Fair Deal from banks and no obstacals or move account

stluke023

I feel compelled to say this as the banks do have a duty to their customers.
The banks have adopted an attitude of preying on the weak stupid and those who cannot afford to be preyed upon.
They rely on individual’s stupidity and put obstacles in the way to make banking more profitable for them selves. Banks make 65% of there money on the difference in lending rates and interest rates, but they do not need to play the game of relying on peoples weaknesses to make money - and if they do , individuals should move there account, not that I am saying that any other bank is better.

When money is transferred in to ones account of any significance you can be assured that you will receive a telephone call from the bank offering you investment solutions for it. However on the other side all the banks that offer accounts with a one year offer and then never contact the individual to say there savings package has expired after a year you are now getting between 0.1-0.5% interest, - and this is my complaint

You can take a horse to water but you cannot make it drink
So there is a point of self help.

But taking advantage of the laziness, stupidly or ignorance , or what ever words we use, the banks are abusing their position by doing this and should be punished by a point of principle of taking that money away from them, as it is no way to treat customers , would you treat your customers like that?

I actually am talking about my own student daughter who has an incentive saver with Lloyds and has failed in her responsibility to the money but worse the bank has failed more and will not be getting it to re-invest as a point of principle and everyone should do the same- we are the customer , the banks are failing ion their responsibility

stluke023

On reflection it is not only banks its also utility companies who also are giving offers only for a fixed period and then relying on weaknesses again of laziness etc, its wrong ! Because those who are caught out are the vunerable and people who can least afford

opinions4u

However on the other side all the banks that offer accounts with a one year offer and then never contact the individual to say there savings package has expired after a year

Halifax write to all their customers when a bonus expires or a product matures. They won't be the only ones.

Lloyds TSB include interest rates online and on statements, so they do communicate current rates to their customers. Indeed, on many accounts (not all) they do send a letter when a product drops off bonus. Certainly on ISAs.

Account terms and conditions will usually tell you how they will communicate rate changes. In this case it seems the bank gave 12 months notice of the change.

Preying on the lazy? Perhaps the lazy should get a grip and prey on the bank instead. Make a diary note, put a reminder in to your iPhone or whatever, and move the money somewhere better when the time comes. It's not that difficult.

(From my previous experience in the industry, a high percentage of customers actually ignore a written reminder about their rate changing and take no action. I'd rather have no letter and an extra 50p a year in interest to be honest).

VT82

Can I add, if they have sufficient savings so that the interest would actually make a difference, and they weren't even noticing they were getting a bad deal on their savings, they are unlikely to be 'those who cannot afford to be preyed upon'.

stluke023

VT82 wrote: »

Can I add, if they have sufficient savings so that the interest would actually make a difference, and they weren't even noticing they were getting a bad deal on their savings, they are unlikely to be 'those who cannot afford to be preyed upon'.

your forgetting that "ignorance is bliss" VT82

ses6jwg

banks are are a business if you don't like how yours treats you take your money out and walk down the road to the next one.

Thrugelmir

stluke023 wrote: »

I feel compelled to say this as the banks do have a duty to their customers.

They do provide free current account banking. So I have no complaints about looking after my own savings.