I am leaving smile/coop bank

Milarky

rb10 wrote: »

To manage a building society of Nationwide's scale effectively (i.e. without doing a Co-op) takes some talented people at the top. And talented people cost money.

Would you rather Nationwide was run by a handful of graduates on a £30k salary?

What top of the tree talent are you talking about beyond the ability to use very long spoons? Remuneration rates come out of 'Remuneration Committees'.

JuicyJesus

Archi_Bald wrote: »

Would you believe it, someone has now started a petition to appeal to George Osborne to rescue the Coop Bank with taxpayers' money.

You couldn't make it up.

The thing is, the same people probably routinely slag off Lloyds, RBS or whoever for being bailed out, but as soon as it happens to the "cuddly" Co-op and the big scary hedge funds (who the Co-op were already massively indebted to) take over they've instantly got a bonk on for bailouts.

They apparently want it both ways.

(As it happens I supported the bailouts, but I also have no problem with private equity being used. Pragmatically, I just don't want banks to fail as doing so would !!!!!! the economy.)

Wilkins

We've been Co-op Bank customers for many years and it is sad to see what a mess they've got into. Undoubtedly, however, they were the architects of their own misfortune.

The "ethical" stance clearly got lost some years ago. That's a pity, but it's not enough to make us move at the moment. The fact is, the service we have had from them has been exemplary and continues to be so. Unless or until that changes, we are staying put.

John1993_2

1jim wrote: »

You are correct, I'd like them to earn more than £30k but not into the millions of pounds,


http://www.theguardian.com/money/blog/2012/jun/22/nationwide-executive-pay

http://www.thisismoney.co.uk/money/saving/article-2377076/Nationwide-members-revolt-bumper-pay-awarded-directors.html

Even if the guy on millions can make the bank ten or a hundred times his salary back through his expertise?

You won't generally find a great chief executive of a firm of that size for less than millions. Of course, you can pay millions and still hire a turkey, but you'll find mainly turkeys if you won't pay something near the going rate.

1jim

But don't those same articles also refer to a reduction in profits for nationwide at the same time as a rise in bonuses and salary for the top people.
Loses largely attributed to misspelling of ppi etc, to be fair I don't know of it was this board that were in post during the misselling years but I suspect at least some of them were. Hard to see how failure is not being rewarded

silverwhistle

kittie wrote: »

I also feel that I have subsidised the coop for long enough with hardly a penny in interest ...

I've been in a similar situation with a small cash ISA which I was unable to move whilst I was living aboad and has been losing money through inflation.

Home again now, and my solution has been to withdraw it and spend it on PV solar panels, improved insulation: far better returns! Oh, and new carpets made in the UK, so helping the economy all round.

I've never had a problem with Smile's customer service though, so I may keep my on-line current account. I've gone off Nationwide after they changed the rules for withdrawing money abroad; which impacted me quite considerably whilst I was living in Europe.

[Deleted User]

[QUOTE=silverwhistle;63695099

I've never had a problem with Smile's customer service though,.[/QUOTE]

same here, their customer service has always been good and I am experiencing the same sort of service from halifax so far. I have rung them twice and got through quickly each time and spoken to charming, pleasant people in the uk. 10/10 so far and I have done a small money transfer test from virgin to check online banking and money transfers and that is ok, so it looks good to go by next week.

I am hanging onto my smile credit card for the time being and may switch later, when the dust has settled, or may not switch if running it is still smooth

I am really looking forward to paying cheques in over the counter, at a local branch, instead of via chequepost at the post office, which to me added an extra layer of potential loss plus several extra days to transfer

Smile have received notification from halifax, so now I have 5 days in which I can download statements. I am assuming I will still be able to access smile visa online, anyway I have paid it all off and added extra money to help smooth things until I get a bill payment set up. It is a bit messy but nothing worse than expected. This time next week I`ll be fully current account transferred. I`ll be doing my m/s money programme today so that I can check exactly the state of play in my smile account for next week. I have already withdrawn cash 3 times and may withdraw a bit more so that I have enough cash in the house (perfectly safe here btw) and then I will transfer some to halifax fom virgin even though I already have a safety net overdraught facility in place in halifax

I cannot believe it has come to this and have just worked out when we first got a coop account, it was in 1976. 37 years ago

Anthorn

I'm staying put at smile too. I look at the hedge funds and I see management a hell of a lot more effecient that the Co-op Bank ever was. Hey I'll personally roll out the welcoming red carpet!

But let's put it into perspective. The Co-operative Group will emerge as the shareholder holding the biggest percentage of shares. So if the Co-op Bank is to be taken over one of those Hedge Funds will have to increase its percentage!

callum9999

Other than jealousy and envy, I have no idea why so many people throw strops about high executive pay in most of these industries.

They get paid a hell of a lot because they do a hell of a lot of work - hard work at that - and earn a lot of money for their companies. Just because the work isn't physical, doesn't mean it isn't hard.

Use your common sense. Why on Earth would shareholders allow such high pay if they weren't going to benefit from it?

lilyp

18 months ago barclays royally screwed me over by passing my happily agreed business loan to a debt collector and closing my accounts. As I have a ccj no one else would give me a bank account. I knew co op dealt with bankrupts so I called them in desperation and they were first class. Gave me a basic bank account and excellent customer service. I am forever grateful for the kindness of whoever I spoke to that day and for the bank account which allowed me to manage my money and get me out of the very near bankruptcy hole barclays threw me in completely unfairly and unnessecarily.

Yes co op have made a mess of things but I won't be closing my account ( even when I can get a different bank account). I really hope that they retain their ethical stance. After all what is the point of creating yet another greedy in ethical high st bank. We have plenty if those already.