This board needs a sticky with obvious answers

Mark7799

Having seen yet another thread started about this, can we add the issue of payments being 'taken' on a Sunday when they are not due until the following day?

Whilst we are at it, how about in big bold black letters - MOST BANKS EXPECT YOU TO HAVE CLEARED FUNDS IN YOUR ACCOUNT TO MEET A PAYMENT NO LATER THAN THE CLOSE OF BUSINESS ON THE PREVIOUS WORKING DAY BEFORE THAT PAYMENT IS DUE. FOR A PAYMENT DUE ON A MONDAY, THIS MEANS GETTING THE MONEY IN THE BANK BY THE FRIDAY AFTERNOON. (Yes I know I'm shouting but this topic seems to be getting more and more regular)

natweststaffmember

I can answer the above question. It is all to do with money markets and Bank Of England clearing accounts. Effectively Monday to Friday are processing days so after Friday the next update is Monday so all transactions on saturday sunday and monday will show up on saturday.

iwanttobreakfree

This sort of information isn't obvious to everyone - the banks don't tell you in easy or brief ways (if that makes sense).

natweststaffmember

Not sure if this is the right place to put this(I should know as well). There is a way around the NatWest Card Reader problem of setting up payees on online banking.
If you have NatWest Online banking you are automatically set up for the telephone version of it called Actionline. You can basically set up the payee over the phone and make as many or as little payments as you like without a calculator object.

lyverbyrd_2

I do hate that card reader, although I appreciate the security measure...it's just that I have to carry it round with me all the time as I work away from home most of the time.

lyverbyrd_2

I have one...well, statement more than a question.
Call your bank if you're going to be using your card abroad, and don't want to be standing next to a cash machine at a foreign airport, unable to withdraw money, and with no krona for a taxi.

Overseas or even out of normal pattern card usage can trigger fraud alerts so if you're going away, make sure you let the bank know...

altocumulus

How about,

If I go overdrawn on my account, why do I have to pay a penalty?!!!

(or am I being unreasonable)

ShelfStacker_3

How about:

Q: Do I have to read all the terms and conditions that come with my account?
A: Yes, because they're part of a legally binding contract. That they are long and/or you could not be bothered to read them and/or you thought they were just a bit of boilerplate and/or irrelevant is of no consequence, because you've agreed to them and are bound by what's in them.

Q: I don't agree with xyz provision of the T&Cs!
A: Then take your business elsewhere. The T&Cs are what is known as a contract of adhesion, in that your options are accept the contract as is or go away. If you really want to try and negotiate with the bank, feel free, but they're under no condition to accept your changes or even listen to you.

Q: What should I do if I don't understand part of the T&Cs?
or
Q: The bank have changed my T&Cs, how does it affect me?
A: Pop down to your local branch and ask. They'll be more than willing to explain things.

Q: I've been charged a Reserve fee by Barclays/Arrangement Fee by HSBC, can I claim it back?
A: Strictly, no. Both are not the illegal penalty charges you have heard about, they are both charges for a service - in Barclays' case, for using your unadvised limit ("Personal Reserve") or in HSBC's case, for setting up or using an increased overdraft limit either formally or informally. You can try, but don't expect much joy as it's at the discretion of the bank.

Q: I've left my overdraft for XYZ period of time without a credit, and they've asked for it all back/referred me to a debt collection agency?! Why?
A: Pretty much all overdrafts are repayable on demand, and require a credit each month of some kind. This, again, is in the T&Cs, and it's not the bank's fault you didn't abide by them.

Q: I'm up to the hilt on my overdraft, and never away from the limit, and the bank wants to take it away?!
A: Again, repayable on demand. Overdrafts aren't for long term debt or repayment like a credit card or loan, they're for making payments when you know you'll have money coming in to cover them at some point, and the bank is entitled to consider being in your OD all the time as abusing the facility. Your best option is to take out a loan or 0% balance transfer to the current account, or ask to set up a repayment plan with the bank.

Q: I'm up to the hilt on my OD, but I'm sick of being charged interest. Should I move to the XYZ Bank 0% overdraft?
A: Only if you want to continue always being in debt and never repaying it ever. Go for a loan or 0% super balance transfer instead, then cancel your overdraft facility.

Q: Alliance and Leicester offers me 8% interest on my current account. What's the catch?
A: The 8% AER only applies to balances up to £1000, and you have to deposit money each month. It's a current account, and if you use it as such then the interest you earn will necessarily be of a fairly small amount, as your money will be constantly moving elsewhere. If you don't have a branch near you, you could be stuck with using a Post Office to withdraw and pay in cash, and it'll take an extra day or so to clear cheques into your account. There are also (subjective) complaints about A&L's customer service and Internet banking.

Inactive

Q; My bank have invited me in for an " Account Review ", what is this?

A; It is basically a sales pitch to flog you stuff that you probably don't want and can probably get cheaper/better elsewhere.

( Bank Staff will of course deny this ).;)

ShelfStacker_3

Or, how about this:

Q: My bank have invited me in for an "Account Review", what is this?
A: They want to invite you into a branch to try and sell you things, typically things their computer systems offer you based on your internal score and anything that might come up in conversation with you (e.g. travel/home/car insurance, mortgage etc.). Despite what it may be dressed up as, it's pretty much that, and is entirely optional - if they do have a legitimate service-related reason to see you then they will tell you what it is. It's entirely up to you whether you want to go, and on the off-chance they could save you money compared to what you have now - but it's only a comparison between your own bank's products, and you could get a better deal if you used a site like Uswitch to make your own comparisons.

Also

Q: My bank's telephone banking service is an 0845 or 0870 number. Is there any way I could make this cheaper for me?
A: Look on the back of your debit card. Often there will be a "From abroad" number, starting +44. If you knock off the +44 and add a 0, it becomes a standard British telephone number, and therefore can be dialled as part of any call package you might have. Alternatively, you can use http://www.saynoto0870.com.