*****bbc poll on bank charges 8/8/07*****

[kennythecelt]

Access the BBC on line poll here

 

 

Before you go on line, these are the questions in the poll. It is slanted!!

 

How should banks cover the cost of their services?

 

With penalty charges

With monthly account fees

 

By transaction charges

With an alternative charge

 

 

BBC NEWS | Business | Monthly bank charges 'not wanted'

 

Well. I think there should be a couple of alternatives considered. They could also:

 

1 Use the interest made from our money in the accounts for which they pay little or no interest.

 

2 Pay themselves and their shareholders less- see articles on shared profits for staff, etc.

 

3 Be a little bit more careful before investing in dubious quick buck ventures

 

and there are plenty of others................................

[kennythecelt]

Penalty charges are currently winning at 60%.

 

I bet the banks are encouraging (forcing) each of their staff to vote that way!!!! :o

[monopoly23]

I think it just poeple that haven't incurred charges that are voting to keep the penalty option, that way they still dont have to pay for their banking.

[itchyfrog]

The whole premise is bunk, and the article makes it sound as if penalty charges are a legitimate way of raising money.

 

Firstly, 15 years ago we all had free banking and penalties were not levied to the extent they are now. The charges from the banks have increased significantly in the last decade, so it is definitely possible to still have free banking and a considerably lower level of penalties and charges.

 

Secondly the banks are posting record profits year on year, which goes to show that there isn't a profitability problem with the banking sector.

 

The problem is quite different: banks, like many other major corporations, have fallen victim to the current business trend of seeking constant growth in profits, and the only way to do this year on year is to find new ways of squeezing customers, suppliers, and staff in order to maximise profit margins.

 

In my opinion it is a terrible business model, and those businesses which are pursuing it will come to regret it in the end. Dissatisfied customers, unhappy staff, and suppliers stretched to the limit are not assets to a business. Eventually there will be some real financial and competitive harm caused by this trend on the businesses that follow it. Hopefully they will eventually look for more sustainable and realistic ways to operate, rather than follow this obsession with the stock market and "shareholder value".

[MacBoy]

Typical BBC opportunistic nonsense.

[kennythecelt]

The whole premise is bunk, and the article makes it sound as if penalty charges are a legitimate way of raising money.

 

Firstly, 15 years ago we all had free banking and penalties were not levied to the extent they are now. The charges from the banks have increased significantly in the last decade, so it is definitely possible to still have free banking and a considerably lower level of penalties and charges.

 

Secondly the banks are posting record profits year on year, which goes to show that there isn't a profitability problem with the banking sector.

 

The problem is quite different: banks, like many other major corporations, have fallen victim to the current business trend of seeking constant growth in profits, and the only way to do this year on year is to find new ways of squeezing customers, suppliers, and staff in order to maximise profit margins.

 

In my opinion it is a terrible business model, and those businesses which are pursuing it will come to regret it in the end. Dissatisfied customers, unhappy staff, and suppliers stretched to the limit are not assets to a business. Eventually there will be some real financial and competitive harm caused by this trend on the businesses that follow it. Hopefully they will eventually look for more sustainable and realistic ways to operate, rather than follow this obsession with the stock market and "shareholder value".

 

Excellent call!

[kennythecelt]

Typical BBC opportunistic nonsense.

 

Exactly

[cajdad]

If every CAG member voted against penalty charges in this poll the result would be very different!

 

Only about 2600 votes have been cast so far, and if we all vote for one of the other options (it wouldn't matter which, but I would go for the current runner up - "an alternative charge" - which is suitably vague) the votes in favour of penalty charges would soon be swamped.

 

The poll is pretty meaningless, but it won't do any harm to let the BBC know how the public (or at least those who could be bothered to vote!) feels about penalty charges.

[kennythecelt]

As said by cajdad, vote for an alternative charge.

 

Its not secure so you seem to be able to vote as often as you like!!

[pjdavies2000]

...and don't forget that PENALTY CHARGES aren't allowed!

 

so that scuppers that one!

 

lol

[cajdad]

Its not secure so you seem to be able to vote as often as you like!!

 

I hadn't noticed that. Maybe bank employees are sitting there all day putting in repeat votes in favour of penalty charges!

[kennythecelt]

I hadn't noticed that. Maybe bank employees are sitting there all day putting in repeat votes in favour of penalty charges!

 

Surely not!!

[MacBoy]

Maybe they're re-employing the SAR teams!

[Noddy73]

L&G.

 

Personally the average Johny Public does not understand financial charges and therefore thinks banking is free. IT IS NOT.

 

The sooner the FSA and others educate J Public the better. Then they realise that the current charging structure regarding financial products and advice is bad.

 

Here is question they should have asked.

 

How does your bank charge you (make money) directly and indirectly.

 

That would have shown that the average J Public does not understand the issue.

 

Here is a question for the fourm. List down how your bank makes money from you.

[ohoh4312]

"Results are indicative and may not reflect public opinion"

 

 

It's a public opinion poll - so what the hell do the results reflect then!?!?!?!?!?

 

[MacBoy]

Dear Mr/Mrs Customer

 

You will have noticed that a recent BBC Poll indicated that most people prefer that the funding method for our services (to wit: taking your money, letting you have some of it back, making heaps out of it from investment banking, overnight deposit and currency market activities, writing you letters and giving you crappy pens and keyrings when you buy our overpriced 'insurance' that should really be called 'ex-surance', rewarding you with truly nanoscopic rates of interest and forcing you to contact us via exotic tropical destinations) remains that of subsidising those smug, self-satisfied Über-beings with permanently in-credit balances by ripping off the poor, vulnerable and less careful.

 

To this effect, we believe that as a Government-backed authority, the BBC announcement obviates from today the need for us as an organisation to entertain any more baseless, sketchy claims for so-called refunds of our perfectly reasonable Account Support Fees™.

 

Please be advised that henceforth every piece of badly-written, gramatically-challenged correspondence we receive from you regarding this subject will be summarily filed and your account charged with a £50 Operational Communications Contribution™. Starting with this letter, you will be advised of the debit on next month's statement.

 

Thank you for your continued blind, innumerate logic in letting us run your finances.

 

Yours sincerely

Ms. Sixyears Thatisall

Deputy Assistant Customer (Dysfunctional) Relations Operative

(enc - Changes To Terms and Conditions Of Your Account - 2007 - revision 148 )

[kennythecelt]

Well that £50 you mentioned has struck a cord with me.

 

I received further statements for a Bank of Scotland preference card. It was a freebie they chucked at me and had a cheque book and guarantee/ switch card. It had an interest rate similar to visa etc.

 

One of the statements says

 

"remember your preference account is ideal an ideal compliment for your existing current account. It could take care of any unexpected expenditure and help you avoid costly bank charges" !!!!!!!!!!!!!

 

During 2005, I was charged £50 - for a letter charge!!!

 

I doubt there is a higher charge on any forum!!!!

[MacBoy]

I haven't had a higher charge than that Kenny I must admit...although Howard & Chums did put through £175 charges in ONE DAY once (7 x £25 Unauthorised Overdraft chrges for a marginal transgression of about £30 the day before payday) B*stards.

[beat_the_bankers]

My Stepmum was charged by Shabbey over £600 in one month - more than she earns. Her wages had gone in one day later than her DDs had tried to go out. The following month because she started off so far in the red, because of their charges, she was charged £400.

 

Luckily, her Dad was able to bail her out. I can see how some people are pushed to (and over) the brink. Disgusting.

[MacBoy]

b_t_b

 

You are absolutely correct. Let's not forget, with this cosy arrangement that allows banks to keep on doing this kind of damage to people; just how serious an effect this has on people for whom £600 is more than a months salary - and very often there's no 'Dad' to bail them out.

 

Disgusting indeed.

[ohoh4312]

Macboy that was such an excellent composition - and rings so true!

 

Kenny - I have just (almost) got rid of my Preference a/c; a freebie with a mortgage I seem to remember , but I agree not free at all!

 

I managed to pay it off in one go in June, after saving franctically; or so I thought - but now they are chasing me for 7p interest - surely it costs them more than that to produce the statement..................................

 

............Hang on, maybe it doesn't ???

 

And I had £635 charges in one day from a "habit" I should have kicked a long time ago - those were dark days for sure, but the worm is turning, as they say.

 

Jo xx

[MacBoy]

And I had £635 charges in one day

 

Good grief Jo - was that the Abbey Habit or a drugs habit?

[ohoh4312]

To be honest hun I wish it had been the latter - at least I would have had something to show for it.................

 

Like a disintegrated septum, perhaps?!!!!!!!!!!!!!!!

 

:lol: :lol: :lol:

[MacBoy]

ROFL

[kennythecelt]

Macboy that was such an excellent composition - and rings so true!

 

Kenny - I have just (almost) got rid of my Preference a/c; a freebie with a mortgage I seem to remember , but I agree not free at all!

 

I managed to pay it off in one go in June, after saving franctically; or so I thought - but now they are chasing me for 7p interest - surely it costs them more than that to produce the statement..................................

 

............Hang on, maybe it doesn't ???

 

And I had £635 charges in one day from a "habit" I should have kicked a long time ago - those were dark days for sure, but the worm is turning, as they say.

 

Jo xx

 

Well I am wondering if we can chase them and treat it like a credit card and avoid the OFT difficulties.

 

Watch and we can discuss