BSocieties, Banks Closed accounts.

dunstonh

Let's face it the terms and conditions of all these places are so one-sidedly constructed that anyone who doesn't want to just stash their money under the bed has no alternative but to agree to a whole barrage of not understood or wholly agreed things.

Not really. The T&C exist largely on the basis of complaints and hundreds of years of legislation and court actions. However, the basic principles are quite easy to understand. They will pay you a variable rate of interest on a savings account and it is up to you to keep an eye on that rate and decide if you want to change it or not.

The essential terms should be simplified (yes that word again) to just be the interest rate paid, amount limitations and withdrawal restrictions.

Not possible. Complaints and legal action by consumers would follow.

Moreover the interest rate standing in comparison with other interests rates at the time the product is launched should be something the bank or society is forced to maintain.

Whilst I doubt anyone will say they like the ways banks can mark old accounts as obsolete and put them on lower rates than new accounts, it would be difficult to prevent them from doing it. Banks launch new versions of accounts to attract new money. Whilst they expect a proportion of existing money to move onto the new accounts, if they only offered one savings product for eternity then the rate would be lower for those that shop around or keep an eye on things but higher for those that dont do that. Depending on which camp you are in, you will see that as better of worse.

Thank you for your opinions but they sound in my opinion like they come from the fsa - protector and defender of the banks and building societies - meticulously picking every bit of justification they can clutch on to on their behalf.

Come off it. Just because someone provides some balance to your posts, does not mean you should fire off that accusation against them.

SeethingSaver

opinions4u wrote: »

I don't. But in fairness I have done and make no secret of it.

That's not really true. While a typical set of T&Cs will run to 20 pages most of these are explaining how a bank does business and complies with law and regulator.

They are not one sided.

And this is invariably very clear.

But they are not forced to. So you need to keep an eye on your money. They do help you though with a range of interest rate notification methods including letters, adverts, websites and statements.

The most common variant being a fixed term bonus.

In much the same way I research petrol prices locally, supermarket prices and other major purchases.

It's a choice.

It really doesn't take more than five minutes every three months to keep on top of.

No. I understand your frustration. But if you choose to pay an ever increasing price for your milk in Tesco when there's an identical carton for 20p on the same aisle that's up to you.

I prefer to beat the !!!!!!s at their own game.

Preference is to post reply separately which shows to my mind better continuity than the one liners ..this time posted below

SeethingSaver

dunstonh wrote: »

Not really. The T&C exist largely on the basis of complaints and hundreds of years of legislation and court actions. However, the basic principles are quite easy to understand. They will pay you a variable rate of interest on a savings account and it is up to you to keep an eye on that rate and decide if you want to change it or not.


Not possible. Complaints and legal action by consumers would follow.



Whilst I doubt anyone will say they like the ways banks can mark old accounts as obsolete and put them on lower rates than new accounts, it would be difficult to prevent them from doing it. Banks launch new versions of accounts to attract new money. Whilst they expect a proportion of existing money to move onto the new accounts, if they only offered one savings product for eternity then the rate would be lower for those that shop around or keep an eye on things but higher for those that dont do that. Depending on which camp you are in, you will see that as better of worse.



Come off it. Just because someone provides some balance to your posts, does not mean you should fire off that accusation against them.

Preference is to post reply separately which shows to my mind better continuity than the one liners ..this time posted below

SeethingSaver

Beginning to see a little self-appreciation cartel operating on this site...dunstonh, opinions4u, innovate all thanking each other for what exactly?

Back to the subject and covering your comments gentlemen.

Who is the party that writes the terms and conditions?
It certainly is not the customer.
For the customer it's just take it or leave it.
I have tried to strike out conditions on a building society application form and their immediate reaction was to not accept it when I handed it over.

I would say that my fsa comment was no more a cheap shot than 'what do you the charity expect to do it for you' quip from opinions4u.

Do you seriously consider the average 60,70,80 year old pensioner; a hard pressed working parent or someone who is hospitalised should have to suss out the financial best buys every month?
Then be prepared to go through the whole take out new account rigmarole now associated with opening accounts in some places (even where been a saver for years that can ask for proof of who you are)
And where funding of opening a new account it is somewhere you can only do this with external funds. So you have to take the monies out of accounts in one society (maybe the same society of the account you wish to open which then requires transfer to a second society then back to the original from there) then move have to them to the new account.

Do you expect the person who is only a branch saver to have to trundle round all their societies branches as well as any prospective others every month to find what is on offer?

Is it your opinion that the online savvy saver is the only species who should be considered from what I can gather of your comments doesn't that seem so?

Like I said earlier get real !!

Frogletina

I open and close accounts all of the time - it is so easy to do online.

If I get an account with a variable rate where the interest rate drops too much, I get rid of it.

Halifax, Santander and Yorkshire each have good instant access accounts - I have all three of them. Not much in them but one day any of them could close to new customers or reduce the rate payable.

In reply to Seething Saver, before I got online I was always checking out the rates in the branches and I still check out the best buys in the newspapers

opinions4u

SeethingSaver wrote: »

Preference is to post reply separately which shows to my mind better continuity than the one liners ..this time posted below

I prefer to deal with things point by point.

Beginning to see a little self-appreciation cartel operating on this site...dunstonh, opinions4u, innovate all thanking each other for what exactly?

Stating their points in clear and constructive ways?

I have tried to strike out conditions on a building society application form and their immediate reaction was to not accept it when I handed it over.

Do you cross prices out on Tesco receipts and ask them to charge different amounts? Which other service providers do you try this with?

Do you seriously consider the average 60,70,80 year old pensioner; a hard pressed working parent or someone who is hospitalised should have to suss out the financial best buys every month?

As a hard pressed working parent I manage it.

Then be prepared to go through the whole take out new account rigmarole now associated with opening accounts in some places (even where been a saver for years that can ask for proof of who you are)

Over the last few years I have only felt the need for accounts with four providers. Three of them have online account opening processes that are exceptionally quick. The last account I opened was a tad below best buy status. But the start to end process including funding the account took about 20 seconds.

Do you expect the person who is only a branch saver to have to trundle round all their societies branches as well as any prospective others every month to find what is on offer?

I actually said quarterly. But there are a mass of options from Internet to national press to do this for you. And the telephone was also invented a few decades back to provide another option.

Is it your opinion that the online savvy saver is the only species who should be considered from what I can gather of your comments doesn't that seem so?

The money pages of any decent newspaper have been providing similar pointers since I was a kid.

Like I said earlier get real !!

Reality is playing the banks at their own game. It's a choice not to.

dunstonh

Beginning to see a little self-appreciation cartel operating on this site...dunstonh, opinions4u, innovate all thanking each other for what exactly?

Thanking them for presenting a balance response with technically accurate and useful information. Balance and understanding is something you appear to lack.

It seems you want your opinion and prefer to remain ignorant despite people trying to explain things to you. So, fine. Stay ignorant and criticise others instead.

SeethingSaver

opinions4u wrote: »

I prefer to deal with things point by point.

Stating their points in clear and constructive ways?

Do you cross prices out on Tesco receipts and ask them to charge different amounts? Which other service providers do you try this with?

As a hard pressed working parent I manage it.

Over the last few years I have only felt the need for accounts with four providers. Three of them have online account opening processes that are exceptionally quick. The last account I opened was a tad below best buy status. But the start to end process including funding the account took about 20 seconds.

I actually said quarterly. But there are a mass of options from Internet to national press to do this for you. And the telephone was also invented a few decades back to provide another option.

The money pages of any decent newspaper have been providing similar pointers since I was a kid.

Reality is playing the banks at their own game. It's a choice not to.

I notice nothing from opinions4u about the crux of the original posting points:
Who is the party that writes the terms and conditions?
It certainly is not the customer.
For the customer it's just take it or leave it.
have conveniently been overlooked ...
...Selective comments where you think you can show things from your own perceived angle is very much an fsa ombudsman trait, perhaps a job there awaits?

Does MSE not advocate taking something up to the shop desk and seeing what they will slap the price down for cash?
You mean you haven't done anything like that that options?
After all you seem smugly happy to consider you are competent at so many other things.
Glad for you that you that you are so in control of whatever affects you that you don't have to think about the concerns and problems of other people.

The saying is ignorance is bliss I believe; certainly can't see anything to educate here from opions4u.

SeethingSaver

dunstonh wrote: »

Thanking them for presenting a balance response with technically accurate and useful information. Balance and understanding is something you appear to lack.

It seems you want your opinion and prefer to remain ignorant despite people trying to explain things to you. So, fine. Stay ignorant and criticise others instead.

So What exactly was it you said there dunston .....
hmmm.....wonder who else those words might apply to?

SeethingSaver

Frogletina wrote: »

I open and close accounts all of the time - it is so easy to do online.

If I get an account with a variable rate where the interest rate drops too much, I get rid of it.

Halifax, Santander and Yorkshire each have good instant access accounts - I have all three of them. Not much in them but one day any of them could close to new customers or reduce the rate payable.

In reply to Seething Saver, before I got online I was always checking out the rates in the branches and I still check out the best buys in the newspapers

Glad to here you are so able to deal with everything so easily and simply Frogletina.
Sure opinions4u is too.
Some though people don't have computers, online accounts or do but are those people who get unexplained electronic verification problems
or because of no fault of that person the bank or building society there has been some processing error which prevents their online application going through as speedily as yours obviously do.