I am a Digital Exception

[Lootman]

I have an idea "how much". A few years ago I had a windfall half-million or so land in my NWB current account by wire transfer. Within an hour a "Regional Relationship Banking Liaison Officer (or some such titular nonsense) was on the phone to me, offering that I visit her in her office (not at a branch) to discuss "wealth planning".

No doubt she could open an account for me.

Then why didn't you suggest to the member of staff who was trying to help you that they should check with the Regional Relationship Banking Liaison Officer?

By that point I had lost the will to live.

[stewamax]

When fixed-rate bonds mature, my nominated clearing account suddenly has a pleasant surprise ("Ah - a large credit. Thank you ").
To reinvest with any other bank (i.e. without rolling over to a new bond with the present bank) then needs a (£30 - usurious) CHAPS transfer as the amounts are way on excess of daily online transfer, even when spread over several days, and with interest being lost by the day.

My business used to be able to initiate CHAPS transfers online at half the price, but personal customers... well I need to visit a branch and bring my debit card, passport, photo ID, leg length, which 'side I dress' and so on, and the paper-bound process takes at least ten minutes and sometimes more when the teller needs to ring 'upstairs' for the area boss's approval.

So this time I set out, and then remember that my local branch - which I rarely visit - shut last year.

[scrumpyjack]

I went for NatWest Premier banking a couple of years ago, mainly so that the daily payments limit was £50k, not 20k. As long as large enough sums float through your account it is free and I have a named individual whom I can contact directly. I did have a Zoom chat with him initially and that was fine. The only time I had a problem with my banking, they were excellent. I had to pay in a cheque for £9k, so posted it to their pay in facility. It got lost ion the post! Fortunately I had photographed the cheque and pay in slip. I emailed it to my premier manager and 2 days later the credit appeared ion my account.

I really have no need to sit in a smart area in a bank having coffee. If you want that, go to Coutts, or Metro go in for that sort of thing don't they?

(in fact they pay me £10 a month for having the account)

[didds]

Although of course you can now pay in cheques via their app

Not if they are above £500 ,.. and only up to £750 a day in total.

[Lootman]

When fixed-rate bonds mature, my nominated clearing account suddenly has a pleasant surprise ("Ah - a large credit. Thank you ").

To reinvest with any other bank (i.e. without rolling over to a new bond with the present bank) then needs a (£30 - usurious) CHAPS transfer as the amounts are way on excess of daily online transfer, even when spread over several days, and with interest being lost by the day.

I refuse to pay for CHAPS transfers. The "free" inter-bank transfers (is that still called BACS, or something else?) are usually next day for me, which is good enough.

This is for 5 or 6 figure sums, rather than 7 or 8 figures, where the daily interest might justify the fee.

[scrumpyjack]

When fixed-rate bonds mature, my nominated clearing account suddenly has a pleasant surprise ("Ah - a large credit. Thank you ").

To reinvest with any other bank (i.e. without rolling over to a new bond with the present bank) then needs a (£30 - usurious) CHAPS transfer as the amounts are way on excess of daily online transfer, even when spread over several days, and with interest being lost by the day.

I refuse to pay for CHAPS transfers. The "free" inter-bank transfers (is that still called BACS, or something else?) are usually next day for me, which is good enough.

This is for 5 or 6 figure sums, rather than 7 or 8 figures, where the daily interest might justify the fee.

It's called faster payments. The normal limit on a personal account is £20k, but £50k on premier a/cs, which is why I changed my NW account type.
I agree CHAPS is to be avoided! Businesses can make larger 'faster payments' - I think their limit is £250k.

The other alternative is to write a cheque and pay it in at a bank (can't trust the post). There is no limit on cheques.

[swill453]

It's called faster payments. The normal limit on a personal account is £20k, but £50k on premier a/cs, which is why I changed my NW account type.

The system limit on Faster Payments is now £1million. This https://www.wearepay.uk/what-we-do/paym ... on-limits/ shows what lower limits the banks use, for example First Direct £49,999.99.

Scott.

[XFool]

What I am seeing is more of a two-tier service. Cattle class banking for the masses and a more bespoke personal service for those with the big bucks. (Not that 100K is that much in the grand scheme of things, but it's not nothing either).

Speaking of HSBC, as AF62 was, I also started an account with them 5 years ago. I qualified for "Premier Banking" which has no fee so I thought I would try it. For the first year or two it was great - a dedicated area for Premier customers where they welcomed you, offered you coffee and gave you special attention and service. All well and good.

Is this the sort of thing you are after? I think can't see this sort of personal service being available nowadays via ordinary high street banking services. It is likely only available via Very HNW Private Banking services - I'm doubt your "£100K" is going to cut much ice in such circles these days.

I wouldn't really be interested in such things myself, and am perhaps unusual hereabouts in not having had even a 'proper' bank account (i.e. an account at a bank in a building on the high street with the word 'Bank' carved in the stonework above) since way back in the early seventies.

I know you seem not to like the Internet and banking but, these days, that is where you find good deals, can deposit large amounts, find good rates etc. There are more banks than can be found on the high street. There is no coffee etc. If that is what you really want (why?) then full scale Private Banking offering personal services seems the only way to go. But you will need to have a few million to deposit.

Pretty well all my banking is online and has been for some while now. Exceptions are, visiting an ATM for cash (far less often than in the past) and paying in a cheque - why do Registrars still insist on making capital payments via cheque, even as they have your bank details for dividend payments? Of course, with a smart phone, even paper cheques can be paid in nowadays without necessarily visiting a branch.

[XFool]

The one time I completely lost it in a bank was at the Birmingham New Street branch of NatWest. I needed more cash than the machine would give me, and in large denominations, and so I got in the queue to see the one cashier. And of course there is someone in front of me who cannot speak English taking forever.

But there were half a dozen staff sitting around doing nothing who would presumably spring into action if I said I wanted to buy life insurance, but who otherwise were inert.

I decided to give up and go to the HSBC next door, which thankfully was much better. But not before I gave those staff an earful of verbal abuse for sitting around doing nothing whilst the queue at the cashier snaked around the branch.

Perhaps not my finest moment but I felt better afterwards.

You seem to be providing all the reasons why I don't like visiting bank branches and much prefer online banking.

[pje16]

I've been with First Direct for nearly 30 years, but I haven't been into an HSBC branch for over 15 years.
Scott.

Hi to another long term FD client, joined them in 1991

[Lootman]

The one time I completely lost it in a bank was at the Birmingham New Street branch of NatWest. I needed more cash than the machine would give me, and in large denominations, and so I got in the queue to see the one cashier. And of course there is someone in front of me who cannot speak English taking forever.

But there were half a dozen staff sitting around doing nothing who would presumably spring into action if I said I wanted to buy life insurance, but who otherwise were inert.

I decided to give up and go to the HSBC next door, which thankfully was much better. But not before I gave those staff an earful of verbal abuse for sitting around doing nothing whilst the queue at the cashier snaked around the branch.

Perhaps not my finest moment but I felt better afterwards.

You seem to be providing all the reasons why I don't like visiting bank branches and much prefer online banking.

That was the worst experience in 50 years of visiting bank branches. In general I get good service, probably not least because I have the ability to be able to avoid busy times e.g. lunchtimes, first thing on Monday morning etc. Of course it helps that there is a choice of 11 (!) bank branches within an easy walk of the places I regularly go anyway. And I prefer doing business face-to-face and am not afraid of taking someone's time if I am not happy.

It's not like I am opposed to doing anything online. My share dealing has been online for over 20 years. I do all my travel booking online, even using a smart phone to do some of it. I have the NHS app on my phone, but no online account with HMRC. And so on, it is a case by case judgement.

So I am no luddite. But I am a late adopter of technology in general. I started seeing mobile phones in London around 1990 but did not get one myself until 2000. I did not have a PC and internet at home until 2001. Smart phones have been around for 15 years but I only got one in 2019. As for an EV, who knows if I will ever get one.

When something has worked for me for decades, I change it only when I am good, ready and see a compelling reason.

[gadjet]

Hi Lootman
Glad to see there is , like me, another Luddite here.
Fortunately my local branch of NWB still has cashiers who can set up a bank transfer for me face to face.
How much longer they will be able to do so is anyones guess !

Sue

[tjh290633]

The closure of bank branches has led to the humble sub-post office being the banking facility of choice in many places.

As treasurer of a local voluntary group, I have the need to pay in cash collected at functions or events several times a year. I can pay in cheques if needed, but that can now be done online. We are looking at getting a system for cashless donations and directing major donors to faster payments.

No help for opening a new account, of course, but in the absence of a local ATM it is a useful place to get cash.

TJH

[Lootman]

Hi Lootman
Glad to see there is , like me, another Luddite here.
Fortunately my local branch of NWB still has cashiers who can set up a bank transfer for me face to face.
How much longer they will be able to do so is anyones guess !

Sue

At HSBC they have "Express Banking" machines in the branch where you can set up your own payments and inter-bank transfers. Barclays too, IIRC.

The NWB branch doesn't have that so the staff have to do it for me. They always resist at first, saying "Why don't you download the app?" But obviously they are under standing instructions to do this when asked for by a customer and so, after initially resisting, they always comply.

But like you say, for how long? Service seems to be a dying concept.

[pje16]

Service seems to be a dying concept.

could not agree more
what is this self-importance, you can't walk in and expect to be seen, you have to make an appointment
WHY,WHY,WHY

[pje16]

We are looking at getting a system for cashless donations and directing major donors to faster payments.
TJH

Try
zettle
https://www.zettle.com/gb
I have used them for over 5 years very easy to set up take cards, via chip and pin or swipe or contactlessly

[Lootman]

Service seems to be a dying concept.

you can't walk in and expect to be seen, you have to make an appointment

I forgot to mention in my OP that I visited a third institution. I was told that the first step in opening a savings account was to have an appointment with an "advisor".

The first appointment was 10 days hence. Now 10 days interest on 100K is over 100 quid, so that would have been an expensive meeting. I walked out.

[mc2fool]

you can't walk in and expect to be seen, you have to make an appointment

I forgot to mention in my OP that I visited a third institution. I was told that the first step in opening a savings account was to have an appointment with an "advisor".

The first appointment was 10 days hence. Now 10 days interest on 100K is over 100 quid, so that would have been an expensive meeting. I walked out.

Was the advisor appointment needed because you are a Digital Exception*? Or because it was a sizeable sum? Or 'cos you naturally come across as a dodgy character and they wanted to get rid of you?

In any case, kindly name (and shame) said institution ... and name (and praise) the building society too. After all, a prime purpose of these boards is for participants to benefit from other posters' experiences.

* In your case, shouldn't the thread title simply be "I am an exception"?

[Lootman]

I forgot to mention in my OP that I visited a third institution. I was told that the first step in opening a savings account was to have an appointment with an "advisor".

The first appointment was 10 days hence. Now 10 days interest on 100K is over 100 quid, so that would have been an expensive meeting. I walked out.

Was the advisor appointment needed because you are a Digital Exception*? Or because it was a sizeable sum? Or 'cos you naturally come across as a dodgy character and they wanted to get rid of you?

The advisor appointment was with an institution with whom I had no existing relationship. So the question of whether I was a Digital Exception or not did not arise. I don't think I mentioned the sum and so it could not have been that either. So it must be the dodgy thing.

In any case, kindly name (and shame) said institution ... and name (and praise) the building society too. After all, a prime purpose of these boards is for participants to benefit from other posters' experiences.

The 10-day wait was with the Skipton BS.The money went to Yorkshire BS. In each case I am only talking about my experience at one particular branch, and cannot vouch or otherwise for the organisation as a whole.

* In your case, shouldn't the thread title simply be "I am an exception"?

I like to think I am exceptional, yes.

[mc2fool]

Was the advisor appointment needed because you are a Digital Exception*? Or because it was a sizeable sum? Or 'cos you naturally come across as a dodgy character and they wanted to get rid of you?

The advisor appointment was with an institution with whom I had no existing relationship. So the question of whether I was a Digital Exception or not did not arise. I don't think I mentioned the sum and so it could not have been that either. So it must be the dodgy thing.

Yes but on looking I see Skipton have accounts that can be opened (by the looks of it, instantly) and operated online and what looks like exactly parallel "branch" accounts for Digital Exceptions, e.g. this one.

So did they tell you you could open the a/c online or by phone, and you say, nope, I want to do it in branch, or did they just assume that 'cos you'd walked in you'd be up for a (ridiculous) 10 day wait to have a (ridiculous) appointment, just to open a savings a/c?