Northern Rock.

[renegotiation]

We now own Northern Rock. Can anyone think of a good reason why we can't change the name and keep it as a national bank? A fair bank that earns a fair wage and does the best for its customers. Don't other countries have national banks? I was under the impression they did, but don't know much about it.

[HSBCrusher]

yeah... what about... Bank of England?

[Castlebest]

Originally Posted by renegotiation

We now own Northern Rock. Can anyone think of a good reason why we can't change the name and keep it as a national bank? A fair bank that earns a fair wage and does the best for its customers.

I can think of one good reason.... Gordon Brown I have a feeling Northern Rock could turn into Northern Millstone

[renegotiation]

So in all seriousness there is no 'good' reason? I know when people are being well and truly rogered, but i'm no great economist. I just wondered what views people had. Isn't this a good idea for a campaign then? 'Keep Northern Rock!' Maybe call it the U.K. Bank or something?

[renegotiation]

Is there any mileage in this whatsoever? I would appreciate some serious feedback please.

[renegotiation]

BUMP.

What do the banks do for us apart from rip us off. Not much really. I say again that we need a national bank and people can vote with their feet. We completely own Northern Rock now and need to keep it. In my eyes, money is pretty simple stuff. Banks just imagine new and wonderful ways to roger us hard. I thought industries were privatised for progress and competition. I don't see much of either. I mean what goes on in the Research and Development department of a bank... How can we fleece these poor people a little bit more? That's my guess. We need to press our government on this. We need a Charter For Fair Banking. The government has to set the parameters. Banks should make money by having our money, NOT by charging us for fun. They don't have a God given right to make billions! We keep saying 'The Banks', 'The Banks', 'The Banks' when we talk about them. Well, I say we don't need 'The Banks'. I say it is my right as a citizen of this country to be able to access fair banking! Well, why the **** can't I? There is no reason why an industry has to be completely privatised or nationalised. We need a national bank and comprehensive regulation which will force the private banks to be competitive and play fair.

Proposed CAG Charter.

Unpaid Direct Debit - VERY LOW CHARGE. A polite letter should be sent out informing the customer that this has occurred. The charge should only apply after the second attempt to take the debit by a company has failed. My father once got fined £70 (2 x £35) for one 'smallish' direct debit in the space of a week. That was more money than the diect debit was for! WTF.

Overdraft - NO CHARGE. (Rate of interest charged limited by the government) A customer should have the right to refuse an unauthorised overdraft. Overdraft limit should only be increased by mail or in person at a bank. A special exception could be made for people requesting the ability to up their overdraft limits by phone or at the banks discretion. This should be by mail at least 7 days after an account has been opened.

Unpaid Cheque - VERY LOW CHARGE.

Credit Card Late Payment - NO CHARGE. As long as the interest is ticking they are doing well. If no payment is received for 2 months a polite letter should be sent asking them to contact them.

Credit Card Over Limit - NO CHARGE. A higher rate of interest could be charged (on the excess money only) limited by the government. Limits should only be increased at the customer's request! It could be ok for them to write and offer more credit, but this should only be available by completing a form and mailing it back. A customer should have the right to refuse a buffer zone over their credit limit when the card is taken out.

The same principles should be applied to loans.

That's just a few things I can think of at the 'drop of a hat'. As well as fighting the injustice of charges, we also need to demand what we think is fair! Let's create a CAG Charter and not rest till we get it. All that is happening, in my humble view, is that we are making talentless, brainless, arseholes rich. They then think they are smart and important people and seek more fame by humping us some more. Yeah, great... I DON'T THINK SO!

P.S. I don't think this makes me a great socialist!!! Am I bonkers or something? It all seems quite straightforward to me.

[Stornoway]

As with many great plans there is a flaw....

Because the govt have bailed NR out, the bank cant offer products which are more competitive than any other banks in the uk (basically it cant increase its market share). This is because of state aid legislation from the EU.

Otherwise I think its a great plan - we could have used NR to start lending mortgages to people again.

[Gilbert_O'Sullivan]

Originally Posted by renegotiation

We now own Northern Rock. Can anyone think of a good reason why we can't change the name and keep it as a national bank? A fair bank that earns a fair wage and does the best for its customers. Don't other countries have national banks? I was under the impression they did, but don't know much about it.

What about NS&I? That's state owned and offers savings and investments like banks.

Don't forget we also own bradford and bingley and have shares in others too.

[Gilbert_O'Sullivan]

Originally Posted by Stornoway

As with many great plans there is a flaw....

Because the govt have bailed NR out, the bank cant offer products which are more competitive than any other banks in the uk (basically it cant increase its market share). This is because of state aid legislation from the EU.

Otherwise I think its a great plan - we could have used NR to start lending mortgages to people again.

Not too sure about that now, my mortgage is with bradford and bingley and with all the rate cuts my mortgage is far more competitive than those on fixed rate deals or tracker deals that will not fall below 4 or 3% because of the clause put in by the likes of Nationwide.

So my state owned mortgage is more competitive than many others in the private sector!

[symbio-dek]

That was a fantastic rant renegotiation . . .
Brought a tear to my eye . . . My hero

Dunno about that stuff about banks though . . .

[Castlebest]

Actually if the government use what they have (and get around the EU legislation) it could work in their favour... we have no council houses anymore because they have been sold off so why not council mortgages issued from the banks the government now are major shareholders in?

just a thought

[Stornoway]

Originally Posted by Gilbert_O'Sullivan

Not too sure about that now, my mortgage is with bradford and bingley and with all the rate cuts my mortgage is far more competitive than those on fixed rate deals or tracker deals that will not fall below 4 or 3% because of the clause put in by the likes of Nationwide.

So my state owned mortgage is more competitive than many others in the private sector!

Their products can be more competitive as long as B&B dont increase their overall market share - as soon as that happens they will have to pull their mortgage range and offer something worse.

[therafalution]

maybe we could stop their over aggressive repossession of houses. personally i would love to see one of these banks just go out of business. i wish their was some legislation for prosecuting the twerps who caused all this nonsense.