Banking Industry

setmefree

Please read the comments at the end of the news report, says it all,it's not about bad debtors, it's about not getting enough profit.
Perhaps these people should ask EGG to prove to them why they aint a good risk,long term it will backfire.
http://news.bbc.co.uk/1/hi/business/7224268.stm

http://news.bbc.co.uk/1/hi/business/7223813.stm

A Labour MP is asking the banking industry watchdog, the Financial Services Authority, to investigate.
Nigel Griffiths, a former deputy leader of the House of Commons, said Egg's action was "unacceptable"

Shame on EGG.

oscar52

Fedz wrote: »

Still doesn't detract from your own responsability as an individual.

That's what's wrong with people they live and act as though they have a God given right to borrow, borrow and borrow. Buy now pay later ...

If you want this type of lifestyle then you have to face the consequences when it fails ...

But isnt this the problem. People are ill educated with regards to finance (myself included previously). Wouldnt it be better to teach people the value of money prior to them being able to get it, rather than the individual turning 18 and instantly being approved for credit, with no track record of being able to pay (and i have actually seen this)

masonic

setmefree wrote: »

Please read the comments at the end of the news report, says it all,it's not about bad debtors, it's about not getting enough profit.

What I don't understand is I've earned oodles of cashback from them and never paid a penny in interest. I must be as unprofitable as anyone can be, so why haven't they withdrawn my credit?

gandalfsbeard

a resounding NO from me. the banks really couldn't give a frig about us from my experience in dealing with them. they can !!!!!! off. they don't make my life any easier. it was naive of me to think that they are meant to provide a good, reliable customer service upon which the individual can safely rely on. they are out for themselves.

recently i opened the 'icici HiSAVE savings account 6.41% aer' but i had nightmare trying to find someone in my halifax branch to sign a piece of paper to confirm my address. they refused because apparently it was against their policy to sign anything which meant that i might be going to another bank or building society. exasperated i came back 2 hrs later and was able to find a reasonable young man who helped me out.

other problems with my bank have included them charging me interest on my overdraft placing my 'student account status' to a regular 'current account status' without overdarft despite being a student account holder for no good reason. they did this for months without me knowing untill one day i went through my statements properly (i now check my account almost every day just to make sure everything is running accordingly) and when some fraudster duplicated my card and took out thousands it took the halifax about 9 months to get it back into my account. all this is a drop in the ocean to them, they make billions and billions each year. all in all rather dismal, and the more i learn about banking, how it all started and where it's all heading the more disheartened i become.

http://www.youtube.com/watch?v=k43-S3UIG0M - some food for thought

gandalfsbeard

i would recommend you watch the full film 'zeitgeist' movie. although i must admit some of it is far fetched and hard to believe, but the stuff they talk about concerning the banks is interesting and makes sense.

http://video.google.co.uk/videoplay?docid=5547481422995115331

cheers

Fedz

setmefree wrote: »

well that's for good you , it's a shame that you cant equally be as kind to your own people in this country, now what was your remark.oh yes if you want out of your kind of society get a tent and stay single..
but lets be truthful is it, if i want out as you put it, i certainly aint going to take your advice and stay single and live in a tent,why should i.:rotfl:you aint no different to me.

It's hypothetical not literal :rolleyes:

Evidently I am different to you, everyones an individual

I'm not oblivious to the fact people have different opinions to me

setmefree

masonic wrote: »

What I don't understand is I've earned oodles of cashback from them and never paid a penny in interest. I must be as unprofitable as anyone can be, so why haven't they withdrawn my credit?

You must be one of the lucky one's;)

What i do think would be fair is for Angela Knight to go on Television and explain to those with perfect credit records,the reason why they have been targeted.
I'm sure that Martin would love to join her:rotfl:
As for Experian stating there would be no damage to those people concerned credit files,well obviously not they have a perfect file in the first place;).
I wonder how much Experian have made this week out of those checking their files regarding egg, oh and just for everyone's info Experian don't just check files for people..
http://www.creditman.biz/uk/members/news-view.asp?newsviewID=8051

oscar52

Fedz wrote: »

If you don't like how banks operate then don't use them - you have a choice

I didnt see this statement before, but I dont believe people do have a choice.

For example, how many employers would be willing to pay you in cash, rather then a BACS transfer.

There are also many other payments that can only be made by Direct Debit or Standing order - ie Internet connection, loan payments etc.

In essence, in more ways than one, we are forced to have some sort of bank account.

setmefree

Egg said it had contacted the FSA before it sent the letter to customers.
A spokesman for the FSA said it did not have responsibility for credit cards and declined to comment on Griffiths's intent to refer the matter.
Angela Knight, chief executive of the British Bankers' Association, said that Egg's action was "a sensible way of looking after a business" and she had no reason to think it was prompted by the global credit crunch.

Perhaps she should take a look at some of the forums,where customers of Egg who have not received letters are also going to withdraw their money in support of those who have received them.

Hereward

oscar52 wrote: »

I didnt see this statement before, but I dont believe people do have a choice.

For example, how many employers would be willing to pay you in cash, rather then a BACS transfer.

There are also many other payments that can only be made by Direct Debit or Standing order - ie Internet connection, loan payments etc.

In essence, in more ways than one, we are forced to have some sort of bank account.

You may be forced to have your wages paid into a bank account, but you are not forced to keep your money in your account after you have been paid. You are not forced to pay for everthing by direct debit: you could quite easily go into your branch after pay day and withdraw the lot and then just use cash.