pikestaff
Member of DD Central
Posts: 2,136
Likes: 1,484
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Post by pikestaff on Oct 18, 2014 7:07:24 GMT
Not sure it's got quite that bad, even in Japan, unless you are lending to the central bank. But I see no reason to expect bank deposit rates for shorter terms to remain above zero, other than marketing. And the days of "free" banking must be numbered regardless of the outcome of the FCA's investigation.
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Post by goldservice on Oct 18, 2014 7:29:37 GMT
And the days of "free" banking must be numbered Whenever I hear this I think two things: 1) the speaker must work for a bank , and 2) won't mutuals just continue to use their profits to provide free banking as they do now? (apos if off topic)
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pikestaff
Member of DD Central
Posts: 2,136
Likes: 1,484
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Post by pikestaff on Oct 18, 2014 7:40:45 GMT
I don't work for a bank but I do know that branch banking is fundamentally loss-making. This is the underlying reason for all the mis-selling scandals that we have had. Branches required to chase commission as the only way to make money. It's also why our retail banks diversified into investment banking, and we know what a good idea that turned out to be.
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Post by elljay on Oct 18, 2014 11:05:53 GMT
Who goes into a branch nowadays? I try to keep it once in a blue moon.
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Post by davee39 on Oct 18, 2014 11:45:04 GMT
And the days of "free" banking must be numbered Whenever I hear this I think two things: 1) the speaker must work for a bank , and 2) won't mutuals just continue to use their profits to provide free banking as they do now? (apos if off topic) The largest mutual looks like a bank, acts like a Bank and pays Bonuses like a Bank. So no.
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Post by geoffrey on Oct 18, 2014 12:21:40 GMT
Who goes into a branch nowadays? I try to keep it once in a blue moon. I have to pay in cheques fairly regularly. I don't trust putting these in the post (hassle to replace if one gets lost). Also occasionally need to withdraw larger sums of cash. Branch is on my route to/from work, so it's not such a big deal. Branches still needed IMHO.
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Post by pepperpot on Oct 18, 2014 12:49:45 GMT
Who goes into a branch nowadays? I try to keep it once in a blue moon. I have to pay in cheques fairly regularly. I don't trust putting these in the post (hassle to replace if one gets lost). Also occasionally need to withdraw larger sums of cash. Branch is on my route to/from work, so it's not such a big deal. Branches still needed IMHO. It obviously depends on individual needs as the last time I went into Santander was just over 12 months ago, to set up my 123 account!
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Post by goldservice on Oct 18, 2014 14:14:16 GMT
Whenever I hear this I think two things: 1) the speaker must work for a bank , and 2) won't mutuals just continue to use their profits to provide free banking as they do now? (apos if off topic) The largest mutual looks like a bank, acts like a Bank and pays Bonuses like a Bank. So no. I assume we are talking about the N*****W*** BS here. I wish it did act like a bank. My current account is there but I can't get services like signature witnessing and deposit boxes and IMOs take forever. And yes there is an undesirable move to fancy bonuses. But any profit left after that can be used to subsidise free banking. They have been involved in PPI misselling and made a big mistake on fixed rate mortgages around 2008. Now they are pushing free to operate current account holders to switch to charged current accounts with 'features' - I think this will just turn out to be another misselling scandal. (sorry -I must really be off topic by now )
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Post by geoffrey on Nov 2, 2014 12:12:58 GMT
This weekend should have been big, since we've reached the 2nd of November without the usual glut of beginning-of-month payments because it is a weekend. But something weird is going on. Demand is very high in principal: £2 million approved and waiting for a match. Yet just now we're showing only 122 matches in 24 hours and an accumulation of funds offered at lower rates (6.0%) as "desperate" lenders start lowering rates to leapfrog the queue, even though there have been no matches since yesterday afternoon (at time of writing). Strange -- opposite of what I would have expected for this weekend. Have borrowers twigged that there will be a huge glut of repayments on Monday? Has RS told them they'll get a better deal if they wait?
PS Just seen a borrower wanting £6.5K loan, so I expect that to match shortly, but this is till small fry.
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