MSE News: TSB starts paying out compensation for online banking outage

aj23_2

EarthBoy wrote: »

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.



A few might be, but certainly not many.



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/



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-branches



Nationwide is a large player, TSB only a middle sized one and hardly anybody outside London has even heard of Metro Bank.

But it is now. Charging is very backwards in most forms. I've given you five examples of banking providers who are actively investing in branches yet you are still contradicting it. I said opening branches and refurbishing their network. Refurbishing in the hundreds of millions is clearly investing in branches. What else would you call it? If people weren't using them or were being closed, they wouldn't even replace a screw. Santander are closing some because they want to maintain their profits. Some of those are major towns, so I don't buy that people aren't using them. Mine is always full of people.

Ashen

aj23 wrote: »

But it is now. Charging is very backwards in most forms. I've given you five examples of banking providers who are actively investing in branches yet you are still contradicting it. I said opening branches and refurbishing their network. Refurbishing in the hundreds of millions is clearly investing in branches. What else would you call it? If people weren't using them or were being closed, they wouldn't even replace a screw. Santander are closing some because they want to maintain their profits. Some of those are major towns, so I don't buy that people aren't using them. Mine is always full of people.

Come off it. Previous posts have evidenced approx 3000 branch closures in 3 years, whereas you've just come up with low double digit numbers of new branches, many of those just being taken over. You can talk about 'refurbishment' being investment, although much of that is just about changing the premises in terms of the services they provide due to people's changing needs.

aj23_2

Ashen wrote: »

Come off it. Previous posts have evidenced approx 3000 branch closures in 3 years, whereas you've just come up with low double digit numbers of new branches, many of those just being taken over. You can talk about 'refurbishment' being investment, although much of that is just about changing the premises in terms of the services they provide due to people's changing needs.

I'm countering the myth that every provider is closing branches like you're peddling.

Ashen

aj23 wrote: »

I'm countering the myth that every provider is closing branches like you're peddling.

Oh, perhaps you could quote where I 'peddle' that every provider is closing branches? Nice deflection from the point by using an untruth though.

Paul_Herring

Would you two go get a room?

eskbanker

Paul_Herring wrote: »

Would you two go get a room?

Only if it's refurbished of course....

Ashen

Paul_Herring wrote: »

Would you two go get a room?

Well, excuse me for making a second post after being told I said something I never said. We can't all post hilarious images of train services, after all.

EarthBoy

aj23 wrote: »

I've given you five examples of banking providers who are actively investing in branches yet you are still contradicting it.

No, what I am contradicting is your incorrect statement here:

aj23 wrote: »

Many banks and BS's are actually opening more branches

This is incorrect because "many" banks aren't opening "more" branches. Quite the contrary. The vast majority of banks are closing them, left, right and centre. Only a very small minority are opening "more" branches and not a single one of this small minority is a major, well-known bank.

Caddyman

We've gone way off topic here, but to add to it, Nationwide did spend money on refurbishment of several branches, especially when they bought out The Derbyshire BS (amongst others).

Whether anyone hates to admit it or not, online banking has made a pretty massive impact on people's lives. Just because some people either cannot or will not use online banking, plenty more people now prefer to do all of their banking online, people like me for one. I personally cannot abide going into a bank branch and I make no apology for saying it. It wastes valuable time in my busy life. The last time I actually carried out a meaningful visit to a bank branch, was when I swapped my mortgage over from Intelligent Finance, to the former Derbyshire BS now owned by the Nationwide. That was back in 2006. Yes, it really is possible to conduct almost every single aspect of your financial life, online! I don't at all dispute that people of all ages use banks, but I'm not one of them!

As for the continuing TSB debacle, I could no longer care less. I've started my switch to the App only bank, Starling.

Banking, as has already been pointed out, hasn't always be 'free' and indeed it isn't actually really 'free' anyway. It's paid for by those with overdrafts etc. I personally haven't been overdrawn for nearly 25 years, so I guess my banking has been paid for by those who are continually overdrawn and paying hefty interest rate charges. Banks have been introducing banking 'fees' for ages now in some way or another. I personally choose to pay Nationwide £13 a month for a packaged account because I'm fortunate enough to be able to enjoy more than one holiday abroad every year and so the travel insurance is a must for me, as is the included breakdown cover and the mobile phone insurance for what it might be worth.

Worth reading the following:

https://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11382820/Free-bank-accounts-dead-within-a-decade.html

There are plenty of countries in the world that charge for banking services. We're lucky we aren't charged to take money out of a 'normal' ATM, not the 'fast buck' ATM's where you're charged something stupid like £1.50 when you take out a tenner. That really does suck!

MABLE

PROLIANT wrote: »

I wonder if the automatic doors at the bank sound the buzzer with the familiar voice over - "Stand clear of the door please!" :rotfl:

interesting!