Is Santander Safe ?

ses6jwg

Of course the markets get it wrong. The big boys play on fear and try to get mug punters like you and me to sell when we should be buying, and buy when we should be selling.

I bought BP when they dropped to £3 last year, were the markets wrong then?

What a stupid thing to say.

CLAPTON

a certain level of irony is clearly not appreciated here
ironic really
the comparision with tobacco is somewhat appropriate too

oldvicar

At this time of year, who amongst us wouldn't believe in a bank called "Santa 'n' Deer" :santa2: :rudolf:

Bromley86

This is why I've started to take substantial cash out of my bank and store it a safe deposit box

Hypothetically, what would happen if I took money out of HSBC, stored it in a safe deposit box in a HSBC branch and then HSBC went bust?

I suspect the situation is different to that of a depositor (who has to get in line with the other creditors), but is it? Certainly I know of a situation where a company went into administration whilst holding a mirror that my wife had already paid for and just not collected, and she was told to get in line. Although I suspect the administrators were being cheeky and she was in fact entitled to collect the mirror.

slush

anselld wrote: »

You are safe as far as deposit protection is concerned. You are more likely to lose your money through sheer incompetence. Dont expect any customer service if something goes wrong.

I totally agree. My experiences with Santander have been a nightmare. Nothing they could ever do would ever tempt me to use their services again.

Bromley86

I did have a funny one the other day. I couldn't find my telephone password and mentioned that when I was speaking to the operator. So he kindly said he'd get a new one sent out. Thing is, he knew I'd been accessing online, so I think I'd have preferred it if he told me they were one and the same rather than cancelling my password .

It was also funny trying to get the faster payments limit out of him. He refused to tell me what it was and suggested that I arranged transfers and then cancelled them if they weren't faster payments until I established what the limit was.

scott_lithgows

If the British public(according to the papers) are wanting to leave the European Union why are so many with a foreign bank?

ses6jwg

scott_lithgows wrote: »

If the British public(according to the papers) are wanting to leave the European Union why are so many with a foreign bank?

A "foreign" bank that didn't need to go cap in hand to the taxpayer like those "great" British insitutions like RBS, Halifax and Northern Rock you mean?

A "foreign" bank that saved the jobs of thousands of people working for "great" British insitutions such as Abbey, Bradford and Bingley and Alliance and Leicester?

A "foreign" bank that continues to employ thousands of UK residents?

I think you need to go back to your copy of the Daily Fail and stop making silly comments.

lanza

ses6jwg wrote: »

A "foreign" bank that didn't need to go cap in hand to the taxpayer like those "great" British insitutions like RBS, Halifax and Northern Rock you mean?

A "foreign" bank that saved the jobs of thousands of people working for "great" British insitutions such as Abbey, Bradford and Bingley and Alliance and Leicester?

A "foreign" bank that continues to employ thousands of UK residents?

I think you need to go back to your copy of the Daily Fail and stop making silly comments.

A foreign bank that has some weird business model otherwise known as shaft hillwilly the customers left right and centre then include as expenses in this business model court cases and government grilling of your owner by the treasury select comitee while attracting the attention of the BBC for charging loan sharking rates way beyond anything a payday lender would dare try is really what you mean i think is it not ?

http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/8265337/New-Santander-boss-to-face-grilling-from-MPs.html


New Santander boss to face grilling from MPs
Ana Bot!n, the new chief executive of Santander UK, is expecting to face a grilling over the bank’s customer service reputation when she makes her first public appearance in the UK.




http://www.bbc.co.uk/news/business-16002022

UK banks charging as much as 800,000% on overdrafts
By Ben Carter
Reporter, Money Box

Some people are finding themselves paying extremely high rates to borrow from their overdraft

Some High Street banks are charging "eye-watering" rates of interest when their customers go over their overdraft limit, research by Radio 4's Money Box programme has revealed.

A customer borrowing £100 for 28 days without the consent of Santander would repay £200, for example.

That is the equivalent annualised percentage rate, or APR, of 819,100%.

Eric Leenders, from the British Banking Association, said that the industry was willing to look at concerns.

But he said that using APRs to calculate the cost of unauthorised borrowing was a "mathematical manipulation" because the fees are representative of borrowing on an overdraft facility, not for borrowing the specific amount of money.

Mike Dailly, from the Govan Law Centre, said the government must review unauthorised overdraft charges.

"What we've got here is banks with equivalent APRs of nearly one million percent. It really is eye-watering."

High cost

Comparisons between banks and so-called payday lenders showed that the annualised percentage rate charged for borrowing £100 over 28 days varied from 969% to 819,100%.
Continue reading the main story
“


I cannot see how you can have a meaningful review of credit and debt without including overdraft charges”
Mike Dailly
Govan Law Centre

No payday loan lender charged an APR of more than 5,000% but two banks - Santander and Lloyds TSB - charged an equivalent APR of more than 300,000%.

gadgetmind

lanza wrote: »

A foreign bank that has some weird business model otherwise known as shaft hillwilly the customers left right and centre then include as expenses in this business model court cases and government grilling of your owner by the treasury select comitee while attracting the attention of the BBC for charging loan sharking rates way beyond anything a payday lender would dare try is really what you mean i think is it not ?

MSE forums really needs a "rambling and coherent sentence of the year" award.

As for unauthorised overdraft rates, I suggest people don't exceed their limit without authorisation. Simples!