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Tizer
VIP Member


5150 Posts
Posted -  25/06/2010  :  09:59
I just love banks, don't you? They go out of their way to make life exciting and to make sure we are always wondering if our account will have been emptied by tomorrow morning. They spend a fortune launching `Chip & Pin' and trying to convince us that it is infallible and that any fraud on our card in future will be due to our failings, not theirs. They do us great favours like deciding, unilaterally, to get rid of cheques. They are so good to us I thought we should reward them with a thread devoted to their marvellous escapades. Let me start with this offering but please add your own experiences and comments...

We have received a letter from Santander (Abbey Nat to you and me) beginning "We are deligted to inform you..." which always sets alarm bells ringing, and ends "As Santander we will continue to offer innovative, great value products and are committed to delivering excellent service to our customers" which sets the sirens blaring.  What they are delighted to inform me is that they have upgraded (without consulting me) my Cheque Guarantee Card to a Visa Debit Card. But I don't want a Visa debit card, I don't need another card, it's just another thing to get stolen, lost or defrauded.

But there's a sting in the tail. They then tell me to destroy my cheque guarantee card by cutting it in half. OK, I think, the new card will be used for this instead. But no, lower down in the letter it says the new card cannot be used to guarantee cheques. I know that cheques are set to be phased out (unilaterally once again, by June 2011) but it looks like the banks have devised a great scam to deprive us of cheque guarantee cards so they can say that cheques are not much use. I use cheques a lot and I would prefer that they were not phased out, but then, hey, the banks are not there just for you and me, are they?

I notice that although the letter tells me to destroy the cheque card, nowhere does it say that I cannot continue to use it. So I'm going to use it for as long as possible. I advise everyone to do the same. The banks are just hoping we will all fall in line with their demands and destroy the cards immediately.


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frankwilk
Senior Member


3975 Posts
Posted - 17/09/2010 : 09:42
" I wonder how long he'll be in post?"

Until he decides to go I believe, he to owns a chunk of the Airline as far as I know !!!! He has to be credited with bringing Air Travel within the reach of almost everyone. The model he has, is followed by almost all budget airlines.

Edited by - frankwilk on 17/09/2010 09:49:10 AM



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Stanley
Local Historian & Old Fart


36804 Posts
Posted - 17/09/2010 : 10:03
Frank, I meant the pilot who issued the statement.


Stanley Challenger Graham




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gearce
Regular Member


941 Posts
Posted - 18/09/2010 : 04:51
So! What's new? ...... Banking boss can take home millions but, if a customer makes more than four withdrawals a month, the bank charges a $2 transaction fee ...... Interesting isn't it!


LANG MEY YER LUM REEK

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Tizer
VIP Member


5150 Posts
Posted - 18/09/2010 : 11:25
Gearce, same here. Bank charges and limits are sneaking in. On one of our business accounts the bank has told us we can now have no more than two (yes, 2) transactions a month or they will close the account. How can you run a business account with only two transactions a month? And why close it rather than giving you a warning?

Lord Myners was on Radio 4 this morning saying that it's business as usual at the banks and the controls won't do any good. He should know, he has enough old mates in the banking world. Also on the programme, the BBC's Robert Peston said:

"The new rules still allow our banks to lend and invest far more, relative to their capital, than a typical hedge fund does. That probably shocks you, because you probably think that hedge funds are the most outrageous speculators on the planet. Well you're wrong about that. Banks borrow far more than hedge funds do to finance their lending and investing. Their leverage, how much they borrow relative to their equity capital, is typically ten or fifteen times the leverage of most hedge funds: the leverage multiple of a typical bank is 30, compared with between zero and eight times leverage for most hedge funds. In that sense banks take far bigger risks with their investors' money than most hedge funds do."

 

Edited by - Tizer on 18/09/2010 11:25:45


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catgate
Senior Member


1764 Posts
Posted - 18/09/2010 : 14:47


quote:
Tizer wrote:
BBC's Robert Peston said:

"The new rules still allow our banks to lend and invest far more, relative to their capital, than a typical hedge fund does. That probably shocks you, because you probably think that hedge funds are the most outrageous speculators on the planet. Well you're wrong about that. Banks borrow far more than hedge funds do to finance their lending and investing. Their leverage, how much they borrow relative to their equity capital, is typically ten or fifteen times the leverage of most hedge funds: the leverage multiple of a typical bank is 30, compared with between zero and eight times leverage for most hedge funds. In that sense banks take far bigger risks with their investors' money than most hedge funds do."

 

Edited by - Tizer on 18/09/2010 11:25:45


 What a wonderful scenario the man paints.

From whom do they borrow this "money" I wonder? Are we supposed to believe that it is from the Bank of England.?

We are led to believe that the BoE have "started  the printing presses" to print some more "money" to facilitate this QE facade.

I can imagine  that being done in the Der Farterland in the 20s when virtually no one used cheques, but these days it beggars belief. Just add a few noughts on to the credit transfer docket and the job is done. More worthless money.

 


Every silver lining has a cloud.


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tripps
Senior Member


1404 Posts
Posted - 18/09/2010 : 15:01
Cats - you are undoubtedly right in much that you say -but I repeat - what can the average punter do about it?  I liquidated all my savings last year and bought a larger house - quite against the fashion for  "down sizing". The cash was earning one tenth of one percent in an ISA. No one can change the price I paid or inflate away my house.  The nominal value may fall, but so what - I can still live in it. Let's hope I did the right thing.Smile 


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catgate
Senior Member


1764 Posts
Posted - 18/09/2010 : 16:51


quote:
tripps wrote:
Cats - you are undoubtedly right in much that you say -but I repeat - what can the average punter do about it?  I liquidated all my savings last year and bought a larger house - quite against the fashion for  "down sizing". The cash was earning one tenth of one percent in an ISA. No one can change the price I paid or inflate away my house.  The nominal value may fall, but so what - I can still live in it. Let's hope I did the right thing.Smile 

It is difficult to know what the average punter can do about it other than make sure every other punter can see the truth concerning of what is going on and how he has been fooled and fleeced in the past, so that when enough people are aware of the reality of it then some sort of "meaningful crusade" can be started. The sad thing is that until one has gained experience of the system one takes it at its face value and eventually, when one has got that experience, one is to old, and without the energy, to start a revolution.

As far as house prices are concerned we have had our bungalow up for sale  for some time now and there is no doubt the "sale" value has dropped over the summer, but so too have everyones prices. So as far as we are concerned it is not a real problem. We just want something with less garden.  If we had had a mortgage it woul;d have been a different tale altogether. Many years ago when we had a mortgage we scrimped and saved and paid it off in only a few years. That has served us well in the long run.

 


Every silver lining has a cloud.


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Stanley
Local Historian & Old Fart


36804 Posts
Posted - 18/09/2010 : 17:14
Anywhere where money is invested into something tangible and capable of conversion is better than deposits. I said years ago that if I had some money I wanted to keep safe I'd buy copper ingots and store them. As it turned out it would have made a splendid profit.

"Where neither moth nor rust doth corrupt and thieves cannot break in and steal"


Stanley Challenger Graham




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tripps
Senior Member


1404 Posts
Posted - 18/09/2010 : 18:47

"  one is to old, and without the energy, to start a revolution. "

Tell me about it........Smile




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catgate
Senior Member


1764 Posts
Posted - 18/09/2010 : 20:18


quote:
tripps wrote:

"  one is to old, and without the energy, to start a revolution. "

Tell me about it........Smile


I'll tell you.

Yesterday I went to meet an old friend. We were in the boy scouts together during the war years. He was one of a trio  who used to go camping together regularly up until girls/work/national service put a stop to it all. I had not met up with him for about 40 years (we reckoned).

We arranged  to meet in Knaresborough market place at 1.00 o' clock. At 1.15 we finally met after walking past each other several times. It was his wife that eventually recognised me. Whether she reckognised a fellow searcher, or really did think I was me, I know not. My wife was just as lost as I was. What hope a revolution?????


Every silver lining has a cloud.


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Bodger
Regular Member


892 Posts
Posted - 18/09/2010 : 21:39
catgate, your last post opens up a possibility of a new topic for those who dare, a current picture along with one from a few years ago, it wouldbe interesting to see the comparisons !. But we will have to wait untill the pic problem is sorted


"You can only make as well as you can measure"
                           Joseph Whitworth
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Bodger
Regular Member


892 Posts
Posted - 18/09/2010 : 22:09
Stanley / Doc, i tried to put a pic on the above but my ability failed me, the pic is either in the ether or in OGFB pic bank, if you can please add to the above.

I was going to put that i could'nt "fathom" out how to post pics, but then what has the depth of the ocean to do with it ?


"You can only make as well as you can measure"
                           Joseph Whitworth
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Stanley
Local Historian & Old Fart


36804 Posts
Posted - 19/09/2010 : 06:15
Bodge, you need help from someone on Windows. Us Ubuntuers are spitchered, we can't post either. Doc's working on it but I fear it may be a sign of Sky Portal creaking at the joints. See Doc's post on the new platform for the site, a lot of work is going into it. I gave him FM1 when I swapped to this machine and he has it working on Linux so he's all right for speed and capacity....


Stanley Challenger Graham




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stanley at barnoldswick.freeserve.co.uk Go to Top of Page
Stanley
Local Historian & Old Fart


36804 Posts
Posted - 19/09/2010 : 06:21



Stanley Challenger Graham




Barlick View
stanley at barnoldswick.freeserve.co.uk Go to Top of Page
Stanley
Local Historian & Old Fart


36804 Posts
Posted - 19/09/2010 : 06:27
I remembered, I can insert but not add text.




Stanley Challenger Graham




Barlick View
stanley at barnoldswick.freeserve.co.uk Go to Top of Page
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