bank managers

capeverde

remember in the 80's our local manager at the midland used to take myself and a couple other local businessmen out to lunch on the last friday of every month. Obviously things have changed since then with the advent of credit reference agencies and the click of a computer, but does anybody know of situations where managers can make a decision based on their understanding of your circumstances rather than the open and shut case of a credit file. For example if a newly discharged BR walked into a high st bank, the most he could usually expect is a basic account. Taking this to the extreme, say the same person walked in clutching a £ 10m chq from the lottery. I fully believe he would be leaving waving a few platinum cards and as many accounts as he liked. Am I right in thinking this, anybody have any stories of experience?

The way I see it banks want customers for 3 main reasons. Firstly to take their money in return for almost 0 interest and to loan it to their investment banking arm to manipulate the markets. Secondly to sell their bolt on extras in the form of insurances etc etc and finally to loan money at extortionate rates given the current base. Given most discharged bankrupts dont have much in the way of funds to invest, not so much call for their bolt ons and are considered a bad risk to loan money to why would a bank want us?? I do see their point. Where though is the cut off where do we become attractive to them regardless of our history.

Ineedaname

Slight flaw in that if you win the lottery you are not allowed to deposit the entire amount with one bank, you have to spread the risk.

But the example you use is about risk to the bank and someone with a big pile of money is less of a risk than someone earning a few K a month.

capeverde

thats splitting hairs, and I just used that as an example. Id doubt that anyway as you can put your money where you wish and there is no onus to use more than one bank.

Ineedaname

When you collect a big win from the National Lottery they will NOT just give you a cheque for the entire amount and let you walk out the door to go dump it all in one bank. There are rules which were set up by the Government when the lottery was started and it's to protect the banks as well as the lottery winner.

Worcsman

capeverde wrote: »

remember in the 80's our local manager at the midland used to take myself and a couple other local businessmen out to lunch on the last friday of every month. Obviously things have changed since then with the advent of credit reference agencies and the click of a computer, but does anybody know of situations where managers can make a decision based on their understanding of your circumstances rather than the open and shut case of a credit file. For example if a newly discharged BR walked into a high st bank, the most he could usually expect is a basic account. Taking this to the extreme, say the same person walked in clutching a £ 10m chq from the lottery. I fully believe he would be leaving waving a few platinum cards and as many accounts as he liked. Am I right in thinking this, anybody have any stories of experience?

The way I see it banks want customers for 3 main reasons. Firstly to take their money in return for almost 0 interest and to loan it to their investment banking arm to manipulate the markets. Secondly to sell their bolt on extras in the form of insurances etc etc and finally to loan money at extortionate rates given the current base. Given most discharged bankrupts dont have much in the way of funds to invest, not so much call for their bolt ons and are considered a bad risk to loan money to why would a bank want us?? I do see their point. Where though is the cut off where do we become attractive to them regardless of our history.

Welcome to the free market and capitalism!!

lawrie28

The cut off is where they can make money from you. Which comes from either putting money in the back, borrowing money from the bank, or buying a product from the bank.

capeverde

yeah, but its not as simple as that though is it, where do you think that cut off is where they ignore their computers and make a 'human' decision.

FuzzyCub

High street banks' bread n butter is not the accounts of millionaires.

These folks use "private banking" (sometimes provided by the big names) reminiscent of the bank managers of old. With restrictions of what you can and can't do, acceptable minimum balances and annual fees. When your banking at these levels with such accounts "computer says no" isn't often heard, and BR is a little less relevant.

Of course you'll pay for these services one way or another. How to bank like the rich and famous.

NeverAgain_2

The role of bank manager has been downgraded massively over the years.

In most branches the person with the title 'manager' is now little more than a senior clerk with keys to the front door.

iquit

NeverAgain wrote: »

The role of bank manager has been downgraded massively over the years.

In most branches the person with the title 'manager' is now little more than a senior clerk with keys to the front door.

No thanks love, I'll just take the code for the overnight safe :rotfl::rotfl::rotfl::rotfl: (sorry I couldn't resist).