Ever been criticised for spending your own money?

Money_and_Travel

I've had the bank account for around a decade, but only had the app for a few months, when I took out a credit card.

I've never been overdrawn.

The other day I got a message telling me that I'd spent about £600 more last month, than last month's salary (there was still plenty of cash left), and suggesting that I should be saving more.

Surely, providing I'm still in credit, it's none of their business, how much I spend and on what? 

Brie

Banks will say it's duty of care to ensure you don't get into debt.  it's a good thing for those that need help and looks like a nanny state to those that don't.  I understand their caution as they've been slammed over the last few years for allowing people to run up more debt than they can afford so everyone gets hit with a sledge hammer.  

eskbanker

Money_and_Travel said:

I've had the bank account for around a decade, but only had the app for a few months, when I took out a credit card.

I've never been overdrawn.

The other day I got a message telling me that I'd spent about £600 more last month, than last month's salary (there was still plenty of cash left), and suggesting that I should be saving more.

Surely, providing I'm still in credit, it's none of their business, how much I spend and on what? 

How exactly is that message worded?

I suspect it's more an attempt to make a useful and constructive suggestion rather than being a criticism as such....

kaMelo

No it's not, but increasingly there are expectations on banks to 'do more' and 'treat customers fairly'  (two of the most utterly meaningless phrases I've ever heard of)
To fend off complaints that they didn't do enough to protect customers from themselves they will occasionally behave more like an overbearing parent by pointing out the errors or your ways and how to correct them..

Ballard

There are plenty of people who struggle to budget, as evidenced by numerous posts on this forum. For those who don’t find budgeting easy this would be useful.

Your bank have given you a credit card and they wouldn’t do that if they didn’t want you to use it, they’re simply offering advice which you can take or ignore. 

Money_and_Travel

Ballard said:

For those who don’t find budgeting easy this would be useful.

But I've never been overdrawn, or even close to being overdrawn.

danny13579

Money_and_Travel said:

The other day I got a message telling me that I'd spent about £600 more last month, than last month's salary (there was still plenty of cash left), and suggesting that I should be saving more.

Did they actually message you in person or was it more a notification in the app? I regularly get notifications like this which I just dismiss and get on with doing other stuff.

To me it's all a bit nanny state, but I guess they feel they (or their algorithm) have to alert you to it.

Money_and_Travel

danny13579 said:

To me it's all a bit nanny state, but I guess they feel they (or their algorithm) have to alert you to it.

You might understand it if I was sailing close to the wind, but I'm not and never have been.

In the ~ a decade I've had the account, I've never once been anywhere near overdrawn, and have never had a payment fail.

My credit card statements show a £0.00 balance.

Surely their algorithm can spot these facts?

Money_and_Travel

Ballard said:

Your bank have given you a credit card and they wouldn’t do that if they didn’t want you to use it

I use it (for online buying, and I plan to use it for booking hotels, channel crossings etc), but I pay it in full before the statement date.

With all these algorithm and AIs, you'd think they'd spot these facts.

friolento

As long as you are happy that you have enough in your rainy day fund, and that you are saving enough for your retirement, you can safely ignore all encouragement to save more than you do already.

Ballard

Money_and_Travel said:

Ballard said:

For those who don’t find budgeting easy this would be useful.

But I've never been overdrawn, or even close to being overdrawn.

Your bank sent you what looks to be a polite note but you’ve taken offence. If you feel that they’ve crossed a line then you should consider switching accounts away from them. You may well find an account with a switch bonus.