End Of Banks Holding Onto Your Money?

[Don Quioxte]

Hi everyone, hope you are all merrily pursuing your claims and all is well..

 

Just a random thread with regards a TV campaign I have just seen. Lloyds have decided to offer to their Classic Account Holders immediate interest on payments into the account..

 

That is to say - no more waiting 5 working days for cheques etc to clear before interest is calculated. I find this particularly interesting and exciting (sad I know), because my second biggest bone of contention with the banks (after excessive charges) is the ridculous and uneccessary wait for access to our money.

 

Many of you will know that banks effectively use our money for those 3-5 days while it is "clearing" to in fact invest the money in overnight money markets - and indeed earn a huge amount of profit and income from doing so. I have always maintained that this is outrageous - many european coutries alreaady ensure that banks must allow access to your funds within 24 hours or less to prevent such blatant profiteering.

 

I just wonder if this signals a general move in the UK towards more fairer terms for us consumers... no more waiting unduly, and unfairly for our money - while the banks earn interest and we incur charges. Hopefully it will permeate all transactions which have previously taken far too long in my opinion - including inter-bank telephone transfers (typically 3 days), credit card transactions clearing onto accounts (such as when one deposits money onto another account by credit/debit card - again 3-5days), and of course cheques and standing order payments.

 

Just thought it might be interesting to bring to everyone's attention...

 

http://www.lloydstsb.com/campaign/150_days.asp

[Spiceskull]

When this [problem] (sorry, generous offer) was launched last week, someone, somewhere, did the sums on what it actually meant.

 

There are min and max limits on what you can pay, and how long the money must be in the account, and I think the final analysis was something like a penny a day interest, tops, more than you would normally get.

 

If I can remember the article, I will find it and post a URL.

[Don Quioxte]

If I can remember the article, I will find it and post a URL.

 

Come on Spice I thought you "Mods" were all knowing and all remembering..

 

sorry I haven't kept up so much with the posts this past week so I didn't realise this had already benn aired..

 

Sounds a bit like the Alliance and Leicester, earn 10% on your savings [problem]...

[Tinkerbelle]

It does make me wonder what goes on with these crediting of accounts.

 

I log into my Barclaycard Account to pay my bill (none of that Direct Debit & S/O nonsense), and I pay them using my Bnak Debit card. The payment is ALWAYS on my card the following day. It's great!

 

Take it to a Bank or use online banking it takes up to 4 days

[bram stoker]

Well, I've been so busy on the spreadsheet side, I missed it too. I have to agree, when I read through your post my first though was was 'yeah right, pennies'.

 

I'm not sure if access would be given to your funds any earlier either. It's probably just the fact that once the funds have definitely cleared then they agree they were in your account 3-5 days earlier and will give you the interest gained from it - pennies.

 

Doesn't sound like much of a change to me. Now giving us access to funds the day they are deposited, that's change.

[Don Quioxte]

Now giving us access to funds the day they are deposited, that's change.

 

Absolutely.. but that is what I was trying to hint at.. the banks are going to have to make a concerted effort to move towards the continental approach where their retaining of our funds whilst they "clear" them and they earn masses of money is deemed profiteering and simply not put up with..

 

This could be the first step? Why we Brits sit back and let the banks take us for a ride in this manner is a mystery to me? Your funds haven't cleared. Donkey's testicles. It does not take 3 - 5 days for my funds to clear. You are talking hogwash. It's all electronic. They behave as if they are waiting for a guy from DHL or the Royal Mail (in which case it might take 5 days at the earliest, if arrive at all) with each standing order, or the hard currency.

 

No, european banks even clear funds from competitors' banks on the same day. So why don't our banks. I'll tell you why.

 

It's cos we Brits are renowned for queuing. For perennial politeness.

 

Whereas the French just have to breathe once on their bank manager with their garlic breath, the Italians just rant incoherently, whilst the German is camped outside the bank on a beach towel at the first whiff of foul play.

 

We need to drop our famed quaintness, and re-discover our Blitz mentality... charges are the beginning of the end for the banks, I think they face widescale reform - and BAG is launching the first offensive.

[Overdrawn]

Whereas the French just have to breathe once on their bank manager with their garlic breath

 

**shouts** Oooohhh Boookwoorm...

[Spiceskull]

Whereas the French just have to breathe once on their bank manager with their garlic breath, the Italians just rant incoherently, whilst the German is camped outside the bank on a beach towel at the first

Fight, fight, fight...again.

[Tinkerbelle]

Whereas the French just have to breathe once on their bank manager with their garlic breath, the Italians just rant incoherently, whilst the German is camped outside the bank on a beach towel at the first whiff of foul play.

 

Fight, fight, fight...again.

 

hahahahahahahahahahahahahahahahaha PMSL

 

Round 1 to Don!!!

[bram stoker]

I completely agree.

[Don Quioxte]

Round 1 to Don!!!

 

and the rest..

 

"We will fight them on the BAG, we will fight them in the high street, we will fight them in branches and the indian call centres. We will never surrender."

[Spiceskull]

and the rest..

 

"We will fight them on the BAG, we will fight them in the high street, we will fight them in branches and the indian call centres. We will never surrender."

What...you missed a golden opportunity.

 

Never in the field of financial conflict was so much owed by so few to so many...

[Don Quioxte]

Spice you know I never miss a golden opportunity.. perhaps you should;

 

"Ask not what you can do for BAG, but what BAG can do for you.."

 

I feel perhaps we should start a thread 'cos this could have more legs than a millipede.. "Famous Quotes interpreted by Baggers?" Can you imagine the fun you could have.. there are some great speeches and quotes out there?!?

[Krystyna]

If I feel down I can always look on here and the two of you always give me a laugh

[Baronstoneybroke]

Lloyds are advertising that you can get up to 150 days interest on this new 'deal'. Therefore, 150 days per customer x the number of customers per bank = just exactly how much have they been raking off people to fund their corporate p**ss-ups?

[insomniac]

I cannot see how banks can pay you interest on money thats not cleared.

 

I often wondered if this scenario could work maybe its worth a try.

 

I write a cheque for 100 Billion pounds from one current account and pay into a Lloyds account, they then should pay me a few days interest on the cheque meaning I should earn a substantial chunk of interest. Of course once the cheque bounces the fee will be peanuts compared to what interest I have earned.

 

Or would the bank cancel the interest and does it say anything in their T&C's about interest on cheques that don't clear.

[insomniac]

anyone?

[bram stoker]

The interest won't actually be paid until after it's cleared, it just accrues, so if it doesn't clear, you don't get the interest. I suppose, it's only a guess, but makes sense, don't you think?

[lizzie47]

Along similar sort of thing,on totting up your charges ready for court...If you should over estimate the charges "by mistake of course" that the bank owe say by couple of hundred would they bite the bullet,and give you the money,or go to court ? As up to press very few want to go to court,Could it be a way of making them attend ? just a thought.. As i saw somewhere an answer to some one who had got it wrong an the reply was "oh leave it its up to the banks to defend it an as they wont go to court ?) Am not sugesting folk bump up the claim at all,Just one o them things buzzing round my head when i try go to sleep.Can tell whats upermost on my mind eh;)

[dave]

Abbey paid Stephen 600% more than his claim so that they did not have to appear in court.

 

I would say that they would bite the bullet.

 

Indeed, I'm about to take on Barclaycard for my money back plus 19.9% APR - it's what they charge when I owe money to them, so I see it as an implied term in the contract that they should be bound by the same rules.

 

I think a judge would too.

[thewifeandI]

Is it possible to request that any refund of charges is applied to the account retrospectively so that interest charged by the bank is refunded and interest earned is added back? This would put you back to where you would have been had the charges not been applied originally and would therefore be a true reflection of the true cost of the charges.

 

Cheers.

[lizzie47]

Abbey paid Stephen 600% more than his claim so that they did not have to appear in court.

 

I would say that they would bite the bullet.

 

Indeed, I'm about to take on Barclaycard for my money back plus 19.9% APR - it's what they charge when I owe money to them, so I see it as an implied term in the contract that they should be bound by the same rules.

 

I think a judge would too.

Thanks for that Dave

 

Fantastic I LOVE IT YOU GO DAVE .This just gets better and better.. oh my are the big greedy giants going to get some back(with interest:-D) cant wait for my turn.. Still waitng for statements:evil:

[Don Quioxte]

Indeed, I'm about to take on Barclaycard for my money back plus 19.9% APR - it's what they charge when I owe money to them, so I see it as an implied term in the contract that they should be bound by the same rules.

 

that is hilarious. Why didn't I think of that little gem? Maybe you could also add on £30 for the prelim letter, £30 for the LBA, and then a few hundred quid in miscellaneous charges for what you can simply term "manual intervention".

[lizzie47]

Maybe you could also add on £30 for the prelim letter, £30 for the LBA, and then a few hundred quid in miscellaneous charges for what you can simply term "manual intervention".

 

 

And better...(If a knew how to put little chap rolling on floor laughing i would have)

 

 

Lizzie:lol:

[Don Quioxte]

This topic was closed on 10 March 2019.

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