Airdrie Savings Bank

Armorica

and there are a lot of other factors that feed into decisions about subs vs. branches - not just compensation arrangements for customers.

You could have just 'fessed up and said, thanks, I wasn't aware of the new directive...

*sighs* Hazzanet...

It's more than just a change in limits. The underlying requirements and legislation have changed more broadly.

And Iceland is not in the EU (which is what I said). It is, of course, in the EEA. The two things are not identical.

Hazzanet

Armorica wrote: »

It's more than just a change in limits. The underlying requirements and legislation have changed more broadly.

And Iceland is not in the EU (which is what I said). It is, of course, in the EEA. The two things are not identical.

Fair point on the EEA, however regardless of the legislation, Icesave was sold to me as rock solid because of the EU/EEA passporting scheme. That didn't turn out to be the case, and while I'm very grateful the FSCS stepped in, they didn't have to for the first amount "covered" by the Icelandic scheme.

Regardless of any new legislation the EU puts on the table, unless there is a pan-EU/EEA scheme that replaces the FSCS or in the interim the bank is registered with the FCA/PRA and a member of the FSCS they're not seeing my money. I still have a sour taste in my mouth from Iceland.

No, I didn't know about the "new" legislation, nor do I feel I need to. No FSCS membership equals no business from me. I also note that some of the changes are scheduled for 2019... quite a way off.

Hazzanet

MSE also still advises caution: http://www.moneysavingexpert.com/savings/safe-savings#foreign

But this is all off the OP's topic. Perhaps we ought to start a thread?

Armorica

Hazzanet wrote: »

MSE also still advises caution: http://www.moneysavingexpert.com/savings/safe-savings#foreign

But this is all off the OP's topic. Perhaps we ought to start a thread?

Bit late - could get moved...

The guide is still imprescise. For example,

• "The Financial Services Compensation Scheme (FSCS) only applies to organisations regulated by the Financial Conduct Authority (FCA). " Branches are regulated - to a degree - by the FCA. It should read authorised by the PRA or FCA. The Tridos website says it is subject to 'limited' regulation by PRA/FCA and as this thread clearly establishes, it's not part of FSCS.
• Nor is FSCS regulated by the FCA. It was set up by them; PRA and FCA write the rules of the various FSCS schemes.
• It also talks about registration rather than authorisation - essentially it looks like FSA was replaced by FCA in the guide rather than a more rigorous split between PRA and FCA.
• And Al Rayan is still called IBB.

Hazzanet

I understand and respect your opinion, but until there is a real paradigm shift in the way the compensation scheme(s) are operated and administered in the EU, I just don't fancy the gamble (and possibly red tape in trying to deal with the Dutch scheme in the Triodos example).

Sorry.

motheranddaughter

Regarding Airdrie savings bank a few months back they started charging there customers a £5 monthly fee to have an account with them they said it was because they had scrapped all other charges but two months after they started the monthly fees they also charged £30 pounds for a late direct debits even when my wages were on an hour late being paid in .they charge 30 pence every time you use an atm to get your own money out and dont even think about going into an overdraft with them .this is the way they treat there loyal customers there are single parents, low income families, and people who are on sickness benefit who are now struggling thanks to them.i have been with them for most of my life but the past few years they have been more interested in finding ways to take your money anyway they can and they are getting away with it its a disgrace >

System

The problem with all these situation is moral hazard as people now assume that the UK taxpayer will bail them out; no matter of the amount ( > 85k) or location (UK or Passported)

Hazzanet wrote: »

I understand and respect your opinion, but until there is a real paradigm shift in the way the compensation scheme(s) are operated and administered in the EU, I just don't fancy the gamble (and possibly red tape in trying to deal with the Dutch scheme in the Triodos example).

Sorry.

System

Isn't there somewhere else local that could give you a 'free' account?

Otherwise, the DWP can setup a Post Office account that works in their counters and their own cash machines without charge - for benefits / tax credits.

motheranddaughter wrote: »

this is the way they treat there loyal customers there are single parents, low income families, and people who are on sickness benefit who are now struggling thanks to them.i have been with them for most of my life but the past few years they have been more interested in finding ways to take your money anyway they can and they are getting away with it its a disgrace >

Paul_1977

I don't think they aim to take on low income customers, and they are suited to those earning a decent wage.

planteria

an interesting thread Paul_1977.

i had never heard of ASB. like others, im not sure about paying the monthly fee. i agree it isn't a lot of money, but with Halifax Rewards you could be receiving rather than paying £5 each month. that's a whole £120/yr swing;)

my first thought would also be Building Societies, if you are looking beyond the main clearing banks. Nationwide, Coventry and Cumberland all spring to mind. i am a member of all three. i have had a current account with Nationwide, which was ok, but recently moved away for the Yorkshire incentive, with my 5% deal coming to an end.. the other two would be interesting.

and secondly, i thought you already had an account with a bank that you are happy with, with a branch in The Smoke that you can reach, and that doesn't charge a fee;)