Not good news....

[Hylander]

Bank services are not free yet everyone thinks the Banks should give us money.

 

No they are not and they make billions out their customers.   That is the nature of the name Bank.     No we dont wish to part with any more of our hard earned.   If you feel that flush then fair enough but a lot of us are on fixed pensions.

[Soundings]

Thank you Marshman. It is always hard to convince those who have made up their minds. But you are so right - branches have been loss leaders for years. The bank's treasury function does not make a lot out of personal accounts, they just do not carry enough long term cash. It is even harder now given the low interest rates that prevail. The profit is understandably on the corporate side but despite that the bank's provide a no fee service to us on the street.

I am on a fixed pension Hylander. The banks do not make billions on the back of domestic clients. They make it on the back of their corporate treasury function and their corporate services (or that is where they make the bulk of it). They also have to retain enormous cash reserves to stop them going under when that dreaded event occurs. And the level of those reserves has been increased on the back of the last horror story. Your money (up to a certain limit) deposited with the bank is also underwritten by the UK Govt. Not bad for a no fee service is it.

[Heron]

I think that quite a few people on this thread are confused by how banks work.

 

 When I deposit money with a bank I get very little in return for it, little or no interest on the funds I have deposited whilst the returns for the banks on all the money gathered in is huge.  I know what I am talking about 38 years in retail banking has not left me without quite a lot of knowledge on the subject.

 

When I started in branch banking it was difficult to see how a bank branch could lose money. It was usually only bad lending decisions that created a loss situation in an individual branch.

 

Then along came somebody with the idea of taking profitable accounts, usually successful local businesses, out of small branches and centralising them in large branches with the promise to the business customer of improved service from the main branch. Overnight a smaller bank branch was made unprofitable and a target for closure. I know it is evolution in the industry and it is how the system works, but don’t be fooled into thinking that branches of banks cannot be profitable.

 

I could go on forever, Banking is an industry that is continually re-engineering itself, usually with little benefit for the customer who still provides the raw material to keep the wheels that make the profit turning.

[Soundings]

I think that quite a few people on this thread are confused by how banks work.

 

 When I deposit money with a bank I get very little in return for it, little or no interest on the funds I have deposited whilst the returns for the banks on all the money gathered in is huge.  I know what I am talking about 38 years in retail banking has not left me without quite a lot of knowledge on the subject.

 

When I started in branch banking it was difficult to see how a bank branch could lose money. It was usually only bad lending decisions that created a loss situation in an individual branch.

 

Then along came somebody with the idea of taking profitable accounts, usually successful local businesses, out of small branches and centralising them in large branches with the promise to the business customer of improved service from the main branch. Overnight a smaller bank branch was made unprofitable and a target for closure. I know it is evolution in the industry and it is how the system works, but don’t be fooled into thinking that branches of banks cannot be profitable.

 

I could go on forever, Banking is an industry that is continually re-engineering itself, usually with little benefit for the customer who still provides the raw material to keep the wheels that make the profit turning.

I am certainly not confused, I was connected to the industry in a senior capacity for many years. Profitability can be measured in many ways but the branches, especially small town one's were losers (on a fully absorbed cost basis) and as premisses costs escalated along with staff costs the problem became worse. Also corporate customers (the bigger one's) were demanding far more sophistication. This was seen as being only achievable by centralising corporate business in its entirety; it gave the sector a focus that was seen as necessary. There was also the issue that a large number of "corporates" were operating in several locations and they wanted the entire relationship centralised.

 

You mention that the banks make a huge amount of interest out of domestic funds. Could you provide the numbers? How can a bank make huge amounts on an account that carries an average balance of less than, say, £5k, and in money that may be here today and gone tomorrow. Looked at globally I can understand that the amount earned looks huge, but divide that by the number of accounts and it is not much at all.

 

You mention that you make no interest. Do you pay banking fees? I certainly do not - I move money about, set up and close standing orders and have a small working overdraft facility. It costs me nothing in terms of paying direct fees. That is good as far as I am concerned. I also carry a very small day to day balance so the bank makes little on my account.

 

I am certainly not defending everything the bank's have done for some of it could have been done better and some of it has gone too far (call centres!). But in reality it is to be expected for as people demand higher salaries, better working conditions costs start to rise. The counter to that will always be rationalisation of the business. For as Marshman rightly points out, the banks are not a charity and they have to look to their shareholders. Advancing technology has also played its part.

 

It is not just small town branches that have rationalised. Many central city branches and departments have also closed and for the same reason - the numbers do not stack up or could be improved.

[Labrador]

Hi I bank mostly with Nat-West and use the Stalham branch a lot. We are going to get a 'Mobile bank' visiting us to provide a service, wow! Looks like the upper management don't live in the real world but as a real world user of the Stalham branch it will make a heck of a difference to me. This might be fine in a city to close, due to lack of use, the odd branch but in rural locations this is madness with the nearest bank now miles away! Lots of older customers simply don't use computers at all. Mobile banking with 'Contact less' and Apple pay would be OK but remember this is Norfolk where's there's NO mobile phone signal , in Stalham, Horning and many other places you don't have one  give me strenght, if and when we do get mobile signals are the banks et al going to provide the old and technophobic adequate training and kit to use?? Do I trust online banking? No I don't, yes I'll check my account online, but like to be face to face with a bank person who knows me by name and can help me. It's going to be more important as I get older, or the money my end up under the mattress  . 

Hard luck to tourists, they will have to bring money with them or use Tesco, god help us if the Stalham Post Office closes in the future. John.

That's nice thing about norfolk, we still don't quite live in the real world. I think with the closure of Natwest in Stalham/Hoveton the closure of the post offices is unlikely.

As has been said earlier, walk in branch banking is very 20th century. Sorry, but it is a fact of life, my branch in Hoveton makes bugger all out of me apart from what interest they make out of what is in my current account. I very rarely use it.I now bank online at the age of 66 having fought against it for years.I appreciate there are people of my age and older who are not computerised but everything is changing so fast all sorts of people are being left behind.At least in Hoveton/Wroxham they can use the PO for their Natwest banking.

[BroadScot]

A bit off topic, but with the same end result. I was a Match Secretary of a local golf club in Troon, and did all the results by hand, a time consuming job, but I enjoyed it very much.

 

Along came MS Dos and one of the committee said we must spend money and get a computer to do all the results. I took exception to this as I churned out the results etc as fast as was humanly possible (like still working well past midnight) CONGU to blame then, so that handicaps were kept up to date. 

 

So eventually we purchased a PC and had a company from Ireland install the programmes and software required. I HATED a PC at first, really loathed it. However, I had no choice but to learn it all, and learn it quick. Anyway, once I could work the PC and was down to about ten expletives per sessions. I realised It WAS massive progress and I was printing off all the results in 20 minutes!

 

When Windows 98 was introduced into schools I ended up doing much of SWMBO paperwork at home. More time saved.

 

So there you have it, like it or lump it  (I still feel banks should be open) you cannot halt progress in technology. As I have less mobility now, having a PC is a lifeline to me in all things you can just about think of.

 

That is not a rant, just my angle on the progress or not, folks.

 

 

Iain

[Soundings]

A bit off topic, but with the same end result. I was a Match Secretary of a local golf club in Troon, and did all the results by hand, a time consuming job, but I enjoyed it very much.

 

Along came MS Dos and one of the committee said we must spend money and get a computer to do all the results. I took exception to this as I churned out the results etc as fast as was humanly possible (like still working well past midnight) CONGU to blame then, so that handicaps were kept up to date. 

 

So eventually we purchased a PC and had a company from Ireland install the programmes and software required. I HATED a PC at first, really loathed it. However, I had no choice but to learn it all, and learn it quick. Anyway, once I could work the PC and was down to about ten expletives per sessions. I realised It WAS massive progress and I was printing off all the results in 20 minutes!

 

When Windows 98 was introduced into schools I ended up doing much of SWMBO paperwork at home. More time saved.

 

So there you have it, like it or lump it  (I still feel banks should be open) you cannot halt progress in technology. As I have less mobility now, having a PC is a lifeline to me in all things you can just about think of.

 

That is not a rant, just my angle on the progress or not, folks.

 

 

Iain

MS DOS, Iain? Bimey I read about that somewhere 

 

I think we all wish the banks were open. It is just that I understand (or think I understand) why they are not. The alternative would imho give rise to a very, very expensive product. Honest guv

[BroadScot]

MS DOS, Iain? Bimey I read about that somewhere 

 

I think we all wish the banks were open. It is just that I understand (or think I understand) why they are not. The alternative would imho give rise to a very, very expensive product. Honest guv

I am still convinced MS Dos was developed as a spin off from Bletchley Park  I did a lot of work in the large local General Accident office, Of course they had it installed asap  However, know one had told them the heat generated from the block PC units installed, it was unbelievably hot in there. Worse for me working up at a ceiling replacing or repairing fluorescent fittings!!!

 

 

Iain.

[Soundings]

That's nice thing about norfolk, we still don't quite live in the real world. I think with the closure of Natwest in Stalham/Hoveton the closure of the post offices is unlikely.

 

Agreed 100% Captain. I think though that with the rate of building going on around here the real world is about to intrude big time :-(

 

But that is well off topic.

 

[BroadScot]

Agreed 100% Captain. I think though that with the rate of building going on around here the real world is about to intrude big time :-(

 

But that is well off topic.

 

Not at all  you were just rebuilding the topic back to banking!

 

 

Iain

[SPEEDTRIPLE]

I flaty refuse to do on-line, or telephone banking, because you never know who`s listening to your phone calls, and despite repeated attempts by authority to try and brainwash me into doing everything on-line, i refuse, because anything you do on a tiblet, i phone, pc or whatever computing device, someone somewhere will have all your passwords etc on some form of software.

 

I remember a colleague at work faffing around in a panic one day, and he said somebody had hacked into his on-line banking account. I told him i won`t have anything to do with internet banking as it`s far too unsafe, and allways will be. His reply blew me away, saying "oh, it`s perfectly safe"?.  Errrr, hello, Earth calling Bob, if it`s pefectly safe, how come someone has hacked into your on-line account?.

 

Despite all the security measures, with rolling passwords, etc etc, there`s ALWAYS an electronic digital paper trail to every single transaction you make on-line, and anybody who works for the major software companies can easiuly find out your bank details. Even if you delete every single password and transaction etc etc, a good software engineer, or worse still, a competent hacker, can still retrieve your personal details.

 

The only way to render any previous details on a redundant hard drive safe is to grind it into millons of splinters.

[Soundings]

I flaty refuse to do on-line, or telephone banking, because you never know who`s listening to your phone calls, and despite repeated attempts by authority to try and brainwash me into doing everything on-line, i refuse, because anything you do on a tiblet, i phone, pc or whatever computing device, someone somewhere will have all your passwords etc on some form of software.

 

I remember a colleague at work faffing around in a panic one day, and he said somebody had hacked into his on-line banking account. I told him i won`t have anything to do with internet banking as it`s far too unsafe, and allways will be. His reply blew me away, saying "oh, it`s perfectly safe"?.  Errrr, hello, Earth calling Bob, if it`s pefectly safe, how come someone has hacked into your on-line account?.

 

Despite all the security measures, with rolling passwords, etc etc, there`s ALWAYS an electronic digital paper trail to every single transaction you make on-line, and anybody who works for the major software companies can easiuly find out your bank details. Even if you delete every single password and transaction etc etc, a good software engineer, or worse still, a competent hacker, can still retrieve your personal details.

 

The only way to render any previous details on a redundant hard drive safe is to grind it into millons of splinters.

You are entitled to your opinion. The conspiracy theory rules ok for some I know. But you won't stop progress - remember what happened to the dinosaurs.

 

Bet you have written a cheque out and sent it through the post/handed it to a third party though!

[SPEEDTRIPLE]

So, please tell me where exactly i mentioned the words "conspiracy theory"?.  All i brought up was potential security weakesses, and where they might be found, and correct me if i`ve missed something or cannot read my own post, but i`ve not said the words "conspiracy theory".

 

Every day in this country and around the world, there are acts of bank fraud, identity theft, and many other forms of fraud going on, and by far and away, the vast majority is internet (on-line) based, and the percentage is getting bigger every day.

 

Is`nt it strange how in the modern age, with all the up to date state of the art security systems etc etc, internet based crime is getting bigger and bigger. And that`s FACT,  not a conspiracy theory.

[Soundings]

So, please tell me where exactly i mentioned the words "conspiracy theory"?.  All i brought up was potential security weakesses, and where they might be found, and correct me if i`ve missed something or cannot read my own post, but i`ve not said the words "conspiracy theory".

 

Every day in this country and around the world, there are acts of bank fraud, identity theft, and many other forms of fraud going on, and by far and away, the vast majority is internet (on-line) based, and the percentage is getting bigger every day.

 

Is`nt it strange how in the modern age, with all the up to date state of the art security systems etc etc, internet based crime is getting bigger and bigger. And that`s FACT,  not a conspiracy theory.

Speed triple, Conspiracy Theory is (in my books) the belief that there is always someone out to get you. You do rather seem to see it that way. You have a problem with technology and related security- that is fine. You are entitled to have your own problems/fears and I respect them. I  just do not share them, but I do take sensible precautions. The finance industry does not share them either, not to the point where it sees electronic banking as a real issue (well they have been moving cash electronically for years).

 

Is`nt it strange how in the modern age, with all the up to date state of the art security systems etc etc, internet based crime is getting bigger and bigger? No not strange at all. I would expect crime to focus on where the activity and value is; I would expect the criminal focus to move with the times.

 

Anyway, it is not for me to convince you. This is a world of choice (up to a point anyway). The time will come when there is no option to internet banking and all you can do then is keep your money under the mattress. That is if the finance industry has not done away with cash by then

[jeffbroadslover]

I have read through this topic with interest and have searched everywhere I can think of but am at a loss.

 

Can someone please tell me where I can get hold of a machine with which I can do  my banking on line and also get it to give out actual CASH for when I need to use a shop or market stall which does not accept cards etc.

 

There are still quite a lot of them about !

 

How many car booters do you know who accept cards?

 

 

Jeff

[Soundings]

I have read through this topic with interest and have searched everywhere I can think of but am at a loss.

 

Can someone please tell me where I can get hold of a machine with which I can do  my banking on line and also get it to give out actual CASH for when I need to use a shop or market stall which does not accept cards etc.

 

There are still quite a lot of them about !

 

How many car booters do you know who accept cards?

 

 

Jeff

They are called cash machines - there are two in Stalham (excluding those at Tesco). You can withdraw cash and get your running balance. 

 

Or are you saying you only withdraw cash by going into a branch and drawing money out over the counter?

[TheQ]

Soon to be one

[TheQ]

Soon to be none, nat west stalham is also closing as of Dec 3rd and the Hoveton branch will close Dec 2nd.

[Soundings]

There are two (or is it three) in Tesco and you can get cash out at the PO I believe. The PO route is a bit of a pain though.