NI 'Big 4' Forced to scrap charges!!!

D.A.

Remind me again how we're getting a first class banking service on N.I.? My Northern Bank current account got me a big fat zero interest rate and loads of charges. My Halifax account now gets me 5% (ish) and no charges whatsoever. Even those people who stay with the local banks and don't go overdrawn are *still* worse off...

BigAl94

"Given that over 75% of customers currently pay no bank charges in Northern Ireland, and that customer satisfaction levels have recently been over 90%, it may be a high price to pay for lower-cost banking." Quote from Belfast Telegraph article by a leading ecomomist. - D.A. - you have exercised your right to shop around and find something that suits you - that's the way it should be. The banking service is much superior to that generally found in GB. Charges are not hidden, openly published - if it doesn't suit, go elsewhere. Free choice!

IvanOpinion

I have never understood the problem ... most people must be happy because anybody with any intelligence would change bank if they felt hard done by ... as Martin says 'vote with your feet'.

But then again I do know one person who has written goodness knows how many letters of complaint, called in many times to see their bank manager to 'sort things out', made numerous phone calls etc. instead of spending about 1 stress free hour switching to a bank that suits their needs. Maybe some poeple just love the thrill of the chase

But hold on a second, haven't I seen complaints about Halifax, Abbey, Nationwide, Lloyds, Barclays, A&L, ING and others on the vent board on this site ?

Ivan

criminal_smile

Good point Ivan, as all banks are there to make money, some of the little people are going to get the sh***y end of the stick. Banks in general are not there for the good of us all, they're there to make money from us, and it doesn't matter where they are.

My point is that the 4 banks named are guilty of unfair competition in the marketplace. It is illegal. They have been caught (after god knows how many chances to put things right!). Now they will pay the price.
Yes, branches may close in some outlying rural areas, but anyone who thinks this wasn't on the agenda anyway should get their heads out of the sand. This new action just gives the banks a chance to bring forward their plans (is this why they haven't done anything to improve?) and do what they've wanted to for years anyway.
This isn't something new either. When I lived in Newry, I watched half the banks close branches that 'weren't needed'. Maybe the bank didn't need them, but the community suffered as a result. Lots of the respect for what the community needed there.

BigAl94

Your second paragraph is a tad premature criminal_smile - wait and see!

criminal_smile

Sorry Big Al, but I don't see what's premature about it. The OFT led the investigation into price fixing here..... the referral to the Competition Comission is not for a further investigation, it's for action.

I'll agree that it won't be so drastic that the banks just throw in the towel, but it will make a significant difference to those in N.I. who for one reason or another, find themselves hammered by bank charges.

BigAl94

Sorry criminal_smile but you have totally misunderstood the role of the Competition Commission. The Commission does not take action now - it will in fact instigate it's own comprehensive inquiry, a process which could take a couple of years. It will then decide what action may be appropriate depending on the outcome. Follow this link http://www.competition-commission.org.uk/press_rel/2005/may/pdf/39-05.pdf

paudie

Hi

For those who do feel you are being ripped off re bank charges on personal current accounts by the big 4 banks in Northern Ireland, advice ni is supporting the General Consumer Council to respond to the investigation by the Competition Commission by gathering people’s banking experiences. The Consumer Council will then submit this information to the inquiry at a meeting with the Competition Commission’s investigation team later this month. Have your say at www.adviceni.net

Paudie

IvanOpinion

Thanks for that Paudie ... there are several different organisations jumping on the bandwagon (I am guessing that some of them are just trying to justify their existence). Have read through several different chatboards related to this and notice that all they highlight is peoples stupidity and laziness. The number of threads that start 'I went overdrawn and was charged £xx.xx for one day' ... so? Where you too stupid to read the banks T&C that you signed for and agreed to? If it happens once then it is going to happen again were you too lazy to go down and arrange an authorised overdraft or change banks?

We already have bundles of choice its just that poor little diddums wants everything handed to them on a silver platter so that they don't have to get up of their asses or actually have to think about anything. If you go overdrawn you will be 'fined' in exactly the same way as if you go over 30mph you will be 'fined' - I really really am having difficulty trying to understand what all the moaning is about. I have been there, I have changed bank because one of the big four did not suit my purposes.

Personally I am wondering whats next. Maybe we can get legislation in to limit the amount of profit that the corner shop can make or maybe each civil service department has to show that they are actually necessary before they get paid. Flamin nanny state.

Ivan

BigAl94

Well said IvanOpinion!! Particularly like your Civil Service suggestion - maybe we should promote that one!