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MSE News: TSB starts paying out compensation for online banking outage
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Please provide some evidence to support this as it runs counter to what I'd argue most people are experiencing - only yesterday we had the latest announcement of 162 RBS branches closing and this follows numerous other such announcements, so I'm sure some would be reassured if you have verifiable contradictory stories of significant branch network expansion....Many banks and BS's are actually opening more branches because their research shows that their customers want more branch based products and services.
Well that's kinda self-fulfilling isn't it, you wouldn't expect the subset of bank customers choosing to use branches to be saying "I'd much rather be doing this from the comfort of my home"!I often hear people at the counter saying I don't, want or can't bank online.0 -
ValiantSon wrote: »We don't often agree, and I still advocate people making appropriate use of internet banking, but in principle I wholly agree with the sentiment that a lot this "compensation" is ridiculous and that people are milking it for all they can. I find the whole practise disgusting, and am appalled at MSE for encouraging people to do it. Shame on them.
This all comes from Martin of course. Remember the start a credit card, buy a banana, get the bonus, cancel the card?
Though I go for all the benefits that to me seem fair, I must admit that Martin's stance in these matters makes me wince.0 -
Please provide some evidence to support this as it runs counter to what I'd argue most people are experiencing - only yesterday we had the latest announcement of 162 RBS branches closing and this follows numerous other such announcements, so I'm sure some would be reassured if you have verifiable contradictory stories of significant branch network expansion....
Well that's kinda self-fulfilling isn't it, you wouldn't expect the subset of bank customers choosing to use branches to be saying "I'd much rather be doing this from the comfort of my home"!
RBS has been in trouble for ages. It's not because they have branches. I don't know anyone who has ever banked with them. If you want to know then I'm sure you can Google:
Nottingham Building Society took on 19 branches from other providers in 2012, and in November and December 2017 opened a further 7. Their own market and customer research showed that their customers (and potential customers) wanted more branch based products and services. Some of these are the old N+P and they have kept the majority of the staff on thus maintaining the employment.
Metro Bank is opening 12 branches throughout 2018 which are not solely concentrated on London and the SE. They also announced a surge in profits despite opening more branches and taking on nearly 1,000 new staff. Nottingham BS have doubled their branch network in under 5 years.
Nationwide are spending £350m refurbishing their branch network. They wouldn't be spending that if they felt branches weren't important.
TSB are spending £250m refurbishing their branch network. They have closed some in some locations, but opening them in others where demand is higher.
Ipswich Building Society is also in the process of opening new branches.
To your second quote, they quite easily could, but choose not to. Bank staff are there to do the job that clearly people are choosing to do themselves. That impacts employment and tax collection.0 -
My point wasn't specifically about RBS, I was using them as an example of the major players making massive cutbacks in their branch networks:RBS has been in trouble for ages. It's not because they have branches.
Since 1989, 53% of bank branches in the UK have closed.
A total of 1,046 branches were shut between January 2015 and January 2017
The UK's four big High Street banks closed, or announced plans to shut, a total of 948 branches during 2017.
Fair enough, but these are clearly examples of small niche players looking to grow market share rather than necessarily signifying a preference for branch services over online, so they're obviously outliers going against the trend rather than representing the overall direction of travel for the industry (whether you like it or not).Nottingham Building Society took on 19 branches from other providers in 2012, and in November and December 2017 opened a further 7.
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Metro Bank is opening 12 branches throughout 2018 which are not solely concentrated on London and the SE.
[...]
Ipswich Building Society is also in the process of opening new branches.0 -
My point wasn't specifically about RBS, I was using them as an example of the major players making massive cutbacks in their branch networks:
Since 1989, 53% of bank branches in the UK have closed.
A total of 1,046 branches were shut between January 2015 and January 2017
The UK's four big High Street banks closed, or announced plans to shut, a total of 948 branches during 2017.
Fair enough, but these are clearly examples of small niche players looking to grow market share rather than necessarily signifying a preference for branch services over online, so they're obviously outliers going against the trend rather than representing the overall direction of travel for the industry (whether you like it or not).
God, literally can't win with you! You mentioned RBS, so I too referred to it. Some of the major players as you aren't actually closing. Santander isn't. Lloyds, Halifax and Bank of Scotland form part of the HBOS group and are linked together, it's inevitably that all three would be affected. I blame the management and people in charge, not the existence of branches.
I'm not saying that having 1,000 branches is perfect. With rates etc. there isn't a need for that many by any one provider, but each major provider should make sure that branches are accessible within reasonable distances for their customers. But again, a lot of this is down the customer themselves. They are the first to moan if they can't do something in branch, yet they do everything online so what do they expect. I use branches for all transactions, it's their job after all.
I wouldn't call Metro Bank, TSB or Nationwide 'niche' or 'small' players. Nationwide have 18,000 staff. They are growing because they recognize that people want branches. They are capitalizing on the closure of the big boys and are taking on some themselves. I quote Nationwide and Nottingham, between them have 727 branches now, yet also offer online services. Metro bank being open on Sunday and being open until 8pm weekdays is a big draw for people.0 -
I mentioned RBS and "numerous other such announcements", meaning RBS as an example of what all the other majors are doing, only singling them out because of the topicality of this week's news rather than anything else, but perhaps didn't make that clear enough.God, literally can't win with you! You mentioned RBS, so I too referred to it. Some of the major players as you aren't actually closing. Santander isn't.
Anyway, Santander clearly is joining the party, if you visit https://www.santander.co.uk/uk/our-branches you'll see that not only are they closing branches this year, but they feel the need to break down the list of closure into three separate alphabetical sections!
I didn't mention TSB or Nationwide (and didn't see you doing so either*), but I would contend that Metro are indeed a small player given their 55 branches and tiny (versus others) £11.7bn of customer deposits....I wouldn't call Metro Bank, TSB or Nationwide 'niche' or 'small' players.
* Edit: not mentioned in the context of institutions expanding their branch networks (rather than refurbishments)0 -
I'm 26 and I don't bank online. Banking should be free anyway, it always has been.
Oh no it hasn't. In your short lifetime banking may have been free, but 26 years is not "always". Go back 40 years and banking certainly wasn't free.Many banks and BS's are actually opening more branches
A few might be, but certainly not many.Nottingham Building Society took on 19 branches from other providers in 2012.....
Metro Bank is opening 12 branches throughout 2018 ....
Nationwide are spending £350m refurbishing their branch network..
TSB are spending £250m refurbishing their branch network......
Ipswich Building Society is also in the process of opening new branches.
These few examples are not evidence that "many" banks and building societies are opening new branches. Nottingham BS, Metro Bank and TSB are not major players and the Ipswich is nothing but a tiddler. Refurbishment does not count as opening a new branch, and the TSB has closed far more branches than the number it's refurbishing. They're all listed on TSB's website: https://www.tsb.co.uk/investors/our-branch-programme/Some of the major players as you aren't actually closing. Santander isn't.
Santander closed a lot of branches last year, and they've announced a whole load more that will be closing this year. See here for details: https://www.santander.co.uk/uk/our-branchesI wouldn't call Metro Bank, TSB or Nationwide 'niche' or 'small' players.
Nationwide is a large player, TSB only a middle sized one and hardly anybody outside London has even heard of Metro Bank.0 -
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Paul_Herring wrote: »I thought they just did trains, learn something new every day on here...
I wonder if the automatic doors at the bank sound the buzzer with the familiar voice over - "Stand clear of the door please!" :rotfl:Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0
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