Virgin Money and others

Descrabled

Today Ms Descrabled and I received half a tree telling us that we paid no fees on any of our VM accounts. We have also recently been receiving similar letters from LBG (Halifax, BofS, and Lloyds). Do we need all this?  What idiot in the regulatory authority dreamed up this stupid idea of informing people who paid no fees that we need pages, and pages, and even more pages telling us so.

Every bank, building society, and their dog writes to us telling us that we are fscs protected. I know, Ms Descrabled knows, and I think the bin men (sorry) refuse operatives obviously must know.

Daliah

Just set the statements and communication preferences to paperless.

Descrabled

Both of us have our statement and communication set to paperless. Dosen't seem to stop them sending reams of paper.  We get loads of emails from VM saying that documents are available online.  Mind you we do have lots of accounts.

Daliah

Descrabled said:

Both of us have our statement and communication set to paperless. Dosen't seem to stop them sending reams of paper.  We get loads of emails from VM saying that documents are available online.  Mind you we do have lots of accounts.

I hold several dozen VM Plus current accounts (plus the attached savings ones), and had a large number of VM Regular Saver accounts over the years. I never receive any paper statements for any of them. They are all electronic only.

What sort of VM accounts do you have?

jbrassy

I think it's a very odd thing to complain about. The 'idiot' who dreamed up this idea was probably trying to help people manage their finances better and to provide reassurance to people who have savings that they won't all go up in smoke if the bank collapses.

You obviously think you're a very clever person, but not everyone is as informed or as savvy as you. Complaining about receiving letters in the post and emails from the bank really is a first world problem. 

Descrabled

VM Current Account Statements

Can I state:

1. We do not receive Statements because settings are for paperless as I said in my first post.
   
2. We receive several pages for each account that details fees that are all reported as £0.00 for the year.
3. The pages of fee information are obviously mandatory because the forms are the same for TSB, LBG, Nationwide, etc..
   
4. We are being exhorted to "Save the Planet". Perhaps the regulator could rethink their requirements so that they could help.
5. I do not think I'm "clever", but rather I think I'm cautious. I try never to pay fees for anything. It's not nice to call someone "clever".
   
6. After all this is a money savings forum.  If the banks saved money then we might all benefit.
7. There is no necessity to send anyone a form showing fees paid when these total £0.00. I reiterate we have not paid any fees.
   
8. It all shows the nanny state that we now live in.  People no longer accept responsibility for their own actions.

Thats me out

Over62

Descrabled said:

VM Current Account Statements

Can I state:

1. We do not receive Statements because settings are for paperless as I said in my first post.
   
2. We receive several pages for each account that details fees that are all reported as £0.00 for the year.
3. The pages of fee information are obviously mandatory because the forms are the same for TSB, LBG, Nationwide, etc..
   
4. We are being exhorted to "Save the Planet". Perhaps the regulator could rethink their requirements so that they could help.
5. I do not think I'm "clever", but rather I think I'm cautious. I try never to pay fees for anything. It's not nice to call someone "clever".
   
6. After all this is a money savings forum.  If the banks saved money then we might all benefit.
7. There is no necessity to send anyone a form showing fees paid when these total £0.00. I reiterate we have not paid any fees.
   
8. It all shows the nanny state that we now live in.  People no longer accept responsibility for their own actions.

Thats me out

Totally agree.  I also suffer from this.  I don't need help to manage my finances better as I do not incur any fees.

kaMelo

About 15 years ago some website encouraged people to complain about packaged bank account fees. As a result many people did complain they were mis sold these accounts and because it wasn't made clear to people, beyond a monthly statement, that they were paying a monthly fee and that free accounts existed the FOS upheld these complaints.

As a result every bank now sends out annual statements on fees for every account, thus protecting themselves from customer complaints on account fees. Some banks will still send paper versions even if you have opted for paperless communications, I can only assume proof of posting the letter to your registered address is enough to ward off complaints.

PS,  you are not alone, despite being paperless for virtually all accounts I receive many of these through the post every year.

Daliah

Descrabled said:

1. ...
2. ...
3. ...
4. ...
5. I do not think I'm "clever", but rather I think I'm cautious. I try never to pay fees for anything. It's not nice to call someone "clever".
6. ...

 But it's ok to call someone an idiot?

Descrabled said:

.....  What idiot in the regulatory authority dreamed up this stupid idea ......

Descrabled

Well Daliah I have to reply:

Guilty as charged.

Section62

Descrabled said:

I do not think I'm "clever", but rather I think I'm cautious. I try never to pay fees for anything. It's not nice to call someone "clever".

From my POV, "cautious" would be if the "bin men (sorry) refuse operatives" didn't know about your financial affairs.

That is a genuine reason why these (quasi-)mandatory correspondences aren't necessarily a good idea - if people don't want or value them then there is a greater risk of them going straight in the rubbish/recycling without due caution about the personal information they might reveal.