A little "heads up"

[noomill060]

Or maybe not...

 

OK, we all (the entire working population of Britain) have our wages paid into Dave's mates account, but we all live on cornflakes for a couple of weeks, then leave it a week before withdrawing our money.

 

Dave's mate instantly becomes the richest bloke in history by several miles and buys the entire British financial industry on our behalf (for cash).

 

CAG is then in a "rather good" position to negotiate with the FSA, OFT, the Government and probably God.

 

Sorted.

 

[breeze1996]

I'm daves mate can it be my account...

 

Shabby..nat... aclrys west this is my bank account it's a Co-op one

[noomill060]

No need for a noisy revolution with lots of shouting and broken bits.

 

It you want to change the Establishment, just buy it!

[breeze1996]

Is that nationalization when the govenment do it?

[ReasonableRon]

Surely the 'Dave's mate' business model is inherently prejudiced against the sector of the population that hasn't got any mates.........

[dave]

"My wages are paid into a friends account and withdrawn in cash the same day."

 

I'm sure banks aren't too keen on this, not sure if it is prohibited thought. In any case it doesn't solve the problem, the entire population cannot adopt this approach!

 

It's not prohibited - banks don't really care where the money comes from as long as it goes to them.

 

I'm sure they are not keen on it - in fact every month we have the same argument with them:

 

Us: "I'd like to withdraw £xxxx.xx please"

Them: "I'm afraid I can only let you have a maximum of £500"

Us: Well you were given over 4 weeks notice, as per your T&Cs" (as they are each month)

Them: "I have no record of that, sorry, I can only let you have £500"

Us: Ok, then you'd better phone the police as no-one is coming in or out of that door until we have £xxxx.xx in our hands.

Them: Let me check.........oh, ok, here's your money.

 

EVERY month this is the exact same conversation.

 

The entire nation cannot take the same approach, but you can draw all your wages out in one hit and not let them have any of it until the next payday for a very short time.

 

Eventually, you never know, they might get the message.

 

I think the run on a bank isn't such a bad idea.

[star_scream]

...or stop using banks altogether.

 

That ,IMHO, is the best bit of advice I have seen for a long time. I believe that is what we should all do, we have the power to hurt these grabbing institutions and hit them where it hurts. After all, if you were buying something from a shop and you got ripped off, you would not shop there again. Lets get together and do as Dave says, tell them we will not take this lying down.

 

And..... the MP campaign didn't wash, so lets write to Brown and tell him that we will not be voting for him in the next election, let's see how he likes that. Plus make sure the media have got coverage of this mass complaint to Browny.

[indebtstudent]

If I go and withdraw my wages in full I won't be covered for most of it on my home insurance if it was stolen. I believe I would have to pay more to increase the amount of cash covered because I think this is a pretty standard level of cover £3-500.

 

I understand where you are coming from in that you want them to benefit as little as possible from using your money but I do find this particular function of a bank to be very useful. I still don't trust them as far as I could throw them, but I think many people feel the way I do.

 

A run on a bank is a fantastic idea, we've seen how effective that can be. I suggest targetting either the bank which has the paid out the most money. I would love to do it based on who treats customers the worst but it would take months to decide since they are all pretty dire.

 

My main concern is people should have as much choice as possible whether or not they use a bank. The related issue of higher charges for people who do not pay by direct debit is a big concern of mine.

[Nell2609]

I heard a whisper that NatWest expect to pay everyone back the charges and interest within the next 8 weeks, has anyone else heard anout this?

 

Are these Chinese whispers?

[BaldyBaldwin]

by having your wages paid into your friends account arnt you in essence using a bank?

i am a sole trader on a cash on a basis and as such would not need a bank, but then i would get penalised for not paying bills by non DD.

[midge61]

There may be light at the end of the tunnel

 

Bank charges judgement to arrive on Thursday: OFT case | This is Money

[Bookworm]

Don't hold your breath, whichever side loses is widely expected to appeal.

[dave]

by having your wages paid into your friends account arnt you in essence using a bank?

i am a sole trader on a cash on a basis and as such would not need a bank, but then i would get penalised for not paying bills by non DD.

 

Yes and no - they have my money for as little as two hours each month. It's still 2 hours more than I would like them to have it, but as the law is tipped in their favour over how I get paid MY OWN MONEY, I have no choice at present.

 

A situation where you are forced to use a sub-standard 'service' from a private company simply because you choose to go to work is morally wrong IMO.

 

As to being covered by insurance for cash, I would still rather take my chances with the honest theives, rather than ones that, IMO, dress up their theft by way of a 'service'.

 

I haven't had any insurances for a while either by the way - I find they are just a slippery as the banks.

[poochball]

meh, I got £120 back from Barclays Bank in Feb. I did play the "or else I will take my business elsewhere" card and all of a sudden their tone changed. I doubt I would get away with again though unless anyone has some other cards I can play?

 

PS I have been good since incase I get flamed or trolled or pwned or whatever.

[madjj111]

im looking forward to the news today - bad or good - at least we will know where we stand in all this

 

 

GOOD lUCK ALL

[BaldyBaldwin]

i think over the next couple of months i am going to try stop using banks, and i dont think it will be to difficult, just got to try and sort out the non DD fees with sky and BT

[indebtstudent]

"I haven't had any insurances for a while either by the way - I find they are just a slippery as the banks."

 

Well I am no fan of insurance companies, I agree with comments that bookies are more likely to pay out in the event of a legitimate claim. However I cannot cover the cost if my house falls down so I feel it worth having this insurance (although it is not perfect)