Great 'Work in a bank? What should we know' Hunt

YorkshireBoy

peelprincess wrote: »

Hi I have a Natwest Student Credit Card with a limit of £500. Does anyone know if this is the upper limit on this card or can it be increased

The answer is just a couple of clicks away on the Natwest website (£500 is the maximum).

http://www.natwest.com/personal02.asp?id=PERSONAL/DAY_TO_DAY/CREDIT_CARDS/STUDENT

techno_geek

peelprincess wrote: »

Hi I have a Natwest Student Credit Card with a limit of £500. Does anyone know if this is the upper limit on this card or can it be increased

£500 is the initial limit they give... they should increase it after 6-9 months of usage and payments

natweststaffmember

I was reading the thread with regards to natwest prompts. I guess someone has to teach you to use the Prompt Inappropriate Button. Works for most of us:)

Dylanwing

Great thread, it makes me glad that I left Nat West Branch banking in 1987 - Credit scoring was just starting producing very bizarre and random decisions, hard-sell was being introduced, charging policy was moving towards rip-off, and the more we moved this way, the more we lost the trust of the customers, making selling that much harder.

In later times I worked for a Company issuing millions of cheques a year, and we had an arrangement where the cheques came straight to us from Clearing and we did the manual check (We were only really looking for fraudulent alterations/ counterfeits). About 3 days after the limit for the check raised to £5,000 we had a large number of altered cheques for around £4,900 - Luckily I ignored the directive and messed up the fraudsters plans.

Thanks to all Bank staff who have contributed.

Tiggy23

can someone tell me how my bank (halifax) makes any money out of me?

i have a basic account, wages in, never been overdrawn or had any charges made to my account, i very rarely cash cheques....

what benefits them to have me as a customer?

natweststaffmember

it is called factoring, money markets and investments on balances within the bank. They offer a pitance or rather hardly any interest and make a lot more overnight,

someone

Tiggy23 wrote: »

can someone tell me how my bank (halifax) makes any money out of me?

i have a basic account, wages in, never been overdrawn or had any charges made to my account, i very rarely cash cheques....

what benefits them to have me as a customer?

When you get paid the money sits "in-between accounts" before been credited to you

same with paying bills, they take it off you right away but the other bank does not get it right away

jonesMUFCforever

Tiggy23 wrote: »

can someone tell me how my bank (halifax) makes any money out of me?

i have a basic account, wages in, never been overdrawn or had any charges made to my account, i very rarely cash cheques....

what benefits them to have me as a customer?

I've been told (don't ask me where they get the figures) that it costs a bank approx £70 a year to run a current account.
Some of that comes back with not paying you any interest on your money and lending it overnight as previous poster suggests but also they want to cross sell to you things such as home insurance etc. With a basic a/c they are restricted as what they can offer as you do not qualify for loans credit cards or overdrafts etc which is why in particular Halifax restrict counter use on basic accounts and why they take longer to clear cheques.
You'r not making them enough money to qualify for counter service!

garagemc

You guys want to know how banks make profit? This video explains how:

http://video.google.co.uk/videoplay?docid=-9050474362583451279&q=money+as+debt

In summary banks can lend multiple's of what they have in savings. I.E. If a bank has £5 billion in savings from its customers, it can actually lend £45 Billion or even more depending on what the savings : lending ratio is.

chutzpah_2

Hi I've read a lot of this site but found it hard going, not for content, but for design. My question is, is there a bank that comes out better/least bad of them all? I haven't included building societies because I cannot think of a good word to say for any of them. Their customer service is on average no better than banks and their self righteous attitude that they are caring and sharing and owed a living as shown by their relatively poor rates turns my stomach. The Cheshire have the cheek year after year to announce GREAT RATES but for whom? The latest GREAT RATE that could be snapped up by a poor pensioner is 5.75% over a year which compares to 6.35% with HBOS. If I had my way I'd pass a law that all BS directors and top management could only save their own cash with BS. Feel better now. :-)