#CAB ‘…a cunning plan?!’ Curious thing Banks..!

From No More Excuses

Well there’s a funny thing..

What struck me recently was something ‘..Out Of The Blue’, not the well known revue my late Mother starred in, but an idea from the very bastion of impartial advice the whole of the UK respects without question.  No, not Which? the other lot… ‘Our’ Citizens Advice Bureau.

And I say ‘Our’ with a fond affection to all those who give their time effort and in many cases, their own money to offer what is the first line of help and defence against anything and everything rogue this country has to offer. The guys on the front line really don’t know what each day will bring, it literally could be anything.

But getting good advice is one thing. You need impartiality to hopefully help people back from despair, or at least to provide stability via their own commitment and pointing in the right direction.

So when they, raise the subject of  banks – a subject very dear to my heart – I tend to read it with the devout intensity of a preying mantis. This though came as a little bit of a surprise, and not just to me!

Just in passing…

One thing all of us have in common – in this battleground of the impoverished – is that we want the banks at last to begin to recognise the importance of providing the most basic of bank accounts. No need to rant on this, save of mentioning again that the trials now in progress by the Bank of Ireland, introducing three new accounts could prove a boon to many, solely for the reason that it extends access to thousands across the UK hitherto removed from day to day banking.

In it’s own right, I find it rather ironic that the very home of what was the National Savings on the High Street, the Post Office, could see an upswing in volume traffic – amongst other things – somewhat of a return to the day of saving stamps and the ‘PO’ account of childhood memories. For latter-day devotees not so ancient,  harken back to the Girobank. Sold off to the Alliance & Leicester now part of Santander.

Then of course there are the ambitions of the Credit Unions to bring the ethos of regular saving with, if needed, small personal loans to members. Micro loans – if you wish – something which could end the monopoly of the ever increasing plague of Pay-Day loans and their infuriating interest rates (which should be made illegal by bringing back Usury), also at one stage rumoured to utilise the Post Office network.

Sad, so very sad, that so many were closed across the UK.

A Rather Consuming Interest..

However, more pertinent  to good advice is not to send people off to a particular bank or institution for one/a particular product. All I/we can do is illustrate the merits of each, more guidance than advice as no recompense is sought or gained. What can’t be done is to advise banks on what each particular type of account should carry as part of its individual  ‘…charm’.

So for many reasons I chuckled when I read a blog/missive from the desk of the CAB. For there are very sound reasons why this wouldn’t pass muster, well at least in my book. In that I chuckled really isn’t true, it was more of a grimace with a curled lip.

Reminded though I was about the miscreant failings of banks in recent years neatly linked to the up and coming changes across the industry, I’m still not convinced that this light-bulb moment, hasn’t been devoured by the institutions before. In fact it has.

Why therefore do we have all these so called products available in the retail areas of each branch/online/call centres. The introduction of packaged accounts bristling with so-called goodies is the very meat of today’s banking, simply because it produces a better return to banks concerned.

Remember when you went – cap in hand – pleading for a loan to buy the car/or whatever, our/your friendly bank manager sat there drooling all over your file weighing up the pro’s and con’s of those awful purchases ‘you’ made last year. Are you a safe risk…? Well wasn’t that the information now so wanting to be packaged up and sold?!

Ok, upgrade a few years to today’s high-tech evils, the real question is do we really want these minutiae of details to be flogged off to the highest bidder?? Bluntly, NO!

I’ll tender the fact that as consumers we’ve all been blustered and blundered into purchases by virtue of this very ploy. From the humble tea-bag upwards.

Now…let the banks use the information – our information- for a profit! Good grief, give me a penny for every time someone has tried to get information out of them when needed? And forgive my cynicism when there’s a remote chance that this ‘moot’ has already been trialled.

One step too far…

Primarily, how can/could one bank operate a comparison site when others didn’t and by the same token, would it want another bank to even think about hitting on what they would perceive as ‘their’ territory.

Within that concept, do you apply the idea to all accounts, or just to fee-based accounts. (Think latter).

Then again there are already existing comparison sites for all manner of ‘STUFF‘ and all bend over backwards to prove their impartiality. (Don’t forget, they get their ‘finders fee’ too).

Banks per se are individual beasts, if you were. They only like selling their products to their customers. Stamp it with their logo and it becomes ‘..the brand’ maximising what’s left of their loyalty base. An advertising and marketing nightmare in itself.

Then of course, having said that…how could any one bank be that impartial?! […product wise of course!] In that this could  predominately link itself to the energy part of the Utilities market raises more than an eyebrow of discontent.

This list however  suggests our daily usage from phone to television, travel to energy could be covered even by the setting up of separate ‘saving accounts’ to amass the benefits. Get the best deals and bag the savings. Great, but all your accounts become one for purposes of consolidation when your loan, mortgage, overdraft become due and outstanding. Awkward.

If for some reason the minefield of the Data Protection Act doesn’t preclude this chummy inter-alien sharing pound-fest to take place, don’t ring me. It thus becomes a product, another product for a select and very few punters only. Can we just get the basics sorted first.

Ah! But….

On the other side of the coin, it does seem very reasonable for the CAB to proffer this. It is after all only a suggestion. But I haven’t come to ‘…bury Caesar’ far from it.

Take this message/update from the same good offices, 10th May 2013, it bears good news with a cautioned approach. Something  which at last gives some hope to answering the call for a basic bank account revival. But it still hasn’t silenced the detractors of this world. It does however illustrate just how hard it has been for all campaigners in this effort. From what was a brick wall basically built of continual refusals, some light is now shining.

All this as the banks, their cohorts, legions, their beloved association the BBA have fought and tooth and nail to resist this. To big to fail but of course we are to shoulder the blame.

So a ‘Hat-Tip’ is in order. The CAB should be braided into a seasonal and daily accolade of unlimited praise. Therefore, can we take the lapse into product development as a figurative doodle over a cup of strong tea, it confuses the picture – a bit.

Before you go…

Having mentioned energy, albeit fleetingly, could anyone who has encountered difficulties with the energy plan Heatwise and getting the meter removed, like to contact me. You’re likely to be in the Midlands in a relatively new…new build property. Most probably you’re finding that the summer bills are staggering, as well as the estimates.

There is a strong possibility of returning/getting a standard/Economy7 meter installed. Please contact me via Twitter in the first instance by following. Sadly there aren’t/can’t be, any template letter solutions in this instance. But in short, yes, it can be done. However, there are no guarantees as everyone is different as you’ll appreciate.


It’s Your Money After All

From No More Excuses
Basic Bank Account
Firstly, you do not have to have one…BUT YOU COULD, one day, want or require one! And as it stands, your circumstances can and could restrict that, before you find one.

Therefore, to remove all the negatives…..to stop discrimination, and end all social stigmas…irrespective of what changes are made in the current Banking reforms, we must make the BASIC BANK ACCOUNT a legal right. This is why, and what it promotes.  You Choose the Account Wherever you live and is the most convenient for you, where you can access your monies and arrange to pay into the account. What could be simpler than that. Of course, a nominated person could do this for you were you disabled, such as a carer. 

‘It’s Your Money’

Moreover, you must be able to use a Cash Card at ANY ATM that is near to you or convenient for your use. No more will any one bank be able to close off access at will, at your expense! As it is clear banks can not adhere to a voluntary code, it must therefore be made mandatory. A case of some ruining it for others. In a recent case over one million customers were estimated to have been affected. Never again. Can there be COMPETITION?  Absolutely. There is nothing preventing banks offering over and above the very minimal as a Basic Bank Account. Some do, and this would become the nominated basic account. So if Banks really do want your custom, they can prove it at the bottom line. Can’t they. There are some who offer online, and direct debit facilities. Even an Electron Card! NO MORE EXCUSES. Moving up to ‘fee paying’  That becomes reliant on your circumstances, and not by dictate of the banks. Perhaps you’ll require a/an overdraft/loan/mortgage (you see, it’s your circumstances) so it is then reasonable to expect to pay fees. Competition between the banks have many offers here to get your business, don’t they? Other Institutions  Happily, building societies have similar accounts as do Credit Unions with a better ethos behind them promoting regular savings. Where they exist (CU’s) and with a projected increase in outlets and investment, must seriously be considered as alternatives to banks.        Voluntary code means nothing…  Already there is one ‘e-petition’ running for ‘one’ Bank to restore the ‘link’ [ATM] facility…because it decided to ‘opt’ out. Which is great on it’s own, but, and certainly with no disrespect to its cause and merits, it is not the answer in which to stop all banks. We need to cover ALL Banks  To stop them from causing havoc as and when they choose by changing the rules to suit themselves, only one single effort can be the answer. All BANKS must offer a Basic Bank Account with Cash Card…  Yes, the same one they (the Banks) agreed and FAILED to do voluntarily. There to help all members of society, who for one reason or another are unable to have a ‘normal’ or ‘fee based’ current account. If you want and would like to see, AND HAVE, once and for all, the right for every person of working age and beyond, a simple Basic Bank Account with unhindered access (by a Cash Card) to their money from banks with an Automated Telling Machine under the ‘Link’ system (ATMs’) PLEASE SIGN this e-petition, 

“That, provision in Law by amendments or enactment be made for persons within England & Wales of working age to hold a personal Basic Bank Account enabling all to receive and withdraw monies whether from Branch or automated facilities – free of stricture in circumstances – from all Banks Building Societies and other retail financial institutions”

                                   http://epetitions.direct.gov.uk/petitions/15120 Will they be Portable?  There are plans to make ALL bank accounts portable, and speed up transaction times. This really is now dependent on how competitive each bank wants to be. NO MORE EXCUSES. Will they be FREE?   “Free of stricture” means of behaviour and action. Free therefore of costs and of your circumstances. NO MORE EXCUSES. And will Banks do this?  Hence the e-petition, to remove all and any pretence of false promises. Of all the reforms this simple element has gone unnoticed in favour of fee based accounts within a ring-fenced culture, which will happen.  The argument of  competitive forces dictating all and everything has run its course. You want ‘fair banking’ then you must start at the bottom first. NO MORE EXCUSES. Thus it must be by Parliament. And apolitical as best it can.  Finally…  The new petition, is just part of a concerted effort which will include letters and emails to ALL Members of Parliament. An active Twitter campaign, and of course Press and TV. Templates will become available for you to contact your local MP.  GOOD LUCK EVERYBODY. SIGN TODAY.  Note: When you’ve signed PLEASE RETWEET, EMAIL, post on your Media Page. Thank You.   Update…24/9/11 ‘No More Excuses’,  was recently invited to provide a ‘guest blog’ for our friends at Zero Credit UK and NME Founder – David Jones, was more than happy to oblige. You can read it here. And follow them on Twitter @Zerocredit_UK