Here’s Some Good News… About ‘Banks?!’

cooltext717196358

Not often, but this time..

Yesterday the news came out from the new city watchdog The FCA, that most of the major High St Banks are to give your Direct Debit Mandates a second pass through the system. So instead of just running through – usually at beginning of the day – before your wages/salary has been credited to your account – normally in the afternoon – you’ll get a second pass, or retry.

FCA secures commitment from high street banks to use a ‘retry system’ when processing payments to stop unnecessary penalty charges

Here is a run down of the obliging banks concerned;

*Barclays

*The Co-operative

*HSCB

*Nationwide

*RBS Group

*Santander

*National Australia Group (Clydesdale and Yorkshire banks)

NB: Lloyds Banking Group already operate a retry process on many transactions and is to update it systems further.

The press release is at fca.org.uk [sadly at time of publication the rss link was down] try this though buff.ly/13h8bYz 

Right back to the kitchen, but here’s a word from me wearing the other hat…

From No More Excuses

During next week an announcement should be forthcoming from the House of Commons parliamentary commission on banking standards.

Set up following the Barclays’ Libor-rigging scandal and rumoured to be some 600 pages in length, this isn’t going to be a pat on the back. Quite the opposite. So a pretty picture of the Chairman Andrew Tyrie before the mayhem – I mean the recommendations.

Conservative MP Andrew Tyrie

Also my local MP, by way of mention. And no, I haven’t had an early peek. I sorely wish!

Advertisements

2 responses to “Here’s Some Good News… About ‘Banks?!’

  1. Banks are a joke. On Saturday we (hubby & I) closed 5 Issa accounts, these are the ones in the last few years, you get a fixed one year rate, might be lucky to extend it to two, then the bottom falls out at .5% Increasingly chasing around for better rates, picked up a few more, plus the roll-over Tessa’s in their day. GUESS WHAT. No one wants our money. To be honest it was becoming a game of master mind and a spreadsheet just to keep track of these what are now bloody stupid savings accounts which are TAX FREE!! Zilch interest rates renders them useless, not fit for purpose. Even fixing them into two or three year terms, each every year with the ‘new’ allocation. JOKE OVER MR TAX MAN. Spend, spend & spend Then I’ll have no dosh left to pay for my dotage!

    • You’re not alone in that view. But specifically on ISA’s – and other saving vehicles, we’re all being turned into ‘rate tarts;. Can I suggest you have a look at the moneysavingexspert.com site. There are others of course. However, it packs most if not all in and in the indomitable ML style. Naturally I can’t comment on individual cases, but I do suggest making contact with an Independent Financial Advisor, for a broad overview. They will be happy to give you a quote for a face to face appraisal. Thanks for leaving a comment.

Please Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s