The Nice People Thread, No.16: A Universe of Niceness.

Tahlullah

Not clear on how having to deal with higher bank charges will help an individual who is already struggling financially, to handle their money 'better'. If anything, it will make the situation worse, push them further into debt and then get to a point where, instead of paying back the debt, they choose bankruptcy so everyone loses out. In my opinion of course.

chris_m

Pyxis wrote: »

How would banks define not managing their money better, though?
If they get overdrawn, there are already high charges, especially if the overdraft is unauthorised.

Tahlullah wrote: »

Not clear on how having to deal with higher bank charges will help an individual who is already struggling financially, to handle their money 'better'. If anything, it will make the situation worse, push them further into debt and then get to a point where, instead of paying back the debt, they choose bankruptcy so everyone loses out. In my opinion of course.

That is true - however, why should those who do manage their money properly be expected to pay fees to effectively subsidise those who don't?

Pyxis

chris_m wrote: »

That is true - however, why should those who do manage their money properly be expected to pay fees to effectively subsidise those who don't?

I still don't really understand what you mean, Chris.:(

If they get overdrawn, they are charged.
If they aren't overdrawn, they aren't charged.

How would my paying charges on my current account be subsidising someone whose account is in credit, but who still isn't managing their money properly elsewhere?

silvercar

chris_m wrote: »

The onlt one of mine that does that (and the only one on which I pay a fee) is my Santander 123 - which I have for "some" interest and cashback on my bills.
I don't require any of the insurance, etc bundles.

NatWest Reward Black account includes worldwide travel insurance (it also covered the adult-ish kids travelling alone when they lived here, which was a big bonus) plus upto 4 mobile phones.

Wouldn't touch Santander -had too many painful conversations with them over what was a simple savings account.

chris_m

Pyxis wrote: »

I still don't really understand what you mean, Chris.:(
If they get overdrawn, they are charged.
If they aren't overdrawn, they aren't charged.
How would my paying charges on my current account be subsidising someone whose account is in credit, but who still isn't managing their money properly elsewhere?

Sorry, I meant people who don't operate their bank account properly - whatever they are or aren't doing elsewhere is none of the bank's business.

Pyxis

I've looked into a 'reward'-type current accounts a couple of times in the past.
The travel insurance conditions meant that as I had pre-existing stuff, I'd still have to pay for it, and none of the other incentives meant anything to me, or else were too small to justify the monthly outlay.

I'm always really suspicious of deals like this, as I feel the bank wouldn't be doing it unless it made them better off.

I suppose for some people who deffo would use every single one of the incentives, it might work out, but for me it was a no-go.

chris_m

silvercar wrote: »

NatWest Reward Black account includes worldwide travel insurance (it also covered the adult-ish kids travelling alone when they lived here, which was a big bonus) plus upto 4 mobile phones.

That's fine if it suits your requirements - I don't go abroad so have no need for worldwide travel insurance, my mobile phone is worth diddly-squat so I have no need for that insurance.
Therefore an account which includes those but charges a fee in order to get them is of no use to me

chris_m

Pyxis wrote: »

I'm always really suspicious of deals like this, as I feel the bank wouldn't be doing it unless it made them better off.

Aha, you've spotted the reason :T

Pyxis

It's like a scheme my bank offered where you paid a monthly amount, but then you got money back for each direct debit.

I have loads of DDs, so I thought that might work in my favour. However, when I looked into it, it was only DDs for utility bills, and it wasn't awarded automatically; you had to claim it every few months.

I can't remember all the details, but it was far less attractive than it first looked, and I knew that I'd probably forget to claim it, due to being ill all the time, and even if I did, the benefits just weren't worth the worry and hassle.

LydiaJ

GDB2222 wrote: »

We've never worried too much. A person comes to our front door at about the right time carrying bags of groceries, and my first thought is not "Goodness, this could be a kidnapper!"

Indeed, me too. But I am not particularly vulnerable, nor living in a dangerous area. Other people in other circumstances may feel differently.

chris_m wrote: »

Doncha just love irony?

I've just received part of an order that's due from Wickes and emblazoned across the box is the slogan "Let's do it right" - but five of the items contained within the box are not the ones I ordered.

:rotfl:

:rotfl:

I have a 123 account. The fee is more than covered by the cashback on DDs, and the interest on the balance is a bonus. I also don't travel, so the travel insurance, airport stuff etc is irrelevant.