Rant about the bank REPLY FROM BANK ADDED

[AJB Temple]

For general info: from 1 June this year the FCA changed the way in which banks must categorise and deal with complaints. The letter received from NatWest is pretty much in standard form.

Banks used to make a lot of money from the uncleared funds float. But that has not been the case for some while now. Interbank interest deposit rates on client money are well below 0.5% and teh FCA and PRA changed the client money rules over a year ago which restrict substantially what banks can do with the money. Many banks now regard handling client current account money as an expensive nuisance as the rules are now onerous. This protects client money but also means that banks are far less flexible with customers.

Cheques are not cleared at the whim of banks. There is an interbank clearing system that defines what happens and when and all banks must adhere to the protocols. This is quite a good industry website with facts for those who are interested: http://www.chequeandcredit.co.uk/cheque ... ues-clear-–-advice-consumers

Cheques are a costly nuisance in the banking system as they are high risk (fraud, error, legibility, manual handling at counters etc, call backs and other clearing problems). This is why banks take 6 clear working days to treat cheques as irrevocably cleared, and even then they can be recalled if the bank suspects fraud.

 

[HappyHacker]

I have banked with Lloyds for over 40 years and recently phoned them to ask if they did bridging loans and they answered NO. Mentioned it to a retired bank manger while doing some work at his house and he was amazed, to him bridging lots were low risk money spinners. Time for a new bank I think. Since they brought the country to its knees they have completely lost the plot but we have always been income streams for them rather than customers hence all the mis selling scandals.

 

[Random Orbital Bob]

I switched to First Direct when it first opened because I liked the convenience of telephone banking as work pressures meant I could never get to a physical bank when I needed to. That was circa 1990 and not once have I needed to complain since then. Their service is off the chart superb....dare I say....Tuffsaw's level good in fact!!

They are of course HSBC at the Dad level but their ops team have got it right in my view. Worth a thought.

 

[Graham Orm]

I switched to First Direct when it first opened because I liked the convenience of telephone banking as work pressures meant I could never get to a physical bank when I needed to. That was circa 1990 and not once have I needed to complain since then. Their service is off the chart superb....dare I say....Tuffsaw's level good in fact!!

They are of course HSBC at the Dad level but their ops team have got it right in my view. Worth a thought.

How do you bank cash/cheques Bob?

 

[Random Orbital Bob]

In High Street branches of HSBC which are the parent company

 

[Random Orbital Bob]

I should also mention they have online banking now too of course and their system is distinct from the HSBC one which I've never liked. The First Direct one is simple to use and intuitive. It has a smartphone app now as well.

 

[DennisCA]

Hmmm, maybe I am abnormal, but when I was a kid in the 80s my parents started my bank account in the local bank out here in the country... I still have this account today, using the same bank. Even opened a joint account with my fiancé and opened accounts for my own children there too.

I have never seen or used a cheque in my life. I think they where considered old fashioned even when I was a kid.

 

[Graham Orm]

I should also mention they have online banking now too of course and their system is distinct from the HSBC one which I've never liked. The First Direct one is simple to use and intuitive. It has a smartphone app now as well.

Thanks Bob, I might have a look. They probably don't have a business facility do they? All I use the account for is in and out with funds, no overdraft or loans.

 

[Graham Orm]

Hmmm, maybe I am abnormal, but when I was a kid in the 80s my parents started my bank account in the local bank out here in the country... I still have this account today, using the same bank. Even opened a joint account with my fiancé and opened accounts for my own children there too.

I have never seen or used a cheque in my life. I think they where considered old fashioned even when I was a kid.

I have started declining cheques. There's no need for them these days.

 

[thetyreman]

talking of banks, I recently became a victim of card fraud, even though it was stopped before the money could be stolen, it is very unpleasant, they are now investigating it.

 

[Benchwayze]

Agree with all. I made sure my DDs wouldn't go out on the 1st of the month, which for me is pay day. The earliest date for my DDs is the 4th of the month. That way I know there is money in the account to cover. Only one bill causes a problem as Sun Alliance sometimes calls in the Insurance Debit twice in a month, if there is an M in the month, or summat like that! :mrgreen: I tried to change their debit to cover the 30 day months, but they didn't want to play ball. One day I will get around to rearranging companies!
I cover that contingency by making sure I always shove £100.00 over the monthly amount into the 'Budget' account.

I really need all this stress; I really do! :twisted: :evil:

 

[Mark Hancock]

I switched to First Direct when it first opened because I liked the convenience of telephone banking as work pressures meant I could never get to a physical bank when I needed to. That was circa 1990 and not once have I needed to complain since then. Their service is off the chart superb....dare I say....Tuffsaw's level good in fact!!

They are of course HSBC at the Dad level but their ops team have got it right in my view. Worth a thought.

+1 Did the same switching from the Midland Bank when First Direct started. Customer service is second to none. Answer the phone normally by the second ring and all queries I've had have been answered there and then. Brilliant service.