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Banks - If you work for a bank look away

Grumpy Old Lemons Like You
AsleepInYorkshire
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Banks - If you work for a bank look away

#472587

Postby AsleepInYorkshire » January 12th, 2022, 10:48 pm

I was just glancing through my bank account which I don't really do that often.

The bank had a little window telling me I was highly likely to be approved for an overdraft. Whoop-de-doody.

I looked at the figure and thought to myself ... how much ... more than I earn in a month. Now given my account never goes below 6 months earnings I pondered two things

1. Why would I need an overdraft?
2. Why do the bank want to charge me interest if I borrow money from them but when I've got a slice of cash in there they don't want to pay me?

Bankers :lol:

AiY

Bminusrob
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Re: Banks - If you work for a bank look away

#472673

Postby Bminusrob » January 13th, 2022, 9:53 am

I trust you are aware of the collective noun "wunch".

However, in answer to your second question, I think my old boss summed up the answer quite nicely: "The boys have got to eat".

Anyway, it is a bit of a chnge from the old days, when I remember threatening my bank with taking my overdraft somewhere else.

swill453
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Re: Banks - If you work for a bank look away

#472811

Postby swill453 » January 13th, 2022, 4:28 pm

AsleepInYorkshire wrote:2. Why do the bank want to charge me interest if I borrow money from them but when I've got a slice of cash in there they don't want to pay me?

Because they give you free banking.

Scott.

pje16
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Re: Banks - If you work for a bank look away

#472812

Postby pje16 » January 13th, 2022, 4:31 pm

Give a man a gun and he will rob a bank.
Give a man a bank and he will rob everyone
:lol:

Mike4
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Re: Banks - If you work for a bank look away

#472815

Postby Mike4 » January 13th, 2022, 4:45 pm

swill453 wrote:
AsleepInYorkshire wrote:2. Why do the bank want to charge me interest if I borrow money from them but when I've got a slice of cash in there they don't want to pay me?

Because they give you free banking.

Scott.


Yes and as everybody knows, a bank costs nothing to run.

It always appears to me that for banks to make money from you, they need your balance with them to be as far away from zero as possible, in either direction.

stevensfo
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Re: Banks - If you work for a bank look away

#472831

Postby stevensfo » January 13th, 2022, 5:36 pm

swill453 wrote:
AsleepInYorkshire wrote:2. Why do the bank want to charge me interest if I borrow money from them but when I've got a slice of cash in there they don't want to pay me?

Because they give you free banking.

Scott.


I remember when many people were paid cash every week, had a P.O. account and perhaps an account with a Building Society. Then the banks got us paying into an account, treated us like Gods, we had Personal bankers, all sorts of perks to make us join.

Now the branches are being closed. Banks are no longer desperate for customers. They are shops!! Their AML rules are just a front. Do an internet search for corruption - AML -'your bank' and you'll see what I mean.

We should all start charging our banks for using our money.

Steve

88V8
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Re: Banks - If you work for a bank look away

#473151

Postby 88V8 » January 14th, 2022, 6:48 pm

I've been with Natwest since it was the National Provincial.
The oak-panelled branch in Lime Street.

Now we have a Rewards current account that pays us money... and a branch within 5 miles.... no complaints from me.

Cash on deposit.. b'all interest... well can't have everything I suppose...

V8

scrumpyjack
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Re: Banks - If you work for a bank look away

#473156

Postby scrumpyjack » January 14th, 2022, 7:04 pm

88V8 wrote:I've been with Natwest since it was the National Provincial.
The oak-panelled branch in Lime Street.

Now we have a Rewards current account that pays us money... and a branch within 5 miles.... no complaints from me.

Cash on deposit.. b'all interest... well can't have everything I suppose...

V8


Yes me too. My NatWest a/c was opened in about 1965.

They charge me £2 a month for the account but then pay me £10 a month for having the account, plus I have a personal banking manager, though he seems to change every 6 months or so. I can't see how the economics of that work. I put the money elsewhere to earn interest of course.

dealtn
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Re: Banks - If you work for a bank look away

#473164

Postby dealtn » January 14th, 2022, 7:23 pm

scrumpyjack wrote: I can't see how the economics of that work.


It doesn't.

But if banks start to charge the appropriate amount for the services they provide, most, including the media turn on them.

Try living in a number of other countries and see what service levels and a desire for "free banking" looks like.

(With apologies for the Board that is posted on!)

Midsmartin
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Re: Banks - If you work for a bank look away

#473165

Postby Midsmartin » January 14th, 2022, 7:25 pm

Try living in a number of other countries and see what service levels and a desire for "free banking" looks like


I've no idea.. What does happen in other countries?


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