[Economy] It’s The Interest Rates Stupid!

Says it all really.

7 Reasons Why Banks Should Increase Interest Rates

interest rates, stupid economy, banks, bwankers, finance, debt, gordon clown, capitalism, properdee

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[Resolutions] Foolish Words

This is a sidestep from my usual rant.

This new year I made 1 resolution. My resolution could be viewed as foolhardy, unwise and uninformed. It felt that way anyway. Even as the words left my lips, I felt uncomfortable and had no way of backing it up. Nevertheless the words had passed into the air, and were out there. They were verbal deeds. My declaration?

[Penalty Charges] Calls to Stop Conducting Illegal Activities are Unfair

Hit with millions of claims, customer complaints, an online petition and impending OFT investigation- banks are now crying “foul play” and threatening to end free banking.

“Banks were accused of blackmail yesterday for threatening to end free banking if they were forced to reduce overdraft charges and other penalty fees.

The banks, which charge up to £39 for bounced cheques and unauthorised overdrafts, had been expected to be told to reduce the charges to around £12.” – Telegraph

Let’s forget the fact they are already operating illegally by imposing fines greater than £12- therefore sounding like a burglar who complains he’s been asked to reduce his amount of breaking and entering.

These are the companies who this year posted pre-tax profits of:

£11.5bn: HSBC
£.7.14bn: Barclays
£5.7bn: HBOS
£559.2ml: Nationwide
£585ml: Alliance & Leicester

These are the companies who insist on charging Average Joe up to £39 for even dipping into the red:

Penalised for just over £27
Penalised for delay in clearing customers cheques – wait a minute, who delays the cheques in the first place?
Penalised for unforseen circumstances

Well, perhaps if you make a mistake, even if it is accidental, unforseen or just business, you deserve to be charged right?

So I look forward to seeing what kind of charges are levied on these errors:

Oops! Delay in receiving monthly salary
Oops! Sent details to wrong address

Quid es equitas?

[Bwankers] Account-ability Advice for Banks

Most blogs we’re so busy discussing the budget last week they missed the BBC’s undercover whistleblower program exposing underhand standard business practices by Barclays Bank. (Barclays was the focus, just like McDonalds was with fast food. And just like Burger King to McDonalds, you can bank on the rest of the industry using the same business ethic).

“A nine-month investigation by BBC reporters working undercover in a leading British bank has revealed a culture of ruthlessness and lies which will shock their customers.” – BBC Whistleblower

Undercover reporter Amanda Egbujo went undercover as an employee of Barclays for 9 months. In that time she witnessed common practices such as:

• Treating customers with contempt (particularly those who struggled paying/complained about unlawful charges)
• Lying – illegally claiming to be Account Consultants rather than Sales Monkeys
• Moving money from accounts – without authority – to gain commission
• Adding financial products to customer accounts without knowledge- for a monthly charge
• Refusing customers products they require, but then offering a financial product they do not need.
• Staff employed with no criminal background checks
• Fraud accounts set up with relative ease

I asserted this was not just Barclays, and I have my own experience with HSBC, when they decided to cancel my Graduate 0% Interest Overdraft (which stood over £1000), then reinstate the overdraft a year later at a standard 15% interest. This case is currently with the small claims court.

Indeed this week Halifax had to issue an apology for stolen mortgage details. Unlike average joe who has £20-£35 penalties automatically deducted at the end of the month for going over agreed limits, Halifax is given plenty of time to get their act together by the FSA.

I’ve said this before, it’s not legal, it’s not business, it’s immoral and indefensible.

As a Christian, I believe that these corrupt financial institutions will one day have to answer to God:

“If you see that the donkey of someone who hates you has collapsed under its load, do not walk by. Instead, stop and help. In a lawsuit, you must not deny justice to the poor.” – Exodus 23:5-6

“But I, the Lord, search all hearts and examine secret motives. I give all people their due rewards, according to what their actions deserve. Like a partridge that hatches eggs she has not laid, so are those who get their wealth by unjust means. At midlife they will lose their riches; in the end, they will become poor old fools.” – Jeremiah 17:10-11

“How you hate honest judges! How you despise people who tell the truth! You trample the poor, stealing their grain through taxes and unfair rent. Therefore, though you build beautiful stone houses, you will never live in them. Though you plant lush vineyards, you will never drink wine from them. For I know the vast number of your sins and the depth of your rebellions. You oppress good people by taking bribes and deprive the poor of justice in the courts.” – Amos 5:10-12

[Bwankers] More Banks Behaving Badly

Royal Bank of Scotland has threatened 14,000 employees with disciplinary action if they do not open an account with the RBS Group.

Not that this threat would survive an employment tribunal, but how would RBS be affected if 14,000 employees we’re laid off, or walked out tomorrow? Idle threats should be tested to shame those that make them.

On the subject of bank robbers, I have some good news to share with you later when I have time- I shall be showing you a scan of a certain letter which demonstrates justice served.

[Financial Terrorism] Dorment Account-ability

The governments plan to unlock dormant bank accounts sounds like a reasonable and smart idea.

But who trusts the banks warn or advise people they have accounts that have not been active? What will be the benchmark that is used to determine an active account? What protection will there be for pensioners (since they are most likely to be affected)?

Would you trust a fox to look after your chickens?

[Burst Bubble] You Can’t Halt The Tide

Is this the beginning of the downturn in the cycle?

1st rule of investing:
Buy low, sell high.

[Takeback] The Public 1 HSBC 0

It’s about time one of the Dragons finally had their teeth knocked out and the smile wiped off it’s face.

If you have been reading the MSM and considering whether you should take a shot yourself, join the millions who have already have.

If you need to know where to start, try these links:

MoneySavingExpert
BBC How To
This is Money
Consumer Action Group Forums
Times Online

and you can get more by googling “claim back unfair charges”.

Do it… Now!

[Even The BBC Are Getting In On The Act] EVERYONE SHOULD DO THIS… RIGHT NOW!

If you own a UK bank account- even the BBC are publishing it: How to claim back penalty charges.

[Financial Terrorism] Banks Behaving Badly

I really want to go into topics like this in detail, alas, time is not on my side. So check this article instead and open your eyes to the everyday evils:

Banks Behaving Badly

Edited to include:

What Financial Firms Think About You
Your Credit Cards Need £1 Billion!

Make no mistake, banks are profit-geared organisations. They look after your money, just like a crocodile would look after your livestock.

Of course, in the western world we are now forced to hire crocodiles to run our farms, since it is very difficult to achieve anything without a bank account. We need a revolution, or politicians with balls.

Anyway just be aware of who your dealing with- a bank managers priorities are in this order:
1. Christmas Bonus
2. Profit
3. Shareholders
4. Big money clients
5. Your savings account

The old saying rings true, “A bank manager loans you an umbrella whilst the sun is shining, and takes it back when it starts raining.”