies. Whilst they have faults that should be addressed, this bash a banker mentality is getting boring.

You may find it boring dunstonh as you sell products dreamed up by investment bankers but I think most households in this country could have done very nicely without quick brown foxes interested only in their next meal or entertainment (making a killing).

dunstonh

2sides2everystory wrote: »

You may find it boring dunstonh as you sell products dreamed up by investment bankers but I think most households in this country could have done very nicely without quick brown foxes interested only in their next meal or entertainment (making a killing).

What have investment banks got to do with this thread? The op is talking retail banking.

MarkyMarkD

talexuser wrote: »

I can only give my own impressions from so called "carpetbagging" accounts I held in maybe 20 building socs for many years before bailing out. They all reduced to ridiculously low interest rates in a relatively short time

What, like the way that Bank of England base rate dropped like a stone in late 2008/early 2009 to a "ridiculously low rate"?

The rate reductions by banks and building societies were scarcely of their own choosing.

Not to mention the enormous cost of bailing out Bradford & Bingley which is being paid in a large part by the retail banks and building societies (because the calculation is based on retail deposit balances).

2sides2everystory

dunstonh wrote: »

What have investment banks got to do with this thread? The op is talking retail banking.

Yes and where exactly do retail bankers point unsuspecting customers who complain about the savings rates on offer ? And why have they set themselves up to do exactly that as a prime intention within their retail networks?

Rollinghome

dunstonh wrote: »

Personally, i would like to see bank charges on bank accounts and the money used to train staff like they used to be and bring back quality service and knowledgeable staff who are not being flogged to death with the choice of hitting sales targets or getting the sack. Consistency of interest rates would be nice as well but there is no chance of either when the typical consumer wants everything on the cheap and everything short term.

I'm sure Coutts would take your money if you'd prefer not to have anything on the cheap. I don't think they even require personal references as they once did. £600 a year for a standard current account IIRC.

talexuser

MarkyMarkD wrote: »

What, like the way that Bank of England base rate dropped like a stone in late 2008/early 2009 to a "ridiculously low rate"?

The rate reductions by banks and building societies were scarcely of their own choosing.

Not to mention the enormous cost of bailing out Bradford & Bingley which is being paid in a large part by the retail banks and building societies (because the calculation is based on retail deposit balances).

No, I started opening accounts in 95 or 96 and was talking about rates falling in accounts from then, and meant rates becoming uncompetitive within a year or two compared to the market rates of the time. In that respect there is little loyalty shown to long term customers who don't change accounts from the building socs.