Natwest? Huh!!!!

fusionx212

BrassicWoman wrote: »

Unlike many other countries we get free banking, direct debits, money out the hole in the wall, etc etc. The money made from Joe Bloggs current account is tiny; profit comes mainly from business accounts. Since the advent of faster payments they also don't have interest on holding periods coming in.

How dare they make a profit on top. It's like they are a business or something!

Building societies may be more to your liking.

tiny profit off of the back of lots of micro transactions.

Privatised banking is forced on people, you have to take an account if you want to get paid by a job.

you are then at the mercy of a bank so how free is it?

fusionx212

PeacefulWaters wrote: »

Banks make £billions off customer loyalty.

Customers can pocket that money for themselves by tarting themselves out for a better service and / or price.

banks do make billions off of the backs of you and me.

I can tart my self round but the minute a mistake is made by the bank or another company misreporting. you're not such an attractive tart, more a lopsided apple pie from that point forward.

Gulam

If your account was run well for the past 15 years surely you would have a pre approved limit?
would it be worth checking your credit reports to see if something fraudulent has occurred?

Smodlet

I am totally with Fusionx212; don't expect me to feel sorry for anything that rhymes with bankers. Their CEOs receive bonuses in the millions, even if their performance is atrocious and don't even get me started on offshore accounts... are you listening Mr. PM? Of course, you don't benefit yourself...:rotfl:

andyfromotley

fusionx212 wrote: »

tiny profit off of the back of lots of micro transactions.

Privatised banking is forced on people, you have to take an account if you want to get paid by a job.

you are then at the mercy of a bank so how free is it?

Completely free. Cost to me of running my current account last year £0, this year to date £0, next year i'm fairly certain it will be £0 too.

For this princely sum i can pay for whatever i want when i want it without having to worry about having cash. I can buy things of the interenet. I can send friends and family money. I can check my account whenever i want online or by phoning them. I can pay nearly all of my bills monthly pretty much without a hitch, month in month out for years. Oh they'll even let me use £250 of their money without asking and not charge me a penny for it.

I call that pretty free.

And recently i discovered there are banks who are even prepared to pay me in order to offer me the same services. Incredible but true, banks that will do all of the above and give me £5 per month.

To qualify for all of this all i have to do not spend more than i have. Current acounts? The bargain of a lifetime.

zantos

BUT with all of these comments about the banks being "hard done to" what about the pensioners? I have tried to get a loan from Santander and was rejected - option check your Experian file", easy get out from the bank. Query the rejection and don't even get a reply. Check your file and what do you find? Above average on every score, no missed payments, no adverse judgments. So why do any of you think a rejection is fair? Is my money worth less than anyone else's? The only reason that seems to matter is AGE. So all these poor banks that are wasting money giving everybody free banking don't want to increase their income from older people - don't you feel sorry for them? The best of it is Experian take no account of any investments or other holdings BUT if you query this with a bank the answer is "well that's our policy"!

ReadingTim

zantos wrote: »

BUT with all of these comments about the banks being "hard done to" what about the pensioners? I have tried to get a loan from Santander and was rejected - option check your Experian file", easy get out from the bank. Query the rejection and don't even get a reply. Check your file and what do you find? Above average on every score, no missed payments, no adverse judgments. So why do any of you think a rejection is fair? Is my money worth less than anyone else's? The only reason that seems to matter is AGE. So all these poor banks that are wasting money giving everybody free banking don't want to increase their income from older people - don't you feel sorry for them? The best of it is Experian take no account of any investments or other holdings BUT if you query this with a bank the answer is "well that's our policy"!

You seem to be labouring under the misapprehension that you have some sort of "right" to borrow money. You don't. Banks are businesses and choose who they do business with - some potential customers they will reject as being too risky, some as simply not profitable enough for them to bother with.

If people spend as much time and energy understanding how banks works and then conducting their financial affairs with that in mind as they do on their misplaced outrage when their egos are bruised by a commercial decision by a 3rd party, the profitability of the banking sector would dramatically decline.

Being denied a loan is not an affront to your human rights or civil liberties, so get over it.

zantos

I agree BUT I thought businesses were in business to make money - or am I missing something? Blanket rules that don't take personal circumstances into account are not imho good business practice. I exercised my human rights by changing bank. The point of my post was merely to show banks were turning business away that would (in the old days) have been accepted by a "face to face" meeting with a human being and generated a profit for the bank.

mjm3346

zantos wrote: »

I agree BUT I thought businesses were in business to make money - or am I missing something? Blanket rules that don't take personal circumstances into account are not imho good business practice. I exercised my human rights by changing bank. The point of my post was merely to show banks were turning business away that would (in the old days) have been accepted by a "face to face" meeting with a human being and generated a profit for the bank.

The cost savings from an automated system are certainly far greater than any possible loss of profit from the occasional automatic refusal that a "face to face" might have allowed.

zantos

” 
The cost savings from an automated system are certainly far greater then any possible loss of profit from the occasional automatic refusal that a "face to face" might have allowed.

Agreed, however an automated system is only as good as it's program and it seems pointless to refer applicants to Experian for an answer when in fact all they provide is a "snapshot" of someone's financial data, and only what is available to them. I just think if a bank is trying to appear "transparent" they should be more open regarding reasons for a refusal - although of course this would cost time and money.