Staff at Lloyd's forced my partner into a credit card it would seem

opinions4u

DrSyn wrote: »

By using the money in my current account( on which they pay no interest)

You need to change current account then.

Everynamestaken wrote: »

The point is though is that it shouldn't be like that should it?

People are paid to sell. We don't know how "high pressure" this transaction was but, at the end of the day, every single credit card I've ever had (and there have been dozens) arrived attached to a piece of paper that stated I had a right to cancel and provided me with a form to sign and return if I didn't wish to use the card.

There was a get out. It didn't require going back in to branch. Why do people keep using branches?

BillJones

1jim wrote: »

Some adults aren't able to say no. Banks and their staff have a duty to understand that and take appropriate action.

And then we get the complaints on here from the other side "How dare the banks refuse to sell me product X, Y or Z? Who do they think they are to try and say what is or isn't appropriate for me?"

Peope need to remember that banks are not utilities, they are not public services, or a branch of the NHS, they are businesses, just like Currys, Subway, or McDonalds, whose sole reason for existing is to sell products and make profit.

It makes sense to have good customer service, but all too many on here want them to go far, far beyond this, and act in loco parentis.

BillJones

DrSyn wrote: »

By using the money in my current account( on which they pay no interest) as loans

How much, on average, do you have in your current account? A few hundred pounds, possibly? Let's assume £500, over the year. How much do you really think that they make on that?

Now how much does it cost them to have staff available on the phone 24 hours a day? How much to maintain your website, pay your direct debits, send you a debit card, and have counter staff available in the working day?

I've heard people make the same point as yours, who maintain a balance in the tens of pounds, on which the bank make perhaps £2.50 per year in interest foregone.

If you genuinely believe that my bonus is paid from that £2.50, after all the associated costs, then you are living in cloud cuckoo land.

Everynamestaken

I am quite aware how it all works. Some people just aren't as technically minded as the people on here when it comes to banking, and people should try and understand this. The staff are there to help those people and find the right products for them aren't they.

What I find it quite unfair is that someone lied and blatantly denied it was a credit card when it indeed had a 1200 limit, which is huge compared to her paltry income at the moment. That was the issue, the constant questions in the room after "no".

I already know the answer now but thought it could raise a decent debate which it already as so far.

Alter_ego

You say they sold her a credit card, how much did they charge?
All mine only charge when I choose to use them.

1jim

I wouldn't feel too sorry for the banks just yet
The oft felt that banks made a fair bit more than £2.50 a year on average from each current account

Some of these might be a bit old but you get the general idea, hopefully most in here don't fall in to the trap of poor rates and overdraft charges

http://www.thisismoney.co.uk/money/saving/article-2268305/Banks-9bn-current-accounts-year.html
http://news.bbc.co.uk/1/hi/magazine/4781924.stm
http://www.theguardian.com/money/2008/jul/17/currentaccounts.banking

grumbler

1jim wrote: »

... banks made a fair bit more than £2.50 a year on average from each current account

Do you not see the difference between making "Making "£139 per active account" and making "£139 from each account"?

The original incorrect statement was that allegedly big profits were made by using money from current accounts for mortgages and lending to businises.

pmduk

DrSyn wrote: »

They could also reduce the bonuses to their top staff.


Before you say they need to pay these high saleries and bonuses to get the best persons, remember they where saying and doing just this before the banking system went down the tubes.

How many of the people receiving large bonuses actually work in retail banking which has traditionally had average wages?

agrinnall

Everynamestaken wrote: »

I am quite aware how it all works. Some people just aren't as technically minded as the people on here when it comes to banking, and people should try and understand this. The staff are there to help those people and find the right products for them aren't they.

You might like to think that is true, but the pressure on branch staff is such that their job nowadays is to try to offload products to as many people as possible - being able to say No is a vital part of dealing with any financial institution.

Everynamestaken

agrinnall wrote: »

You might like to think that is true, but the pressure on branch staff is such that their job nowadays is to try to offload products to as many people as possible - being able to say No is a vital part of dealing with any financial institution.

I understand the pressures some do feel, and I can't speak for everyone who works for the banks, but I had presumed most had a duty of care and did what was right by the customer, and certainly didn"t just 'flog' anything and everything to gain some extra points.