A Bankers View, Open Letter To Martin Lewis And His Followers On Bank Charges.

BANKER_GIRL

Maybe, but i simply do not wish to throw money away on something i do not need at the moment. I am exceptionally frugal, always have been, with my own money. And until i feel there is no chance i will get myself into financial difficulties i will manage my money in this way, and i am happy with that.

Nathan_Spleen

BANKER_GIRL wrote: »

I am here, interested and enlightened by peoples views. I felt i should get the ball rolling, and see where it went...
Aly

The way this and similar websites work is that these are 'discussion' threads where the OP (original poster) begins with their views on a particular subject and people contribute. It is usual protocol for the op to respond to the the points made by others.

In this case the op has decided to throw a firework and run without the courtesey of responding to any of the substantive points raised by people who have gon to the time and trouble to do so.

mrmajika

I've just spent an entertaining 30 minutes reading through all these posts.

I am somewhere stuck in the middle, being a bank call centre employee and a big fan of Martins.

I do have a lot of empathy with customers who are being heavily charged. I am fortunate enough not to struggle with money. However, being £140 down one month would cause me problems, so I can begin to understand how much of a problem it would be for those who struggle to make ends meet.

I still can't help but smile though when I get the phonecall saying "I want to reclaim my bank charges - how do I do it?"

If you want to try and reclaim your charges - then fair enough - but don't phone the bank to ask advice on how to do it !!!

Nathan_Spleen

mrmajika wrote: »

I still can't help but smile though when I get the phonecall saying "I want to reclaim my bank charges - how do I do it?"
If you want to try and reclaim your charges - then fair enough - but don't phone the bank to ask advice on how to do it !!!

You may well find it amusing but I rather suspect that after the test case
and the subsequent OFT determination on the status of the charges, you
may well be having to explain to your customers exactly how they can
re-claim them as part of your job.

Tim_L

BANKER_GIRL wrote: »

I am here, interested and enlightened by peoples views.

The fact is I live with my partner and we do not have the internet, this is because we know whilst paying out mortgage currently and keeping up with expenses that are essential we know we can not afford it (thus do not go overdrawn), i come home to my parents once a week on a tuesday and use the internet then, and thus will be when you hear from me. I am no troll, i was simply trying to implement a debate such as this and it has turned out perfectly. It is great for people to hear both sides of the coin, particular thanks to Tootsie Roll for her fantastic stats, figures and comments. I felt i should get the ball rolling, and see where it went...

Aly

I think that if you're making ends meet by not paying a (say) £15 a month internet charge, then you could I suppose usefully have some sympathy for people whose attempts to make ends meet are scuppered by serial theft of £30 a time by their banks.

It's great to be frugal. I am. That doesn't mean holding the rest of the world in utter contempt because they don't know to the farthing how much money they have in their back pockets and make the odd mistake dealing with their bank accounts - with the best will in the world, the way banks provide up to date information on balances is inconsistent and confusing. Frugality brings its own rewards, it is not a platform from which to sneer at others' perceived failings to live up to your own standards, and this is especially true when you are able to use your parents as a support network. Many people can't.

I'm particularly irritated by banks and financial institutions at the moment, and it has nothing to do with charges. I'm assembling funds to pay off my mortgage, and there have been nothing but delays and problems from the bank side - the latest being Nat West's stupid card reader device without which I was unable to set up a transfer of MY money, and which they had omitted to actually send me. It has taken days to get my money from my accounts into the mortgage feeder account.

Whereas I was able to take £20K out of a William Hill bookmaker account and have it available within 12 hours. No charges, no hassle. It is coming to something when bookmakers are more reliable than banks.

So, Bankergirl, before you complain about your customers and their failings, take a close look at your industry. It is archaic, grasping, and hasn't the first idea about customer care. When there is a problem with a bank, you are locked into a lengthy resolution process often taking days and multiple phone calls and e-mails. It's very difficult indeed to get past the call centre scripts.

Try calling your bank and trying to opt out of the "service" they offer to allow unauthorised overdrafts. Tell them that you don't want to exceed your limit so any request to do so should be regarded as an error. I'd be pretty sure you'll get nowhere: your employer actually wants people to make this sort of mistake, its systems have been designed to make this likely, and it is a profit stream, not a system of moral or financial education.

mrmajika

Nathan_Spleen wrote: »

You may well find it amusing but I rather suspect that after the test case
and the subsequent OFT determination on the status of the charges, you
may well be having to explain to your customers exactly how they can
re-claim them as part of your job.

Sadly not, as I've changed departments and I'll be far too busy trying to sell them PPC.:D
But I understand your sentiments.:beer:

Nathan_Spleen

I would certainly agree with Tim_1

UK financial services must be the only regulated industry in the world who's
regulator - the FSA - feels the need to conduct a ''Treating Customers Fairly''
initiative.

rog2

Tootsie_Roll wrote: »

The law has yet to be proved in this instance so lets not get overly dramatic.

It also has yet to be dis-proved.

It seems, to me that it is not just those who are against unfair and punitive charging who are becoming 'overly dramatic.

Smasher

But, the point is, the law has been proven & reinforced many times over. The only thing that is yet to be proven is if the bank charges really do exceed their costs. That is blatantly obvious to anyone with an IQ of a pigeon or higher..

BANKER_GIRL wrote: »

I am no troll, i was simply trying to implement a debate such as this and it has turned out perfectly. It is great for people to hear both sides of the coin

Oh that's why you wrote all that stuff insulting 'Martin & his followers'. I just read the post again. I must have missed the genius behind it first time around. Bravo!

Your sincerely,
Elvis Presley..

bathgatebuyer

"The fact is I live with my partner and we do not have the internet, this is because we know whilst paying out mortgage currently and keeping up with expenses that are essential we know we can not afford it........"

Fingers crossed there's no redundancy / illness / pregnancy / seperation / divorce / which would disturb this happy equilibrium.The financial consequences can last way longer than the pain of whatever befalls you.