Banks Again!!!!

[sheddy]

Barclays are regularly in the news with dodgy deals.

 

[newfhouse]

given the alternative.

Do you think a more suitable alternative might be to effectively regulate the finance sector?

 

[spen666]

We're going on a family holiday later this year, it's expensive so I took out a 24 month interest free Sainsbury's credit card, seemed logical to let them let me pay them back over time & leave the money in the bank making a tiny bit of interest. Card came & deposit paid on it, they advised me of the details to log onto the web based account. I logged on but couldn't setup a direct debit to make the minimum payment, contacted them to be advised I can't setup a DD until I get my first statement.

Got an email on 25th December advising payment required by 19th January, on 26th December I logged on & filled in my bank details for the DD, sorted or so I thought, today I got a letter advising I'd missed my first payment, the account was frozen, the interest free offer had been withdrawn & I had been charged £12 for the privileged.

Rang them only to be told that as the statement was produced before the DD was setup it can't take the money via it WTF!!!! Anyway upshot, fine refunded, DD confirmed to take 2 payments on 19th Feb, marker taken off credit report, pis-sups & breweries spring to mind.

Interesting to ( late in the day) read this.

I had almost identical situation in December 2018/ Jan 2019 with Sainsburys.

They also sent me a statement saying no payment was required then didn't take DD and penalised me for not making payment tht they had said I didn't have to make!

Penalties refunded and £285 compensation

 

[Pale Rider]

Three years ago I took out a Virgin credit card to pay for a bike using the interest free period.

I paid the balance within about four months and have not used the card since.

Just before it was due to expire in February of this year, Virgin wrote to me saying they would not renew the card as I had not used it for such a long time.

But they would renew it if I contacted them to ask them to do it.

Fine, I thought, I shall just leave it.

But they sent me a new one anyway.

 

[Drago]

Barclays are regularly in the news with dodgy deals.

So much so that they're cockney rhyming slang for onanism.

 

[BrumJim]

Much as it would please some to see the bankers get their just desserts, the reality would be different.

If a major clearing bank went skint, the big losers would be everyone who had deposits with them.

It suits all of us for confidence in the system to be maintained.

Even worse, with a common factor such as the collapse of the sub-prime mortgage market, if one major clearing bank went skint, there would be a run on all the others and they would go down too. We're loosing it with a virus with 1% fatality (not that I would want to see 1% of my friends and colleagues choke it) and panic-buying toilet rolls. All major clearing banks going down would destroy most of my savings, prevent me being paid, and stop me and all shops from being able to buy anything. With no paid police force, it would be difficult to exaggerate the breakdown in social cohesion.

The bailouts are a huge topic on their own, but I believe the government - and therefore the taxpayer - turned a profit on most, if not all, of the shares they took in exchange for the cash.

I know praising any government is deeply unfashionable, but it seems to me the bailouts turned out pretty well, particularly given the alternative.

Still a cuffing great loss on the worst of them - RBS, which turned into a risk-taking polical animal pretending to be a plc, the like of which we haven't seen since the days of Railtrack. The government had no option, but the lack of any consequence on the banks, such as splitting retail and risky gambling, and the continuation of most of the boards of those same banks smacks of the government rolling over and having its tummy tickled by the banks, rather than keeping them to heel.