Banks - the modern day pirates.

[snowleopard]

[ QUOTE ]
Never borrow money when you need it. When you are flush borrow as much as you can (unsecured). You can allways get your overdraft extended when you have lots in the bank your credit card limit when you have cleared it. This is what I do. Although I dont owe the banks any money at the moment I will.

[/ QUOTE ]

that is exactly what the banks want and what makes them most profit. they want to lend you as much money as possible in order to maximize interest and they would prefer to lend to people who don't need it to minimize the risk of you not repaying.

 

[pessimist]

Strange isn't it? Not a single dissenting voice in this thread. Are there no bankers in the house?

 

[snowleopard]

can't have everyone agreeing, it would make life so boring, so here goes.

if you want to send an international money transfer you have to send it via an organisation such as SWIFT. that is not part of your bank so when you ask your bank to organize the transfer they have to pay a fee to SWIFT which they pass on to you. there is a fixed charge which of course seems big in relation to a small sum being moved but is pretty insignificant if you're moving tens of thousands.

there is a way for small businesses who only do a small number of transactions a month to avoid charges altogether. banks like Cater Allen offer a savings account paying interest which allow a small number of cheques and deposits FoC.

 

[pragmatist]

[ QUOTE ]
a fixed charge which of course seems big in relation to a small sum being moved but is pretty insignificant if you're moving tens of thousands


[/ QUOTE ]

Yes - trying to be controversial ? We have to pay the charges on inbound wire payments but since we're fortunate enough to typically have a small number of large transactions. This one is for our community broadband wireless setup and having been ripped off by an Irishman who sold us duff kit I'm even more incensed to have to pay shipping, repairs and bank charges - all to try and get the next door neighbour some broadband. So for the little man in the street who doesn't get ADSL and who gets ripped off by the banks .... (rant over)

 

[trouville]

British and Italian banks are noteoriusly expensive and uninformative.

 

[snowleopard]

<trying to be controversial ?>

of course /forums/images/graemlins/smile.gif

 

[pessimist]

As I recall the cost per transaction throgh SWIFT is minimal. The cost of joining the club substantial so it would be perfectly possible for the banks to charge rather less for low value transactions.

 

[Lakesailor]

Computer says no.....

 

[Birdseye]

Hang on a minute. £25 wouldnt even buy you a decent curry. Or a night in a marina. Do you really expect anyone to do anything much for less than that? And a transfer to somewhere like Poland will require several people in the bank to stop talking about last nights soaps and do something.

Plus - as a shareholder, I want my cut and I dont recognise coins.
/forums/images/graemlins/smile.gif

 

[TheBoatman]

Recently I had some problems with my bankers! I filled out there necessary bank forms to transfer money to my Italian suppliers. I lodged the forms at the bank and forgot about it. 3 weeks later my Italians asked, “Where is our money” I ask the bank what’s happened; they say they will “revert” to me as soon as they have an answer.
For the next 3 weeks I have to deal with both the Italians and the bank as to where the payment is. I would also add that at this point my bank had deducted the payment from my account on the day that I lodged the transfer.
End result, it took 6 weeks to transfer the money and my bank charged me 25 squids for the privilege?
My local branch told me that I would get back all the charges because of the problems, but when I contacted my actual branch they said WHAT?

Still waiting!!
/forums/images/graemlins/confused.gif

 

[snowleopard]

just once in a while you get to prick the bubble of complacency.

i had a personal account with bank A. when starting up a business i naturally went into my branch to ask about setting up a business account. the cashier's response was to push a form across the counter, say 'fill that in' and turn back to what she was doing. i dropped the form in the bin and left. i then went to bank B. they found a manager immediately who answered all my questions and some i hadn't thought of. they got the business but when they applied to bank A for a reference the manager of my old branch immediately got on the phone wanting to know why i was changing bank. so i told him, let him bluster on for a while with excuses, then told him i was transferring my personal account as well. very satisfying.

 

[Metabarca]

[ QUOTE ]
British and Italian banks are noteoriusly expensive and uninformative.

[/ QUOTE ]

Agreed; I had very bad experiences with San Paolo and Banca Commerciale Italiana, plus another - arrogant gits! Now I'm with a local bank that is part of the Banca Cooperativa network and they're great: helpful, polite, greet me by name when I walk in through the doors... however, although in Italy, it's run by the Slovene minority and that, I'm sure, is the reason for the difference.
P.S. No interest in them except as satisfied customer
P.P.S. No I'm not stinking rich; stinking poor would be nearer the mark!

 

[trouville]

Italian banks are a disaster even for Italians!

I found the Kreditbank in Brussels (belgium) the best Eurapean bank.But for really good service free online banking,first class help:

http://www.raiffeisen.ch/

If you become a sharholder your accounts totaly free, and once a year they offer a super dinner after the AGM. If your travelling and ask they will only send you a statement at the years end, unlike some banks in other contries have to send you a monthy statement,withh all the problems of it getting lost!

Unlike French English the online service is free and secure! If you will be charged a holding tax on your interest but can get it back if you declare it with your tax declaration.

For swift the credit swiss is the fastest.And in general a swift costs about £9 no matter what the amount, unless you fill in the form "all charges to receiving bank"

 

[pragmatist]

Thanks Trouville - both v interesting. However I quake at the thought of getting my local rural NatWest to understand a SWIFT payment - they have really reached the 20thC - you can't even send an email to someone at your local branch !

 

[pragmatist]

You were lucky - these days it is very very difficult to become accepted as a business customer if you have a small business - they're terrified of the risk (although if they don't offer an overdraft I cannot see what the risk is) - they trawl for personal customers however.

 

[Peppermint]

Re: Banks, avoid the services.

That avoids most of the charges. I'd reckon on running about £120k through mine for a charge of around £800 p.a. When you take into account the £1500 worth of sporting hospitality we've had out of the each year, looking good for the Lords Test, I'd say that was OK.