Comments: Midweek

I too was surprised to hear that banks check for redirection. But I suppose it is covered by paragraph 20.4 of the Terms and Conditions for the Royal Mail Consumer Redirection Service and Special Circumstances Redirection Service: "We may also use all the information provided in the application of each person whose mail is being redirected to pass details regarding the status of the Redirection to other organisations to help prevent fraud and/or money laundering (this may include identity verification for fraud prevention and anti-money laundering purposes), which we, and those other organisations, have a legitimate interest in helping to prevent."
But I certainly sympathize with you about the apparently ridiculous hoops through which banks ask us to jump. I opened a couple of new accounts recently, and the process was most definitely not simple!

Posted by Tim W. on 23 April, 2020 at 11:50 AM

Tim - thanks for looking that up for me, saves me a job that was on my list that I hadn't got round to!

But - try changing a fee-paid current account to a no-fee paid current account (as there not enough benefits to justify the fee now travel insurance is useless for at least a year), when it is taking them 19 days to deal with online changes of address notified to them, and you're not on the electoral roll until at least May 1st due to the CC's staffing restrictions and homeworking currently (so they can't do it as they can't send new cards etc to an old address with a redirection).

An hour yesterday trying to do it myself online (and getting in lots of stupid electronic loops), then via several secure messages, and then, eventually, being given the wrong telephone number via secure message; then being told by the VRS that asks you what you want when you ring that you can't use the telephone service and have to do it online...2 hours and 3 phone calls this morning.

But result, eventually (and thank god that is only a minor bank account not any of our main ons), and Mr BW even managed to get the extra travel premium fee for a minor notified medical condition refunded (paid 17 days before lockdown, not used, and now not able to be used) by firstly raising a complaint, which they then tried to close saying the resoultion was, "You can't do that we've decided!" and then threatening the insurance company with the Ombudsman.

I think those who pay huge extra premiums for covering severe medical conditions for travel insurance on a packaged bank account policy, and now want them refunded as they are now unusable, are in for a very hard time. The insurance company already have a very tight script to stop people getting their money (or even a proportion of their money) refunded. I fully expect Martin MSE to be picking this one up sometime soon...

Posted by Blue Witch on 23 April, 2020 at 12:33 PM

Banks are only interested in money. The more you have, the more interested they are in you - hence they favour Big Business and Millionaires.
Whatever they may say.

The BBC did it's Big Fundraiser this evening. All day on Independent Radio stations Barclays, HSBC & Sainsbury's were running ads saying how they'd each match-fund donations "Up to £1million".

Peanuts! I am completely disgusted with all three 'brands'. The banks could do far better facilitating loans to desperate small businesses and generally upping their levels of customer service - in cities, let alone out in the sticks for people like you.

And Sainsbury's has been coining it ever since people started panic buying.

"Up to £1 million" in match-funding. Hah!

Posted by Sharon on 24 April, 2020 at 1:00 AM

Sharon - yes. Sainsbury's in particular have disgusted me with the CEO's regular patronisng and condescending email 'missives' to customers. Completely the wrong tone, and they have made online ordering impossible for many long-term online delivery customers. The £1M in matched funding will just come out of their normal planned CSR tax-deductible budget anyway, it won't be extra. Over the past couple of years I have been spending less and less in Sainsbury's and that will be continuing here.

And as for banks favouring those who have money - yes again. Even on a minor scale. I used to get 'investment opportunity' and 'wealth management' messages from my Bank of Scotland/Halifax online banking screen, because I had the full £5K cash stored in each of my 3 allowed BoS accounts (which was once a good way of earning 5% interest, until they started reducing it). Now that money is not visible to them (used to fund the purchase of Coven Nord) they are now feeding me 'do you need an overdraft' and 'cheap loan' messages. All it takes is moving £15K out to have gone from rich to poor in their eyes. Amazing.

Posted by Blue Witch on 24 April, 2020 at 7:57 AM

I opened a Starling bank account - because you can draw out lots of euros when abroad, haha and it pays interest in the current account, which is probably negligible now - and it is really good. You have to record videos of yourself, which is a bit off-putting, but the bright idea of offering a second card in case you need to ask anyone to shop for you is helpful.

Posted by Z on 24 April, 2020 at 9:37 PM

When I was secretary of the local WI, we had a committee member called Beryl. I always typed Berly and had to correct it.

Posted by Z on 24 April, 2020 at 9:42 PM

Z - just before looking at your comment, I was reading of bank interest rates being slashed.

Starling is dropping to 0.05% from 18th May (was 0.5% AER up to £2,000 and 0.25% up to £85,000). So, even the new app-based challenger banks are jumping on the 'make savers pay for this crisis' approach.

They seemed (/were deliberately marketed to seem) so different when they launched, but, are now on the same bandwagon as all the loong-establisheds.

Posted by Blue Witch on 25 April, 2020 at 7:52 AM