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Time To Close Most Of The Bank Branches?
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My bank is offering a type of current account that I'd quite like to have so I need to convert my existing current account, right? OK so of course I can't do it on line I have to go to the branch! Not been to a branch for years can't remember the last time but they were quiet helpful when I did go! Not any more! I said I would like to convert my current account to the new fangled account they have been beating to death in the media. Now you'd think they'd be delighted! Oh no I have to make an appointment! Next one in about a fortnight! The girl got in a strop when I suggested they move out of the 19th century. What purpose do they now serve?
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We use our bank quite a bit so I would rather it didn't close. We did go in there a couple of months ago to pay our water bill and the man said we could do it at the ATM. We said we didn't know how to do it so he did it for us. 2 weeks later we had a reminder from the water company to say it hadn't been paid, he had messed it up. If the bank can't do it properly how are we meant to. Keep the banks but have people in them who know what they are doing.
//People do pay for the service. Their money is held by the bank that immorally multiplies the figure and loans that out making them an absolute fortune. //
That my friend is total cobblers. Banks make very little from day to day Banking and on most people loose. Its people like me with a 20K float in a current account that subsidises those with thrupence.
They can,and do, sell loans independantly of current accounts these days you know?
I last visited a bank branch about four weeks ago to amalgate 3 savings accounts into one (the 3 arose because the bank had taken over several Building Societies over the last 30 years where I had small savings accounts).
Yes, I had to make an appointment. The lass who handled it seemed very competent and helpful but a few days later I got an e-mail asking me to provide further details as an anti-money-laundering precaution. What a farce. I ignored it, surely someone who had gone through the face-to-face process (including driving licence ID) would hardly be likely to be a money launderer - and why didn't they carry out this check while I was there. They then sent me a letter threatening to close the account. Being totally *** off by then I returned it marked "Go ahead, send me a closing cheque".
Now the next bit really takes the biscuit, they then sent me a letter saying they can't close the account until I return the anti-money-laundering form. So they've transferred my money from several viable accounts into one which I'm now locked out of. I'm going to let them stew for now, it's their dilemma, let them sort it out. So much for the branch offering good customer service.
I went in to add another account and was told they can't do it in bank. After I hit the roof she said bring your device in and we'll help. So if I get a sack barrow and take my pc station into the bank do you think they can help? Not everyone has a phone with apps, nor a laptop!! I will telephone on Monday instead, and you wonder why branches are closing?
//Banks offer 1% - 2% interest on savings accounts, then use the cash to fund overdrafts for which they charge 10%-15%.
So the charge of profiteering is not such "a load of cobblers" after all.//
That is so simplistic it is unbelievable you wrote it. Think about it a bit.
The obvious (but not only) problem is most current accounts have a salary/pension paid in but that is run down to coppers at the end of the month. Since most people are paid begining or end of month it means the accounts tend to run dry at the same time. This makes it impossible to loan on long term.
BTW, for large loans all financial institutions buy the money off the money market, that is how they are able to offer fixed rates. This applies to Mortgages too and has done for some time now and is why byou no longer have to wait on money being available to get the Mortgage like you used to have to.
And then we get to the overheads. Operating a teller can wipe all profits easily.
//If they ain't making money from the deposits they must be very very very incompetent.//
Perhaps as you are so clever you would like to tell the CEO of BONY, Chase, BoA, Lloyds, Barclays etc where tey are going wrong?
Fact of the matter is the mony is mainly made on the investment and Private Banking. Run of the mill current accounts are really old fashioned way of collecting data.
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