Barclays and Lack of Competition

JCS1

This was in the news a while ago, but note the comment about "at least one provider".

http://www.bbc.co.uk/news/business-22436311

And not sure if this legisaltion ever went ahead

http://www.bbc.co.uk/news/business-20640877

TheGardener

Call me a cynic but...I suspect they have been given some inducement by the Finance sector/government to provide account for BR's - otherwise no-one would and that would blow a hole in benefits payments and a lot of other government 'inclusion' policies - including Barclays own which I have highlighted before.
I think the phrase "be careful what you wish for" might be appropriate here...and while doing the old adage thing - "beggars can't be choosers" might fit too. ;o)

georgiasmum

I went into Barclays last week to make sure the right amount of money went into my bill paying account. With one thing and other it took nearly an hour. I was served by the branch manager (by chance) who told me that she (and a number of managers in hers and neighbouring bank clusters) were lobbying to allow bankrupts internet or mobile banking or even phone banking. It was her view, along with many of her colleagues; that it is cheaper to offer online services rather than have BR customers come in often daily to do basic tasks that ultimately 'cost' money having staff time tied up. She said that it is not profitable talking to me because I can't buy any products or credit facilities. She was really nice and wasn't being offensive when she said it wasn't profitable to talk to me btw.

She said 'I know all my BR customers, they come in all the time!' Who knows how things will pan out.

TheGardener

As I've said before - I think the decision to withdraw any form of e-banking was more about driving BR customers - who as your manager points out are worth nothing in terms of business - into the arms of the co-op who declared they "were getting more than their fair share of BR's" (probably thanks to this forum:D) when they stopped accepting un-discharged BR's in 2012 precisely because they offered BR's online banking. It was a calculated move by Barclays that backfired a bit when the co-op did what they did.
However, all this said, I have found my local Barclays very supportive and efficient thus far and will probably stay with them in the future when I am hopefully more valuable to them.
The powers that be in the govt and the finance industry knew that the BR figures would shoot up once austerity politics started to bite (and may do again when mortgage rates rise) hence the introduction of DRO's etc. Ensuring there were a couple of high street banks who would take BR's was crucial to the planning really - having hundreds of thousands of people who couldn't access bank accounts would have been a nightmare for them and probably made for bad PR - I know the BBC were sniffing round this forum for stories about access to bank accounts a couple of months ago.

thinkpositive1

I was told - whilst opening up my account at Barclays - that all banks had a responsibility to open a basic account for anyone, but most apply various conditions and criteria (hoops and hurdles) designed to put people off bothering them, or "scoring" them so they get refused. Maybe we (or someone) should be challenging other banks more on this.

To be honest, when you're desperate for a bank account then you have to go with what's available. I was grateful to Barclays who were brilliant in their customer service with me.

When my credit score is good again I may "shop around" for another bank but for the time being I know I can't and I can live with that.

alastairq

A quick glance through this thread immediately gives me thought around 'planning & preparation', prior to actually petitioning for BAnkruptcy?

Whilst I appreciate there are some who suddenly find they have been made 'bankrupt'.....and for these folk, Barclays really is the only game...but...for those who suspect someone may make them bankrupt [HMRC, for example]....or who actually see BR as the best way forward, there are those on this forum who have continually, strongly advocated planning & preparation for eh eventual petition.

And that then includes the Co-op Cashminder accounts.

[I accept there will be a few who have co-op as creditors, and these few will have the accounts closed as a result, once BR...for them, as above, it's Barclays]

As mentioned above, by lilyBR, it is all really about 'financial inclusion'.....by all financial institutions....so the complaint really is against all the other banks, rather than Barclays?

Thrugelmir

michael1983l wrote: »

Who raises complaints with the monopolies commission and if consumers can raise a complaint direct, is it worth me doing so?

Other banks may not wish to target this segment of the market. That's theircommercial choice. Forcing Barclays to do less business would benefit no one which is what a referral would do.