BEWARE! THE BANKS ARE OUT TO GET YOU!

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

I agree Tiz. Does it remind you of 2008?
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tizer »

Yes, but 2008 was otherwise relatively `quiet' compared with our present Trumpbrexit era. Dealing with a sinking ship in calm waters is one thing, doing it in stormy weather is another!
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

I agree. We had some cash to throw at the banks then but not now and you are right, the overall global trade picture is very fragile. I see Mark Carny has forecast a drop in economic activity as devaluation and a tendency for interest rates to rise bite home. It takes a while for the bad effects of devaluation to work through the system whereas the benefits to some are immediate and based almost entirely on the £/$ ratio. Dead in line with what Piketty forecast as the most likely scenario for the next 30 years......
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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Financial advisers say that retired folk are increasingly having to use equity release on their houses to pay off big credit card debts, personal loans and mortgages. They say the idea that's it's only the young who run up big debts is now wrong, the older generations are getting into trouble.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

Levels of debt, both national and domestic are rising inexorably but the government seems to be not only ignoring it but increasing the stress on society that generates the trend. Brexit is the latest one.... Madness.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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We could do with some of the old satire back on TV and radio, although I suspect it might cause a bad reaction from the so-called `millennial' generations. They might see it as `politically incorrect'. Think of the reaction of university students against allowing people they don't like being given the chance to air their views in public. I find it very odd when the same people, or at least those from the same age group, don't react against foul language and abuse on TV, radio and films.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by PanBiker »

Our local branch of the Yorkshire Bank wont be "getting us" after May, they are shutting it!
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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Can someone please cheer me up by highlighting an area of society where things are improving?
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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Stanley wrote:Can someone please cheer me up by highlighting an area of society where things are improving?
Yes, see what I've just posted on the Medical Matters topic here: LINK
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

I've looked at it Tiz and thanks for responding. Of course there are good things but at the moment my mind flies to the negative things that are happening and God knows, there are plenty of them! I'm with David Whipp and my article on Disgraceful Behaviour is part of my response.
On the Yorkshire Bank closure. I was talking to a trader yesterday who banks with them and their big problem is what to physically do with the takings! You can't do that on the web!
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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See THIS for news of yet another blow to RBS. They have had to put another large sum on one side to deal with expected US fines..... Is there no end to it?
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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Lloyds Bank is in more trouble...
` Lloyds Banking Group warned over PPI breaches LINK
The Competition and Markets Authority has revealed Bank of Scotland owner Lloyds Banking Group has committed "substantive breaches" of regulations surrounding Payment Protection Insurance (PPI). It said in a letter to the group, published today, that the bank had breached the Payment Protection Insurance Market Investigation Order on three occasions. The issues relate to LBG’s failure to issue Annual Reviews to some PPI customers and also relate to some Annual Reviews containing incorrect data.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

Is your money safe in their hands?
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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After twice being the victim of fraud on her Sainsbury's credit card Mrs Tiz has managed to ditch them and get them to confirm that the account is closed. It wasn't easy, they make you jump through lots of hoops. She got letters from customer services which effectively tried to put the blame on her when we know for sure there's no way anybody else could have got her card details other than it being an inside job. Also, Sainsury's Bank doesn't use second level verification which shows they have a poor attitude to security. (Nationwide do use second level verification).
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

I just have two cards, an HSBC visa because I bank with them and a debit card on my account. I use them regularly but not excessively and always in the same pattern. I do not fully trust them especially since, as you pointed out recently they are not using their own verification system to check on-line transactions. Trouble is that they are essential for some transactions. I have this touching belief that if you keep to the same card, adopt a low profile and pay the Visa off each month you become invisible to the system. I know that if I was an insider picking an account to defraud I'd be looking for one with an erratic history that had high use. Of course, I could be living in a fool's paradise!
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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HSBC are one of those that started using second level verification but then seem to have abandoned it.
Unfortunately we are all vulnerable to internal fraud in banks and in retail stores, both physical and online, no matter how much care we take. But at least there are people out there who make themselves much easier targets than we do for other types of fraud!
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

That's my feeling Tiz and it applies to my direct debit payments as well. If they are long term and embedded in your usage the computers ignore you. The modern equivalent of keeping your head below the parapet!
I see that Trump is repeating the mistakes of the 1960s by lifting the bar on banks investment activities. Give the bankers more freedom and the lads can make more money and this has got to be a good thing. Exactly what started the rot in the 1960s. He never did history at school..... We are going the same way here. May has already given the banks the green light by threatening to encourage aggressive banking if she doesn't like the eventual EU severance package. Regulation has already been relaxed.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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`High security: The man who protects our bank accounts' LINK
"Most people have never heard of a Swiss man called Francisco Fernandez, but tens of millions of us rely on him to look after our money. An unassuming 53-year-old who likes playing the piano in his spare time, he is responsible for the security of $4 trillion (£3.2tn) of bank deposits around the world. Mr Fernandez is the founder and boss of a company that is as little known as he is - Avaloq. The Swiss business and its 2,500 employees may fly under the radar, but it is one of the world's largest providers of banking software. Its systems are used by more than 450 banks around the world, including the UK's Barclays, HSBC, and Royal Bank of Scotland, plus Deutsche Bank, Societe Generale, UBS and Nomura."
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

Good news Tiz. But I have a question. Are the people ultimately responsible for the use of his clever systems as dedicated as he is to security or does the profit motive trump all other considerations. That was certainly the case when Janet was in Risk Management at one of the major American banks in the City of London. The best lock in the world is useless unless someone turns the key.....
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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`RBS accused of fraud and forgery by customers and ex-employee' LINK
"Former business clients of the Royal Bank of Scotland are accusing the bank of systematically manipulating documents to cover up wrong doing. In an exclusive interview with the BBC, a former RBS employee has come forward to support allegations of document manipulation within the bank. RBS says it categorically denies document manipulation and forgery. Mark Wright started working for NatWest Bank in 1988 and was still there in 2000 when it was taken over by RBS. In 2005, Mr Wright accused two former RBS colleagues of concocting bogus complaints purportedly from five of his customers. He says the employees were from the bank's Group Compliance Unit established to deter misconduct and malpractice in RBS. He referred to the unit as the bank's "police". Mr Wright's five customers later submitted statements contradicting the bogus complaints. The two accused compliance staff subsequently left the bank. The BBC has spoken to a number of businessmen and financial advisers who allege document manipulation and forgery by RBS all of which allegations the bank denies."
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

I heard that report as well Tiz and whilst it is almost par for the course for RBS there days I can't help wondering what the scale of malfeasance is in the other banks. Call me cynical if you like but I don't believe any of them can be spotless, it's just that some are better at concealment than others. Question..... Does anyone completely trust their bank?
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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I see that Philip Hammond has hatched up a cunning plan to get round the huge stumbling block of the failure to sell Williams and Glynn's bank to comply with an EU ruling. He is proposing that RBS set aside £750million to finance a scheme to give support to struggling small banks on the high street. This will at least stem the flow of money into the lawyer's and accountant's pockets in the effort to get rid of this millstone. As taxpayers we own 72% of one of the worst banks in the world. "Your money is safe in our hands" say the government. Go figure......
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

See THIS for a BBC report of the 62% fall in HSBC profits. This in itself is not really big news but what interests me is the message between the lines of the statement from the bank alluding to the uncertainties being caused by Brexit and the volatile Trump. This could become the big story. Watch this space and plan for worst case!
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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Just as we began to think that the worst of the bank scandals might have passed, THIS pops up in this morning's news. British banks involved in yet another enormous money laundering scandal. How long before we see the high executives have their collar felt? (As if.......!)
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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From The Guardian:
The Guardian showed details of the transfers to L. Burke Files, an international financial investigator. He said compliance checks at many western banks were desultory, and often little more than “box ticking”. “Typically the compliance and investigations department is treated like an unwanted step-child. The directors of a bank see compliance as an expense without any return. The compliance professionals are underpaid, underskilled and receive little or no effective training in spotting criminal patterns.” Files added: “Most of the transactions I’m seeing here would have required substantial enhanced due diligence. It isn’t just individual transactions. It’s the repeated pattern.”

While they've been missing (or turning a blind eye to) all of that they've been pestering ordinary folk to prove where their deposits have come from and cancelling people's accounts with no explanation.
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