BEWARE! THE BANKS ARE OUT TO GET YOU!

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

Post by PanBiker »

Back in the reasonably local forest. How about this for incompetence.

It's Clarion House related so please bare with me. 20 years ago or more we launched a renovation appeal fund for Clarion House. To this end we opened an account with Yorkshire Bank for the appeal. I think we raised in the order of £20,000 or something like that. This paid for the original rework on the house with the new roof and indoor toilet facilities. The account has not really been used since that tranche of work was completed.

Myself and John Boardman were joint signatories on the account.

Last month John received an email from Virgin Money who of course took over Yorkshire Bank, closing branches all the way up to Burnley which is now the nearest branch. They have come across this aged account and want to close it as it has not had any activity for years. They said it had an outstanding balance of around £25.00 and asked if both of us could visit the Burnley branch to close the account.

John appealed that in this day and age it should be a simple matter just to transfer the money into a different Clarion account also held with the same bank. We supplied all the relative account numbers and sort code for an internal transfer. Big do's and little do's they eventually agreed that rather than a simple in house transfer to issue a cheque for the closing amount, (which has now magically changed to £38.23)!

Cheque has arrived today for the corrected amount, but made out and payable to the account they have just closed! :dontgetit:

John has forwarded me his slightly less than gracious reply. :extrawink:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by PanBiker »

I forgot to mention that the person dealing with the request signs herself as:

Senior Executive Complaint Handler

:laugh5: :nooo:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tizer »

God help anyone who has to deal with the Junior Executive Complaint Handlers! :laugh5:
No wonder this country has one of the lowest productivity ratings in the world.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by PanBiker »

Mind you, what can you expect when they no longer refer to the branches as banks but "Stores"

I always thought stores were where you bought things. Not where you lodge money for safe keeping and maybe gain a small amount of interest. Or have I lost the plot somewhere?
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

It's quite obvious you aren't keeping up with developments Ian, The world is moving on, banks and Customer Service are very old fashioned concepts these days.... :biggrin2:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by PanBiker »

Clearly. :smile:

I reckon the rot started when they started putting cheese and onion crisps in blue bags! What the hell is all that about? Blue is for Salt & Vinegar and green for Cheese and Onion. Does it matter, not really but why change it?
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

Or even earlier when the blue paper twists of salt were done away with.
I was once told that a firm in Nelson made all those blue paper twists for Smith's Crisps. (Whatever happened to them, they used to have a monopoly!)
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by PanBiker »

Just part of a massive conglomerate now Stanley.

Smiths Snackfood Company
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

I think it may be time for my potato crisp story..... :biggrin2:

During my time on the tramp the private docks started to become a force in the industry. One of the first was Felixstowe and I remember on one occasion being practically dragged into a clearing house, getting a bundle of notes shoved into my hand and being told to get to Felixstowe as soon as possible for a load of potatoes in sacks for Warrington. I went down there and joined a huge queue of wagons waiting for the ship.
While we were waiting for the ship to dock we got the story from the other drivers. This boat had loaded a cargo of Egyptian spuds destined for the Golden Wonder potato crisp factory at Warrington. The shipper was a Covent Garden merchant and he routed the boat in via Liverpool, a heavily unionised port. When the cargo got there they found it was infested with scorpions and the dockers refused to touch it. Eventually they got Felixstowe to agree to handle it if they got the cargo gassed before it left Liverpool. This was done and after much delay the boat sailed round the coast from Liverpool to Felixstowe. By the time it arrived the contract with Golden Wonder was running out. The spuds had to be delivered by a certain date and time in order to qualify for the price agreed. The word was that Golden Wonder had already got a reduction because of the infestation.
I’ve never seen a boat unloaded quicker than that one. The dockers were on a good rate and they tore the cargo out of her. We were allowed any weight we wanted and seeing as it was a fairly flat journey from Felixstowe to Warrington many of us went a bit over the limit. I saw one man in front of me put 20 tons on a little four in line trailer that would have struggled with 15 tons and I noticed that the tyres barely altered shape. I asked him why that was and he said they had 150psi pressure in them. He said that if one blew out it tipped the half axle over on its side! I took twelve tons, roped up, sheeted down and set off for Warrington overnight. It was like a cavalry charge because we all knew that the faster we got there the higher up the queue we would be. I arrived at the plant in the early hours of the morning and joined the queue which wound round every road in the industrial estate where the crisp plant was located. The factory started unloading us but it soon became evident that we were not all going to get unloaded before the contract ran out. Of course, it was in the factory’s interest to have as many of us waiting as possible when the contract finished because there would then have to be a re-negotiation of the price. The days wore by and we got to the stage where the WVS were coming round and giving us tea and sandwiches because we were all running out of money, in addition we could go into the factory and have as many crisps as we liked directly out of the continuous fryers. The first few helpings were delicious but they soon palled! Eventually the contract was agreed and we got unloaded, It was rumoured that the potatoes were bought for 5/- a ton. We all expected a problem with payment for the haulage but Billy said we got our money in the normal time.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

News from the Resolution Foundation that some mortgage payments could increase by £3,000 next year.
(LINK)
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Post by Tripps »

I'd only vaguely heard of The Resolution Foundation, and as usual the first thought that enters my head is - who pays your wages then?

After five minutes intensive research I'm not much wiser. They are a registered Charity (No. 1114839) and their income, in the last year it was published (year ending Sep 2021) is about £2.7 million, shown as all being from legacies and donations - no further detail. Their charitable expenditure was a very similar amount with an equal lack of detail.

So that's all good then. Nothing to see here.

There needs to be an equivalent to the Tony Benn question but for charities. rather than politicians. :smile:

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Post by Stanley »

The Resolution Foundation seem to be pretty well regarded by the people I respect David. \perhaps the best recommendation for them is the people who dislike them. All the criticism of them that I have heard has emanated from Tories and other unsavoury elements. Another thing in their favour is that they usually talk very sensibly about the subjects they address. Yesterday's warnings about mortgages seem very timely and reasonable.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

Disappointing news this morning in that the rate of inflation has not changed since last month, it is still on 8.7%. Further, the core inflation rate is higher than predicted. This means that the BofE will almost certainly raise the Bank rate on Thursday.
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Don't worry Jeremy Hunt is saying the economy is on TRACK. The problem with this statement is knowing which direction it is moving on. Forwards, backwards or heading towards the buffers. In truth it looks like its broken down waiting for the repair crew that no longer exists because of austerity.
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Amazon getting a bad press in BBC. Amazon tricks and traps

Anyone who uses the trader will be well aware of it all. Even I was taken in the first time I used them. :smile: It was also the last time.

"The company also allegedly put customers seeking to cancel through a cumbersome "four-page, six-click, fifteen option" process, which the FTC said was known internally as "Iliad" in a nod to the Greek epic about the "long, arduous Trojan War".
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Post by Stanley »

Which is why I ditched Amazon a long time ago. I re-registered when I got my Firestick, I had to do in order for it to work. It has not worked! I shall not be using them again......
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Stanley wrote: 22 Jun 2023, 02:29 Which is why I ditched Amazon a long time ago. I re-registered when I got my Firestick, I had to do in order for it to work. It has not worked! I shall not be using them again......
It just needs to connect to your wifi to work...
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My problem is that I don't understand those things Kev.... :biggrin2:
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Stanley wrote: 22 Jun 2023, 06:05 My problem is that I don't understand those things Kev.... :biggrin2:
I can call in the next time I'm in Barlick and set it up for you. I would have offered when I changed the battery in your PC but thought your nephew was doing it.
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Post by Stanley »

Thanks Kev. Not heard anything from Mo but he has had enough on his plate just recently...... Two young children and just bought a new house and moved in.
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Well we all know now who is causing this inflation. Its the people who took the necessary gamble to buy their house at inflated prices just to have somewhere to live. Enough is enough, you can't have your cake and eat it, unless you are Boris Johnson's ample girth has demonstrated, People who thought they were doing the right thing are going to suffer another interest rate hike taking the blame for 13 years of Tory mismanagement.

This reminds me of the TV series 'The Boys from the Black Stuff' where 'Yosser' meets 'Shake hands' The Crusher.
Sorry about the quality of the video. but it demonstrates that people can only take so much before they rebel.
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Remembering my first mortgage at the Burnley Building Society. Your request and all your details were assessed by Committee which was held every month (I think). Getting approval was a big deal. Normally the term was for 15 years but there was an option for 20 years. A life's sentence in many peoples eyes. Now it can be as long as 35 years. Its not unusual for people to move house every seven years and change jobs every five so with mortgage rates changing every couple of months how can people plan for the future?

Jeremy Hunt and the Bank of England have raised their interest rates to 5%. Mortgages have a premium depending on what they think the suckers will pay. Our compassionate government have arranged interest payment only holidays to help borrowers who are in difficulty. This is absolute Bull s**t. The move is to protect the bank from a tsunami of loss making repossessions and the government from the negative optics of homeless people.

All this to get inflation down. Another load of nonsense. Bank interest rates are NOT factored into the Consumer price Index but their knock on effects can affect everybody. ie: higher inflation.
Those with no mortgages will not be affected so technically they still have money to spend.
Those still on a fixed mortgage may cut back on spending saving for the rainy day. But this means the increased rate must last for years not months.
Those on variable rates are in deep S**t so its back to paragraph 2.

Would you buy a second hand car from these men?
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Post by Tripps »

The current crisis in the mortgage market inevitably bring back memories of your own lifetime experience. With hindsight it seems I lived through the golden age of house buying, but it didn't feel like it at the time. A few things need to be considered.

Interest rates were high, but remember MIRAS - mortgage interest relief at source. That gave automatic (basic rate) tax relief on the first £30,000 and effectively reduced the rate by a third for the first £30,000 of the mortgage. The basic rate of income tax was of course 33 %. This amount would comfortably cover the cost of a reasonable family house. I won't bore you with the detail, but I managed never to have a mortgage bigger than £30k. The numbers quoted now make my blood run cold.

If you had an interest only mortgage - they didn't call them that then - they were known as endowment policy mortgages - then you could extend the term without any increase in the monthly payments, so rises in rates were realtively painless - so long as you thought you would live for ever. The policy was the means of paying the capital at the end of the term - something they don't insist on nowadays - expecting inflation in house prices and an eventual sale and downsize if necessary, to do the job.

If you had a few quid left over you could get a good rate of interest on savings. My PB was 16.05 % with the Nationwide!

The 'committee' liked endowment policies, as they got a commission on the business. They didn't all end well but I had no complaints. :smile: Remember also that banks didn't do house mortgages then. Just Building Societies. I think that was a good thing.

"The bank is not your friend". has been my constant watchword - and at risk of pomposity "measure your wealth by the fewness of your wants" :smile:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by PanBiker »

When we bought our first house the Building Society that we had saved in wouldn't lend on the property because it was less than £3K, £5.00 short actually. We made our first mistake there, we just had enough saved to buy it outright but got a mortgage from the council. It was a doer upper and we needed spare cash for the project. Building Society was interested when we sold it for 5 times what we paid for it though. Compounded the error and bought another that we could afford instead of stretching ourselves a little more. Guess we break the mould of regular flitting, the second one is our current house. Paid the mortgage off when I was made redundant when I was 56 so 14 years ago or thereabouts. One of the properties we looked at which we could have bought for £25K at the time, (an old farmhouse and a few barns which was a proper doer upper) recently changed hands for just short of £500K. We should have done that one as my dad was a builder and would have loved the challenge. Hindsight is a wonderful thing. :smile:
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I still regret not buying the old police station, in Barlick, for £60k in 2003...
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