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Banks and their promotions
Topic posted by Dave - urmston.net ... dated:12 November 2005
Do highstreet banks assume that all their customers are absolute morons? For example, I recently asked Lloyds TSB to stop sending me applications for loans because, quite frankly, they insult my intelligence by doing so.

As an example, Lloyds TSB quoted me FROM 6.9% APR on a recent loan offer. I went into my favourites and pulled-up moneysupermarket.com and Northern Rock were doing an unsecured loan 5.6% for a £1000 over five years. That’s a better deal than Lloyds TSB's "From" rate and it took me about 30 seconds to find.

Bit to be fair, I zipped over to the Lloyds TSB website and obtained a quote for an equivalent loan with them, and the APR is, wait for it… 14.9%. With Lloyds TSB I would be paying back half the amount that I originally borrowed in interest over the five years. Try it for yourself - £1000 over 60 months.

I can only conclude that Lloyds TSB think I'm a chump. I'd be really interested to hear from the bank manager at Lloyds TSB in Urmston, because I want to know why they treat their loyal customers this way. Why do they continually offer me loans at rates which far exceed competitive rates?
Re: Banks and their promotions
Reply posted by Edward ... dated:10 October 2020

There are three ATMs at Woodsend.

One at Sainsbury's and one at the post office, which are both free, plus one at the Spar which charges you to retrieve your cash.

On the subject of cash I can only recall making around three cash payments this year since February. I never really trusted Contactless but these days needs must due to Covid precautions. Formally I used to draw out enough cash on a Friday to cover the week's small transactions such as newspapers, mags, postage stamps, visits to the Costa and various subs for croquet, Probus, U3A, music group etc. whilst making larger purchases on the card. The worst thing about doing everything on a card, either contactless or pip and chin, is that my monthly bank statement is about four and a half feet long!

Re: Banks and their promotions
Reply posted by AnotherPete ... dated:10 October 2020

Aardvark - Well there are two outside Sainsbury's for starters. There are also machines at the Natwest, Santander, and outside the Post Office.

Personally I can't remember the last time I used cash.

Re: Banks and their promotions
Reply posted by Aardvark ... dated:10 October 2020

Dodging yesterday's hailstorm on Crofts Bank Road, I found myself wondering just how many banks or building societies still have branches in Urmston. I think we've only got Nat West and Santander now. Plus the Post Office, which can be used by customers of some other banks.

For that matter, how many free-to-use ATMs are left now? There are some in shops of course, but how many that you can use at any time of day? I can only think of the one on Flixton Road near the railway bridge (old Nat West branch).

Re: Banks and their promotions
Reply posted by Stewby ... dated:20 July 2012
Edd,
 
I can honestly say that the Co-op Bank are not down market or expensive.
They are an honest bank that work closely to their ethics and values.
 
In all honesty, though, you could do a darn sight worse.
Re: Banks and their promotions
Reply posted by Edd ... dated:19 July 2012
I've had a current account at Lloyds for over 30 years. I've not paid a penny in charges and no mistakes have been made with my account. I'd like to know how the Co-op can improve on this. Is the Co-op bank as down-market, old-fashioned and expensive as their supermarkets?
Re: Banks and their promotions
Reply posted by SteveW ... dated:19 July 2012
It may or may not be good news, but I object to having my account moved without being consulted. The same thing is already underway with my RBS/Santander business account - which at one point left me unable to pay business bills as they'd incorrectly advised me of my new online ID and the system didn't say it was wrong, just reported that there were system problems and to try again later.
Re: Banks and their promotions
Reply posted by JohnH ... dated:19 July 2012
Good news for Lloyds Bank customers  The Coop are taking over the Lloyds banking business.  This includes the Urmston branch and will be... "rebranded as TSB, which is one of the few banking names untainted by the financial and ethical disasters of recent times."
Re: Banks and their promotions
Reply posted by JohnH ... dated:07 September 2011
Hercule, I kept going to the Britannia branch hoping they had changed to Coop, but again and again I had to avail myself of the postal service. I switched from Post Office paying-in envelopes to the Coops clearing house envelopes. BIG mistake. Having lots of cheques to pay in, rather than wait in line, I could post them to simplify matters, but they were taking 3-4 weeks to clear! Now I'm actually looking forward to queuing again!
 
Once, when I needed lots of cash, I had to cycle to the Swinton branch and facing a CWS employee for the first time (what a novelty, I thought) I was told the money in my accounts could be far better invested!
 
Now that the Coop Bank is available in Britannia, I can only hope that the staff at 13 Crofts Bank Road do cheer up, though!
Re: Banks and their promotions
Reply posted by Poirot ... dated:07 September 2011
"3 years hard labour with paying-in envelopes" - ha ha ha - that made me laugh. ;->
Re: Banks and their promotions
Reply posted by JohnH ... dated:06 September 2011
At last! What took them so long? 3 years hard labour with paying-in envelopes.
Re: Banks and their promotions
Reply posted by Poirot ... dated:06 September 2011
Ooooh fab.  I've been waiting for this as I hate having to pay in at the post office.
Re: Banks and their promotions
Reply posted by Steve ... dated:05 September 2011
Great news for Urmston. It is now possible to open and service a Co-operative Bank account at Britannia branches, so as we have a Britannia in Urmston we have been given a real alternative to the big high street banks overnight!
Re: Banks and their promotions
Reply posted by EricJ ... dated:27 October 2010
It is now the norm to take 20 minutes to be served in Natwest Urmston, someone in the queue today said "This is when you appreciate how efficient Urmston Post Office is". 
Re: Banks and their promotions
Reply posted by Dave - urmston.net ... dated:03 July 2010
Precisely Bob, only a fool would take them up... and that's why I make my banks remove any advertising leaflets from my bank statement envelope.
 
And I accept that there are different factors - whether the loan is secured, whether the person borrowing the money has any county court judgements. All I did was make a comparison for an unsecured personal loan.
Re: Banks and their promotions
Reply posted by Bob ... dated:03 July 2010
Dave, in the markets where the different institutions want to genuinely compete, the difference in the rates that each offers will be negligible. Where a bank isn't attracted to a particular area, it will still offer a product but it will make its rate so unattractive, only a fool would take them up.
 
Also, there are often a number of different factors that influence what the final rate offered to each individual may be, so I think it's unfair to say their products are uncompetitive.
Re: Banks and their promotions
Reply posted by Evad ... dated:01 July 2010
Qoute "but the interest that they make on having my salary paid in each month more than pays for any services that I obtain from them"
 
And this partly should really be used to off set any loan percentage charges or enhanced interest rates.
I had an arguement with the Halifax a while ago. My wages are split between two banks, the Natwest & Halifax. Initially my electronic transfer from the Natwest into the Halifax didn't allow me access to any monies until the transfer cleared, 5 days. Rather strange I thought, electronic transfer is direct (you cant have this unless the funds are there) After a fraught discussion with the Halifax to close my accounts unless I had immediate access to my money. They complied. This was a typical action of a bank using my money to make them interest as apposed to me. Banks have many ways of making money out of yours BEFORE you get interest. I went into another PLC in Urmston on Tuesday, asking about accounts. Couldn't beleive it when the girl told me; this account pays 0.01% interest, are you interested, Ha your having a laugh mate.
Re: Banks and their promotions
Reply posted by Dave - urmston.net ... dated:01 July 2010
Just to prove a point about the banks products being uncompetitive.I did a check this morning and here's what I found:
 
A £10,000 loan from Lloyds TSB for five years has an APR of 11.3%, which equates to 216.41 over 60 months.
 
I did a comparison on www.moneysupermarket.com, I selected the non-home owner option to be fair and here's what I found:
 
A £10,000 loan from Alliance and Leicester for five years has an APR of  7.8%, which equates to 200.54 over 60 months.
 
That's a saving of £16 per month. I tried different options too, for example, £7000 over 3 years for Lloyds is 13.9% - which is not far off a credit card interest rate. For Alliance and Leicester, Tesco and Sainsburys Finance it's 8.8%.
 
So my point is as pertinent today as it was five years ago - products and services offered by a bank to its customers are uncompetitive.
Re: Banks and their promotions
Reply posted by Dave - urmston.net ... dated:30 June 2010
I do Blobster... but the interest that they make on having my salary paid in each month more than pays for any services that I obtain from them. And the fact is that the products and services offered by banks to their customers are uncompetitive. The banks need to target their customers with these offers because they struggle to compete on an open market with them. By targeting their customers they hope to appeal to those customers that don't know any better - the young and the financially illiterate. I believe that this is why Lloyds TSB were determined to argue their case to the ICO - because if all their customers did the same as me: submitted a Section 11 notice requesting that they cease processing their personal data for direct marketing purposes, then they would have to start competing on the open market - which would result in a lower profit margin.
Re: Banks and their promotions
Reply posted by Blobster ... dated:30 June 2010
"Banks are so arrogant when it comes to the promotion of their products. Everyone should do it."
 
Dave.....do you enjoy the luxury of free banking?
Re: Banks and their promotions
Reply posted by Dave - urmston.net ... dated:30 June 2010
Ha, I'd forgotten that I'd submitted this post... I've come a long way since 2005. My banks no longer send me any direct marketing and it actually makes me feel better. I had to argue my case though and they were reluctant to stop until the Information Commissioner's Office (ICO) told them to. Lloyds TSB were not happy at all about this and their legal department argued their case but the ICO told them to comply with the wishes of the data subject (Me) or face prosecution - so they stopped.
 
These days both Barclays and Lloyds TSB have to remove any marketing leaflets from my bank statements and it's really satisfying. Banks are so arrogant when it comes to the promotion of their products. Everyone should do it.
Re: Banks and their promotions
Reply posted by Sue ... dated:30 June 2010
LOL - I love it when that happens!
Re: Banks and their promotions
Reply posted by Graz ... dated:30 June 2010
Note: Dave's original post is about 6 years old - I used this topic instead of starting a new one.
Re: Banks and their promotions
Reply posted by Jackal ... dated:30 June 2010
Dave - why would you consider any Bank to be anything other than a commercial operation in charge of making as much profit for its shareholders as it can - out of YOU (the customer)?? - It's not a charity and probably doesn't claim to offer the best deal on the marketplace
If you don't like it - don't buy it - simple's  and if you don't want them to send you stuff - tell em
Re: Banks and their promotions
Reply posted by Graz ... dated:30 June 2010
The £20 note with Edward Elgar on the back will be accepted by shops for the last time today, 30 June 2010. It is then up to individual organisations' discretion wether they continue to accept them. I think it should be down to a democratic vote who appears on the front and back of bank notes, after all, who is aware of Elgar's replacement, Adam Smith?
Re: Banks and their promotions
Reply posted by Steak ... dated:12 November 2005
Believe me, there is no such thing as a loyal customer in their eyes. I was a member of Royal Bank of Scotland from the Williams & Glynn's days (over 40 years) I took out a loan of £10,000 over 10 years it cost me £28,000. But the scam was the insurance cover it cost me £50.00 per month in insurance for the whole 10 years and they put interest on the insurance charge which makes the interest extremely exorbitant if I hadn't taken out the insurance I could not have the loan, If only I knew then what I know now.

The moral to this story is do not take out a loan with RBS (Ripoff Banking Services)
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