Serial Switching for Rewards. Not good.

SlovakianGuy

Aren't there more ethical banks than the Co-op / Smile?

Triodos bank, if you don't mind paying £3 monthly fee (they say this is the fair price for running your account). Or Reliance bank with no monthly fee if I'm correct. Both participate in CASS too.

MisterMotivated

scgf wrote: »

You really don't see how arrogant this sounds do you. You, trying to get me to to have an open mind and challenge my beliefs! Lol!

No more arrogant than spouting all your negative beliefs about people on this forum, then crying when anyone decides to challenge your beliefs about them. Rather interesting given your previous comments about being attacked by anti-lgbt parents for trying to change the beliefs of their children.


Anyway, if the thread's going to end, I'd like to relive my favourite moment from it:

scgf wrote: »

Let's just say you win and I am very, very wrong to feel as I do. I am sorry to have troubled you.

Terry_Towelling

MisterMotivated wrote: »

Anyway, if the thread's going to end, I'd like to relive my favourite moment from it:

Let's just say you win and I am very, very wrong to feel as I do. I am sorry to have troubled you.

You mean you didn't like my 'Jesus and the stoning post' with the 'Life of Brian naughty boy' reference?

Harrumph

Zanderman

SlovakianGuy wrote: »

Aren't there more ethical banks than the Co-op / Smile?

Triodos bank, if you don't mind paying £3 monthly fee (they say this is the fair price for running your account). Or Reliance bank with no monthly fee if I'm correct. Both participate in CASS too.

?
This is more relevant to one of these threads isn't it:
https://forums.moneysavingexpert.com/discussion/6029371/raine21
or
https://forums.moneysavingexpert.com/discussion/6026452/ethical-banking

MisterMotivated

Haha, yes I did enjoy the Life of Brian reference. It was a close call but, alongside my other flaws, I'm also rather selfish so decided to go with the post most relevant to me

brocklee

I think it's fine, honestly, these big banks and companies don't care about individuals and their families. During the recession a decade ago, look how much they cared about us. I wholeheartedly understand your logic.

masonic

brocklee wrote: »

I think it's fine, honestly, these big banks and companies don't care about individuals and their families. During the recession a decade ago, look how much they cared about us. I wholeheartedly understand your logic.

I used to believe that: banks are nasty and would screw us over at the first opportunity, so that should give me licence to screw them over. I don't believe that any more. (It's another example of a belief I've challenged, despite the OP thinking it preposterous that I could challenge and change one of my beliefs). I wouldn't now engage in behaviour I believed was harmful.

Nevertheless, I don't have any feelings against taking up offers such as switching offers from banks, even without a clear intention to continue a relationship with said bank, because you never know until you try, and the money gained is just money being thrown at advertising. Bank staff involved in such promotions have metrics and if I help them achieve a target number of switches, while gaining some money that would otherwise be spent on TV, press, internet or billboard adverts, promotional materials in branch, or junk mail, I see that as win-win. Banks seem ok with it too, as they just want the opportunity to show you what they have, and there is always a possibility you will like what you see and stay. These switching promotions are far more effective on me than other forms of advertising, and I have long term ongoing banking relationships with several banks I wouldn't have even looked at if it hadn't been for the freebies. While others I have switched to and switched away from because I didn't like what they had to offer.

Nicholas

masonic wrote: »

I used to believe that: banks are nasty and would screw us over at the first opportunity, so that should give me licence to screw them over. I don't believe that any more.

Funny, I used to be the other way until I had a nasty experience with Nationwide. It was a few years back when I paid for a Travelodge room with my Nationwide debit card to avoid credit card fees. Travelodge had a glitch whereby 2 months later everyone whose transactions were taken on that day were charged again. Travelodge quickly realised the situation and put the money back in the next day before I even noticed anything was wrong. However, Nationwide did notice that my account had gone into the red by a few pounds for 1 day (I mean less than £10) and charged me £32 for the privilege.

Yes, you could argue that it was for Travelodge to sort out, but I let rip at Nationwide and got the money refunded. In my experience the 'ethical' ones are the biggest scumbags of all.

Ever since that day, I always pay by credit card even if it meant a transaction fee (which has now been abolished). It it had happened on the credit card it would have gone back in the next day and that would have been the end of it. Hardly use debit cards at all these days for this reason.

I also had a run in with Co-op where they could not even understand the T&C of their switching reward and tried to wriggle out of paying. But all the other main banks that don't claim to be 'ethical' I've never had a problem with.

masonic

Don't get me wrong, I don't believe that banks are angelic entities either. I think they are just driven by profit. But they invariably act within their terms and conditions, and when they don't the compensation they pay out, or are instructed to pay out by the FOS, is generous.

I'm willing to accept the consequences of a bank's terms and conditions, including any charges, in exchange for the freedom to make use of the features and services they provide me to the extent permitted. That seems to me to be an equitable arrangement. I wouldn't brand either party a scumbag for operating within the terms of the agreement and it is for either party to end the agreement if it isn't working for them.

Nicholas

masonic wrote: »

I wouldn't brand either party a scumbag for operating within the terms of the agreement

I meant insofar as they claim to be 'ethical' which to the naive implies that they are fair and above board with reasonable charges. I now know better.:)

I now realise that every bank is primarily profit driven despite the image they are trying to project.