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Change They Need

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    Change They Need

    Aye -Right

    For all the pontificating and soul searching aboot setting right the excesses and downright greed of Banking System - just one reflection shows that to be a lot of baloney.

    Consider it still takes 3 days for UK-UK bank transfers.

    A transfer could be carried out instantaneously using the technology we have today.

    However by delaying the transfer by a few days, the bank can hold onto the money and any interest accrued for that period and so makes a small profit on each transaction.

    When you consider that there are many millions of these transactions every year, the banks can make a considerable amount of money from the delay.

    Change m'Arse.

    #2
    Originally posted by AlfredJPruffock View Post
    Consider it still takes 3 days for UK-UK bank transfers.
    It's part of the price people pay for "free" bank accounts.

    Comment


      #3
      If you want free banking, then it'll remain at 3 days. My CHF10 a month gets me next day (or in some circumstances) same day transfers.
      Down with racism. Long live miscegenation!

      Comment


        #4
        The banks have started....

        to offer faster payments. Check out

        http://www.apacs.org.uk/sortcodechecker/

        Comment


          #5
          Jings Unicorn !

          Would you credit it ???

          Thanks !
          Last edited by AlfredJPruffock; 10 November 2008, 15:02.

          Comment


            #6
            Credit card payments ........

            which most people probably want to use it for look like you have to change the sortcode account number for this quicker payment.

            However, one of my RBS cards the payment was flagged as a Fast Track Payment without me doing anything

            Comment


              #7
              Originally posted by Unicorn View Post
              which most people probably want to use it for look like you have to change the sortcode account number for this quicker payment.

              However, one of my RBS cards the payment was flagged as a Fast Track Payment without me doing anything
              Between two accounts I use (different banks of course), I get money transferring and clearing within about 30min, but only in one direction.
              Originally posted by MaryPoppins
              I'd still not breastfeed a nazi
              Originally posted by vetran
              Urine is quite nourishing

              Comment


                #8
                http://en.wikipedia.org/wiki/HSBC

                The Hongkong and Shanghai Banking Corporation - also known colloquially as "Hongkong Bank" before 1998 ("Hong Kong" always spelled as one word) - was established in Hong Kong and Shanghai in 1865. (The founder, a Scotsman named Thomas Sutherland, wanted a bank operating on "sound Scottish banking principles.")


                http://www.forbes.com/markets/2008/1...markets10.html

                Unlike other British banks, HSBC did not take part in the U.K. government's bank bailout.

                Comment


                  #9
                  On the one hand - good to see tsome effort being made (thanks Unicorn) to speed up this clearing nonsense - on the other hand - why is the 'fast track' not the default and made compulsory for all Banks - wouldnt that be only fair ?

                  and wid ye credit it - those BankingBoys are at it again -

                  Banks have increased interest rates on credit and debit cards held by tens of millions of shoppers despite the cost of borrowing falling to its lowest level for more than 50 years, research for The Independent reveals today.

                  The Bank of England has almost halved its base rate from 5 to 3 per cent since May, but during the same period the average annual percentage rate for credit cards has climbed from 17.2 to 17.6 per cent. Store cards – already in the spotlight after being accused of carrying excessive rates – have hit a peak of 25 per cent, and the high street chains Principles, Karen Millen and Oasis have raised charges for their in-store cards by 4 percentage points – almost a sixth – to 28.9 per cent.

                  More than £200bn is owed by Britons in unsecured borrowing, including personal loans, overdrafts and credit and store cards – almost one-fifth of total lending.

                  While the banks have been heavily criticised for failing to pass on the Bank of England's interest rate cut to their customers, so far providers of "plastic" – which include the same banks and some specialist players – have escaped scrutiny for failing to do likewise with their credit cards.

                  A study of 240 credit cards for The Independent by the banking research group Defaqto shows that between May and November the average interest rate has risen by 0.4 per cent. Some have risen faster – such as the NatWest credit card, which has risen from 13.9 per cent to 16.9 per cent, while HSBC's credit card and the Virgin Money Mastercard have both climbed one percentage point to the same mark. Credit card companies have also raised charges for withdrawing money from cash machines in Britain and abroad.
                  Last edited by AlfredJPruffock; 11 November 2008, 09:22.

                  Comment


                    #10
                    Change They Need

                    Help you I can.

                    Comment

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