I hate the banks

[Palfrem]

I have a esavings account with Lloyds, with whom I have banked for almost 40 years.

The anniversary is up and I am loosing the "bonus" interest rate.

Just called their customer service dept to close my existing account and open a new one to qualify for the extra bonus rate.

Despite this being an internet account that I opened on-line, it seems I have to go into a branch to close it!

Is it me, or do they deliberately put obstacles in our way to grasp the last ounce of money out of us?

How hard could it have been for the chap to just change it on-line there and then?

I can get an on-line £25K loan immediately, so what's the problem?

Come the revolution......

 

[Satch]

I have been a Lloyds hater for some time.

When my Mother died, I had to deal with a number of financial institutions as Executor. A friend of mine who is a legal type and does wills, probate etc helped out with the boring bits and specifically warned me how difficult, unhelpful and plain stupid Lloyds would be. He was right.

Cut a long story short only when I punted in a formal complaint after months of stupidity and inaction did any form of intelligent (if not helpful) life get involved.

Even then it took another 2 more months to do exactly what Nationwide had turned around for me in 30 minutes in the local branch.

 

[grober]

Nary a sign of the much vaunted proposed split up of the banks back to the high street deposit/small business type banks and what used to called merchant banks that make their money trading currency etc. Don't see why my savings should be used as stake money at the "banking roulette" tables of the world to make these greedy b*st*rds fat bonus cheques while continuing to pay p*ss poor interest rates to the man in the street.

 

[davethemus]

i think everyone hates the banks

 

[Satch]

Nary a sign of the much vaunted proposed split up of the banks back to the high street deposit/small business type banks and what used to called merchant banks that make their money trading currency etc. Don't see why my savings should be used as stake money at the "banking roulette" tables of the world to make these greedy b*st*rds fat bonus cheques while continuing to pay p*ss poor interest rates to the man in the street.

Do not make the mistake of thinking that would produce any actual measurable economic benefit for the individual customers of a retail bank.

Still a victim!

 

[davethemus]

Do not make the mistake of thinking that would produce any actual measurable economic benefit for the individual customers of a retail bank.

Still a victim!

it might protect the the tax-payer though

 

[Satch]

it might protect the the tax-payer though

Yes and no.

If you have a raft of smaller "allowed to fail" banks that require their bondholders to take a haircut if they get into trouble, that simply pushes up their cost of funding which reduces their taxable profits.

And before anybody says Bankers Bonus = Wholly Evil again just bear in mind who actually benefits the most......

Tax @ 50% plus employers NIC @ 12.8% = 62.8% to HM Treasury.

 

[davethemus]

Yes and no.

If you have a raft of smaller "allowed to fail" banks that require their bondholders to take a haircut if they get into trouble, that simply pushes up their cost of funding which reduces their taxable profits.

And before anybody says Bankers Bonus = Wholly Evil again just bear in mind who actually benefits the most......

Tax @ 50% plus employers NIC @ 12.8% = 62.8% to HM Treasury.

that is true, proper capatilisim though, a company is insolvent then it fails and paves the way for new companies to grow and take there place.
what we have just now is quasi-capatilism, the 'bondholders' get the rewards when the bet goes there way, when it doesn't we pick up the bill.

 

[abecketts]

Found this quote attributed to Thomas Jefferson circa 1790/1800 what a bloke;

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson

 

[Satch]

Found this quote attributed to Thomas Jefferson circa 1790/1800 what a bloke;

Unfortunately it is very doubtful Jefferson "quote",

Private Banks (Quotation - Thomas Jefferson Encyclopedia)

In America some try to invoke Jefferson to give credence to a great many things.....

"Some of my finest hours have been spent on my back veranda, smoking hemp and observing as far as my eye can see."

Category:Spurious Quotations - Thomas Jefferson Encyclopedia


(BTW there many similar Churchill "quotes" as well)

 

[renault12ts]

Found this quote attributed to Thomas Jefferson circa 1790/1800 what a bloke;

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson

And yet the Fed is private!!!

 

[abecketts]

or try this one

"The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens.

Letter to John Banks

taken from Thomas Jefferson, Political writings (1999) ed. by Joyce Appleby and Terence Ball, p. 206-7

He also died heavily in debt so perhaps that's another reason why he hated banks?

 

[Mr E]

I remember a book called "The Ropespinner Conspiracy" written IIRC by someone with a knowledge of the banking system. It's set in the climate of the cold war, and some deliberately sets up the banking system for failure in a very similar way to what happened recently.

I think it's based on a quote from Marx that says that if you given capitalism enough rope it'll hang itself.

On another topic mentioned, I was my grandfather's executor and all his financial dealing were through Lloyds - I found them very helpful and efficient at the time which came as a complete surpise from everything I had heard.

edit: The quote is Lenin's - “Capitalism will sell us the rope with which we hang it”

 

[grober]

Do not make the mistake of thinking that would produce any actual measurable economic benefit for the individual customers of a retail bank.

Still a victim!

Working on the principle they are avoiding doing this--- is probably a very good indication that its a excellent idea for individual customers !

 

[oldcro]

Banker, a term used to indicate ones utter contempt for a person.

Note: Used when the old term *anker is not strong enough.

 

[Stratman]

I propose the collective noun "wunch" for bankers.

Spread it around.

 

[st4]

I have a esavings account with Lloyds, with whom I have banked for almost 40 years.

The anniversary is up and I am loosing the "bonus" interest rate.

Just called their customer service dept to close my existing account and open a new one to qualify for the extra bonus rate.

Despite this being an internet account that I opened on-line, it seems I have to go into a branch to close it!

Is it me, or do they deliberately put obstacles in our way to grasp the last ounce of money out of us?

How hard could it have been for the chap to just change it on-line there and then?

I can get an on-line £25K loan immediately, so what's the problem?

Come the revolution......

I had a not too dissimilar process with HBOS. I no longer wish to be a customer of theirs.

1. Their over draft charging structure is daft. £1/day charge on authorised negative balance. I hace paid over £100 in charges for borrowing £1000 for 5 months.
2. Lacklustre accounts, lots of offers for new customers but no loyalty rewards for staying with them.
3. Relentless sales of products I do not need.

I have moved my business to the Clydesdale bank. Having worked there and seen its a good enough place, why not.

 

[snoop51]

I remember a book called "The Ropespinner Conspiracy" written IIRC by someone with a knowledge of the banking system. It's set in the climate of the cold war, and some deliberately sets up the banking system for failure in a very similar way to what happened recently.

I think it's based on a quote from Marx that says that if you given capitalism enough rope it'll hang itself.


edit: The quote is Lenin's - “Capitalism will sell us the rope with which we hang it”

Communism worked really well though didn't it!

 

[Deleted member 37751]

Communism worked really well though didn't it!

In the same way capitalism nearly brought the Western world to it's knees...
Much of a muchness

 

[snoop51]

I had a not too dissimilar process with HBOS. I no longer wish to be a customer of theirs.

1. Their over draft charging structure is daft. £1/day charge on authorised negative balance. I hace paid over £100 in charges for borrowing £1000 for 5 months.
2. Lacklustre accounts, lots of offers for new customers but no loyalty rewards for staying with them.
3. Relentless sales of products I do not need.

I have moved my business to the Clydesdale bank. Having worked there and seen its a good enough place, why not.

I moved my account from I.F. a ( a spin off of Halifax) when the banking fiasco occurred to First Direct (HSBC spin off). When asked why I wanted to leave my answer was "Why should I to trust you to look after my money when you can't look after your own"
If everyone had moved their accounts away from the "state owned" banks then they would have failed anyway regardless of government intervention, wouldn't they?