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Face-to-face banking access to be reviewed
Comments
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Bank closures in our nearest town mean that more customers are joining Nationwide. Despite losing both Lloyds and Halifax, then Santander, there is no Banking Hub and the Community Banker comes to the Library which is some distance from the town centre, bus station and train station. Customers are joining Nationwide but even that is not straightforward. Recently there was a queue of around 12 people, not all elderly, trying to get assistance which could not be easily achieved online, if at all. One wanting to set up a current account and online banking becuse own bank had closed. Had no mobile phone, which is required for security, and was asked if they could use someone else's!! Others were trying to open ISAs but because of short staff were not invited to a private room and over the counter had problems getting the right product, The level of service was very poor and slow because of the number of complex queries, most of which should have been in a private room. Paying in cheques is one service which is being overlooked. Many banks no longer allow this at the Post Office, yet it is often the same banks which provide a cheque when an account is closed and the customer does not want ithe proceeds in the nominated account. The banks insist on mobile banking (which not everyone wants to do if they have a desktop or laptop at home), The alternative is to post the cheque, but who would want to post a cheque for a large sum?
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US banks are extremely expensive (particularly the card fees) compared to the UK free banking, $10-15 a month just for a standard "checking account" though will waive it if you keep a minimum daily balance or minimum pay-in monthly. They charge lots for OD use - $26 is the average per breach with 1-3 fees per day, withdrawal of cash in ATMs not from your bank are $2.5-3, $2-3 a month for paper statements etc
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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indeed and i had a good read up of the reason why so many banks in the US, interesting history
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@Emily_Joy wrote
Our new shiny banking hub does not have a printer. So in order to get an ISA transfer form I have to call the bank and ask them to post it to me by snail mail.They also don't have any counter services and cannot to anything regarding cash deposits or withdrawals.
@friolento replied, inter alia
As to withdrawing and depositing of cash: use the Banking Hub if you have oneI think you're missing the point there.
Regarding the ISA transfer forms, I would have expected a Banking Hub to have a supply of these available to pick up.
Eco Miser
Saving money for well over half a century1 -
Our only branch closed recently meaning we now have to travel more than 10 miles to the bank. Whilst there is a post office it can’t provide the services a bank can. Nit only did they close the vank - but also the cash point. No consultation- nothing.
The assumption is I have to go online and risk being scammed! I did go to my branch to find a 2 hr queue- terrible service.
I hope the govt does actually survey people and ask people!0 -
My local branch is due to close this month.
Some years ago I had an Executor Account with Lloyds which they converted to a Classic Current Account. I wanted online access which they couldn't achieve over the 'phone.
They were able to do it in branch. If that same situation arose now I would have to travel many miles to another, still open, branch.
So no, not everything can be completed online, by 'phone or using their app..
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(bit of a personal, long one, (hopefully helping someone???) "journey" - "back-story" of mine, regarding financial institutions banks branches etc.:
Used to bank with Barclays (90's- 2008), but Lloyds was regarded as "better", more prestigious one, switched to it both private and business accounts (~2007- 2012), when I had load of changes in both personal life circumstances and business health financial activities, went on a bit on a holiday-binge, got REALLY unfairly messed up by… ("THE grudge", I won't forget in a hurry)… by sheer luck managed to get Post_Office_Bank account (in ~2013), that has it's downsides, but for a main purpose- accessible cashier- it always had and has perhaps biggest/best network in Britain, so many people unaware off. Did have my PayPal from… I think ~2000's, not a bank, not cheap for business transactions, BUT . … About 2011 Wise start-up became almost a bank too, to this day it's my preferred (app-bank) to use abroad, even, I've got Revolut up and running since about 2019. Importantly any transactions between my main "bank" (PostOffice) and other Banks/Apps/credit Cards was/is flawless, but couple of weeks ago decided to get a "proper" more mainstream bank account, (certainly none of the biggest ones (The "grudge reason")) openned TSB account and … NationWide one.)
Back, on topic:
Since opening new accounts (TSB and NationWide), I've looked in to/ on who's offering what and what I really need, be it 99% of times Revolut and Wise (and PayPal) are perfectly fine, except for a lack of a old/traditional bank branches (cashiers), that NationWide and PostOffice has.
My initial desire to abandon PostOffice accounts is being re're'reconsidered, when NationWide is clearly absolutely surely ? will become? my main bank… I think... loved the idea of smaller "underdog" type of bank (TSB), but since got all up and running now- learned it has been bought out by Santander (never had no willingness to be associated with, because of "some sort of a reason") not sure what, if I'll do with that TSB account, as the branch "I knew off" to have been in the main "city" near by (in my imagination open) factually is long gone- closed.
"Got myself, in to a nice conundrum" now to chose a bank with actual branches to be near by (both PostOffice and NationWide has near-by), yes, happens I need to take some cash in or out in to once in a month or so, but I do still use and often my (older) clients prefer cash too and happens, that I'll have to be going on a "debt collection" trip from people, for some job done, that genuinely have money, just don't have a way to pay me, especially those bit further in to countryside…
In conclusion: I agree banks should keep branches open, be them cost ineffective- financial burden, but only as an advisory, if not people, especially elder ones should consider changing their banks in to one's that do have branches open near by for that occasional need to have in-person financial services or get a PostOffice Bank account, else, I personally would recommend setting up an account with Wise (not Revolut (my "unexplainable" dislike for them, due to founders being "dodgy") I'll be closing it in the next week). Loyalty, all that "I've been with that bank for decades" means absolutely nothing these days, opening new bank/app accounts are so simple and easy and if that "in-person experience" is a priority, got to make changes, get neighbour or relative to help with, if must, in accordance what's available near by.
ADOPT and ADAPT, that would suit- serve personal convenience, needs the best…
My $0.02ct (USD) take on it.
Regards,
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Online / app banking, and using cards / phone / watch to make payments, is probably less dangerous than doing business in Branch, and paying with cash. It can also be a lot more convenient as you can do your banking 24 x 7 in the comfort of your house, or when you are away on business or vacation.
Tens of millions use digital banking every day and don't get scammed. Sure, you have to keep your online login details private, and you have to remember that your bank will never ring you to shift money to a "safe" account.3 -
Essentially the only way people get scammed is willingly giving away their details to scammers by failing basic common sense tests - the bank never rings you and says you need to move money to another bank for safety, they never ask for PIN or security codes to access your account, they never ask you to download software or click on links, Online banking, particularly app based with biometric security is vastly safer than going to a branch to take out money and there are only a tiny number of rare, niche, situations where you need to physically go to a branch. Nothing day to day like paying bills etc needs a branch
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Alas, this is not how it works. If you order it online you have to pay by debit card and they will charge fees. If you want to withdraw from the actual currency account, you need to visit a branch (and if you want an unpopular currency, that is neither Euros nor US dollars, you need to do it twice - to order and to collect). To complicate matters, it is not possible to withdraw from Global Money accounts in a branch, the funds need to be transferred to the Currency account the day before.
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