Banking
Banking
Sadly our banking system is in a complete mess.
Fraud, according to The National Fraud Authority last year cost the economy more than thirty million a year, according to the governments first official estimate. This staggering figure if true costs on average, over six hundred pounds a year for each adult.
The charity and voluntary sector lost 32 million pounds to fraud, while fraud against individual consumers, including mass marketing frauds such as lottery and loan scams totalled 3.5 million pounds. One billion pounds on mortgage fraud and more than two billion lost in insurance fraud.
Against this back drop the Banks are trying to recoup as best as they can. With the imminent demise of the personal cheque the problems will intensify.
New “attractive” accounts are being offered currently at sale prices to entice customers to often take unappropriate accounts with benefits that are completely not necessary.
Although, it is against banking practice the financial institutions have acted against the public interest in operating cartels… For example the credit cards fees companies for missing a monthly repayment charged out stupid fees of twenty pounds and above.
The authorities, however, suggested the maximum fee should be £12 and obviously all had to comply.
It is interesting to note that customers in New Zealand are now enjoying reduced rates. The governments proposed unfair contracts to be in place by January 2010-02-11
Accordingly
Overdrawn fees have been reduced from 35 dollars to six dollars by ANZ
Dishonour fees have been reduced from 35 dollars to six dollars by ANZ
Another bank will abolish account overdrawn fees currently 30 dollars to free NAS.
INDENTITY FRAUD
It is not at all amazing now that indentity fraud is on the increase.
Frightened by their shadow the clearing bank, in some cases refuse to countersign passports etc suggesting the responsibility should be now shouldered by Solicitors, dentists,doctors optician etc.
In July 2009 the reply from the “Dumb” Financial Services Authority
“If a firm decides to offer proof of a customers identity to another firm this is their own commercial decision. There is no requirement that states that this has to be done. “
On the internet, one can glean much information and without much difficulty a profile can be arranged. While we should shred our personal information, nevertheless, sadly there is far too much information out there.
BUSINESS CUSTOMERS
With the banks tightening their belts, who knows whether one is getting a good deal.
Periodically depending on the size of your business whether one of your banks competitors could give you a better deal. Make sure also that you are benig charged in accord with the agreed tariff. If you have an overdraft or Loan for the business, make sure that the interest rate charged is in accord with your agreement with the bank.
Check Interest etc using http://www.interestsavers.com.au/contents/pagev.asp?NewsID=15
BUILDING SOCIETIES
Make sure your investment account is receiving an acceptable rate of return in the circumstances. Sadly the companies have a habit of introducing new accounts with better interest rates and those with existing obsolete accounts are never warned !
PAYMENT PROTECTION INSURANCE
WERE YOU MIS-SOLD?
Many of the large institutions try to sell this when a loan is taken out and you could be one of the millions who should claim back. Why would you pay for something that is ultimately worthless?
These are just a few examples of how your policy may have been mis-sold
1) You were told you had to have PPI to get the loan
2) You were pressured into buying PPI by a pushy sales person
3) You had medical problems in the past.
4) You were not told that PPI was included in your financial product.
5) You were self employed, unemployed, redundant, or retired at the time.
6) One call to us could mean getting thousands, just call 0800 0433025
Send any feedback to us!!!
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