MSE News: Timetable for banking shake-up unveiled

badmemory

Allow sharing & I can just imagine the scenario. I have a savings account with bank no 1 getting 1% interest so no 2 bank offers 1.05%. Fixed term comes up for renewal only .75% other bank last week was offering 1% but sees you are down to .75% so only offers .8%, that is what a bank would call competition. How quickly you can sink to the bottom and certainly not in "the customer's interest"

They mess with us enough - let's not give them permission to do it.

leclerc

Having looked at the CMA site and looked at the table of what they are doing, it is very much geared towards those people who perhaps may not necessarily manage their money as well as others do and occasionally or more often than not slip into their overdraft(both authorised and unauthorised) with the automated alerts system. I think this old chestnut of "not many people switch accounts" is getting a bit rusty, because the fact remains, as has been said already on this thread, unless the bank really mess up we don't see a need to switch banks. In regards to Data Protection Act and giving permission to go onto this system, I'm not so sure I want to have everything in one place given the issues of potential fraud that there might be in that, scam me once and you get all my accounts in one place. Not sure on the issue of maximum fees bit either just yet but still reading the stuff.

Missus_Hyde

leclerc wrote: »

In regards to Data Protection Act and giving permission to go onto this system, I'm not so sure I want to have everything in one place given the issues of potential fraud that there might be in that, scam me once and you get all my accounts in one place

A frightening prospect considering some banks have a rather cavalier attitude to customers' details (think Charter Savings Bank managing to "lose" the computer with their customers' private data on it and Tesco's Bank managing to get themselves hacked very successfully).

Frankly, the imagination boggles! :eek:

colsten

I love an account aggregation service that lets me see the balances of all my accounts with a single login, and provides me with a swift login to individual accounts if I want to do more than look at the balance. accountunity has been providing me with this for years though it could now do with a technology refresh.

I can't see the need for any data sharing amongst my various banks and won't be using any service that lets them do that.

No_6

oops ?
see your other post

Alpine_Star

notafan wrote: »

The CMA believes Open Banking will "significantly increase competition between banks"

What Bo*****s.
They'd have been much better giving us all portable account numbers.

It'll be the fintech companies that provide the competition, at least until the bigger guys buy the smaller ones out.

I totally agree. If CMA think they can 'significantly increase competition' with an app they are a sandwich short of a picnic.


Account portability is the only solution. As Donald Cruickshank said, banks should live in fear that if on a Friday they make one !!!! up, the customer would be able to transfer their account to another bank by Monday.

JuicyJesus

Alpine_Star wrote: »

Account portability is the only solution. As Donald Cruickshank said, banks should live in fear that if on a Friday they make one !!!! up, the customer would be able to transfer their account to another bank by Monday.

Is that reasonable, do you think? To demand absolute perfection?

badmemory

I think I would rather stay with a bank that I know when (not if) they mess up I can get in touch & tell them they messed up & they say sorry sorted now. Also it doesn't take into account that all the meaningless credit scores go down when you have a new account.

To go back to the original point. Do we really think that someone who is really bad with money, maybe overdrawn with more than one bank, is actually going to want to look at all the minuses together. Not unless they are DFWs and they are normally too focussed on their debt to need this.

phillw

With the current situation you can end up being!unable to switch accounts because the bank you're switching to doesn't support!the phone you have.!I can't run the Halifax or!TSB apps.

A single app that runs on my phone and shows me all my balances would be amazing, even better if it could be set to check automatically and alert me.

JuicyJesus

phillw wrote: »

With the current situation you can end up being!unable to switch accounts because the bank you're switching to doesn't support!the phone you have.!I can't run the Halifax or!TSB apps.

A single app that runs on my phone and shows me all my balances would be amazing, even better if it could be set to check automatically and alert me.

I presume you mean you have a Windows Phone?


Sorry to say but the chances are that this app won't get ported to Windows Phone.