Uk Banks - Worst In The Developed World

[lannarebirth]

Let's also compare Thai and UK banks on this little point.

If you lose your credit/bank cards - what is the procedure for reporting the loss, and for gaining protection against fraudulent use? At what moment do you the card carrier become indemnified by the bank and what is your maximum liability?

I don't carry credit cards. I have no use for them except for one which remains for emergency purposes only. To be honest, I do not understand why they have been taken on to such an extent. Why allow the dam_n banks/credit card issuers to cream in 3% or so on every transaction and then charge interest on the outstanding balance at a ridiculous rate? People should return to cash, businesses prefer it, it costs less, prices might drop, and the financially challenged will not run into problems.

Credit cards are an evil, giving massive profits to the banks and putting more and more people into never ending debt.

You've got my vote, but "the economy" is largely a case of a bloodsucker attacking its host. One would think that can't go on indefinitely but now that the government is sucking the blood of its host to bail out the bloodsuckers maybe we can do it all again.

[Thongkorn]

Credit cards are not evil , The people that use them are. Spend now pay later , now every body is paying including all the little old Lady's that have a bit put by for a rainy day , Just like the UK government kept telling people to do, get pensions , get Isa's, But it could be worse I could be living in Greece or Iceland so I think the UK is not the worst banking system.

[endure]

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Edited December 24, 2009 by endure

[endure]

Let's also compare Thai and UK banks on this little point.

If you lose your credit/bank cards - what is the procedure for reporting the loss, and for gaining protection against fraudulent use? At what moment do you the card carrier become indemnified by the bank and what is your maximum liability?

I don't carry credit cards. I have no use for them except for one which remains for emergency purposes only. To be honest, I do not understand why they have been taken on to such an extent. Why allow the dam_n banks/credit card issuers to cream in 3% or so on every transaction and then charge interest on the outstanding balance at a ridiculous rate? People should return to cash, businesses prefer it, it costs less, prices might drop, and the financially challenged will not run into problems.

Credit cards are an evil, giving massive profits to the banks and putting more and more people into never ending debt.

Credit cards are excellent. They give me anything up to 50 days of free credit every time I use them.

[GuestHouse]

Credit cards, are one of the safest ways to use money - of course you have to remember to pay your bills - but then yet another reason to be miserable.

[12DrinkMore]

Credit cards, are one of the safest ways to use money - of course you have to remember to pay your bills - but then yet another reason to be miserable.

Seems to conflict with a few opinions.

So often head of credit card fraud, but never heard of "I pay in cash fraud".

And 50 days free credit? You don't understand the system. There is no free credit. The companies charge three percent or so on every transaction. So maybe you see it as free credit, but you are paying for it with higher prices, as the retailers add in the credit companies' charges. So we all pay for it.

You might think you are playing the system and getting free credit, but, as I have said, this is just bullshit. If everybody paid cash, prices would fall and you would be better off.

The dam_n banks have us by the short and curlies. It is now time for the public to inform themselves on this and do everything they can to avoid using credit, debt and all the crap inflicted on us by the banks. Pay cash, buy only what you can afford and let's all send a massive message up the <deleted> of the bankers.

And a merry Christmas too!

Edited December 25, 2009 by 12DrinkMore

[endure]

Credit cards, are one of the safest ways to use money - of course you have to remember to pay your bills - but then yet another reason to be miserable.

Seems to conflict with a few opinions.

So often head of credit card fraud, but never heard of "I pay in cash fraud".

And 50 days free credit? You don't understand the system. There is no free credit. The companies charge three percent or so on every transaction. So maybe you see it as free credit, but you are paying for it with higher prices, as the retailers add in the credit companies' charges. So we all pay for it.

Even better! I get free credit and you all pay for it. What a bargain!

[GuestHouse]

Credit cards, are one of the safest ways to use money - of course you have to remember to pay your bills - but then yet another reason to be miserable.

Seems to conflict with a few opinions.

So often head of credit card fraud, but never heard of "I pay in cash fraud".

And 50 days free credit? You don't understand the system. There is no free credit. The companies charge three percent or so on every transaction. So maybe you see it as free credit, but you are paying for it with higher prices, as the retailers add in the credit companies' charges. So we all pay for it.

You might think you are playing the system and getting free credit, but, as I have said, this is just bullshit. If everybody paid cash, prices would fall and you would be better off.

The dam_n banks have us by the short and curlies. It is now time for the public to inform themselves on this and do everything they can to avoid using credit, debt and all the crap inflicted on us by the banks. Pay cash, buy only what you can afford and let's all send a massive message up the <deleted> of the bankers.

And a merry Christmas too!

Like you've never heard for people loosing or being robbed of the cash they are carrying but getting a full refund on illegal use of their credit card? - Get over yourself.

But endure makes a good point.

------

Merry Christmas to you too - All my presents ordered and delivered (many on line using my credit card) - covered by my credit card insurance and I'll not pay the bill until next month. And if there's fraud, I report it and I get a refund.

Nothing there to be miserable about so I get your not carrying a card thing.

[PattayaParent]

The dam_n banks have us by the short and curlies. It is now time for the public to inform themselves on this and do everything they can to avoid using credit, debt and all the crap inflicted on us by the banks. Pay cash, buy only what you can afford and let's all send a massive message up the <deleted> of the bankers.

And a merry Christmas too!

Easy for you to say when you're parking your Mercedes in your penthouse suite that you've of course paid cash for.

Now where would the likes of Doanld Trump be without credit I wonder? Still selling hot dogs at Madison Square Garden no doubt?

Edited December 26, 2009 by PattayaParent

[12DrinkMore]

Easy for you to say when you're parking your Mercedes in your penthouse suite that you've of course paid cash for.

Now where would the likes of Doanld Trump be without credit I wonder? Still selling hot dogs at Madison Square Garden no doubt?

Well, actually it is a Kawasaki motorcycle fully paid for in cash in front of a small bungalow, again, monthly rent fully paid in cash three months in advance. No debts and no big worries.

The only time I had a debt was a mortgage in the UK, and I hated that millstone around the neck, especially as it allowed ex-wifey the chance to appropriate it through the courts.

Of course there is a need for debt to make a few wheels go around and to finance large projects. That is debt which provides a return on investment, and the investors with people like Trump expect a decent return on their money.

The debt which I see as bad is that taken out to go on holiday, to buy the Mercedes when maybe a Volkswagen might be more affordable, getting sucked into a barely affordable mortgage when renting is a better alternative, to buy the latest lcd tv or ipod, and above all, all the debt being taken out by governments to pay for dubious civil servants, wars, and bank bailouts.

Sure there are people who can manage their finances and pay off the credit card debt every month. They are using it as a convenient way of paying bills, even if it does mean that prices are marked up accordingly, particularly in Thailand, where you will often be charged an extra 3% for using the plastic card. There is however the vast majority of debtors who do not pay off the card and are, in addition to the higher prices, are also paying 20% plus each year in interest.

And paying in cash does not mean handing over the readies, it can also mean bank transfers, direct debits, and I would even argue that if you are clearing the credit card every month, then you are basically also paying in cash and not increasing debt.

[endure]

Easy for you to say when you're parking your Mercedes in your penthouse suite that you've of course paid cash for.

Now where would the likes of Doanld Trump be without credit I wonder? Still selling hot dogs at Madison Square Garden no doubt?

Well, actually it is a Kawasaki motorcycle fully paid for in cash in front of a small bungalow, again, monthly rent fully paid in cash three months in advance. No debts and no big worries.

The only time I had a debt was a mortgage in the UK, and I hated that millstone around the neck, especially as it allowed ex-wifey the chance to appropriate it through the courts.

Of course there is a need for debt to make a few wheels go around and to finance large projects. That is debt which provides a return on investment, and the investors with people like Trump expect a decent return on their money.

The debt which I see as bad is that taken out to go on holiday, to buy the Mercedes when maybe a Volkswagen might be more affordable, getting sucked into a barely affordable mortgage when renting is a better alternative, to buy the latest lcd tv or ipod, and above all, all the debt being taken out by governments to pay for dubious civil servants, wars, and bank bailouts.

Sure there are people who can manage their finances and pay off the credit card debt every month. They are using it as a convenient way of paying bills, even if it does mean that prices are marked up accordingly, particularly in Thailand, where you will often be charged an extra 3% for using the plastic card. There is however the vast majority of debtors who do not pay off the card and are, in addition to the higher prices, are also paying 20% plus each year in interest.

And paying in cash does not mean handing over the readies, it can also mean bank transfers, direct debits, and I would even argue that if you are clearing the credit card every month, then you are basically also paying in cash and not increasing debt.

I always pay for my flights with a credit card. It gives me extra protection should the airline go bust. I owe less than 10K on my mortgage and I've never not paid a credit card on time apart from those that give interest free credit periods. I've never earned more than the national average wage at any time during my life. It's not the credit that's the problem it's the people that don't understand how it works.

[PattayaParent]

It's not the credit that's the problem it's the people that don't understand how it works.

[yabaaaa]

By European directive the difference between the intrest on savings and the intrest on loans should be a maximum of 4 %.

In the Netherlands the banks pay you, if your lucky, 1%, per year on savings

A lot of banks charge you, for loans, an intrest of 1% too, but then per month.

This difference between saving and lending rate is also a massive con that 99% of the population have not realised.

With the marvelous fractional banking system the banks can lend out a vast multiple of the savings that they have on deposit. The whole thing is a little complicated but to simplify it, if you deposit with them EUR 100,000 at say 1%, they can then lend out at least EUR 1,000,000 (some even more up to maybe EUR 3,000,000) based on YOUR deposit. As they charge at least 5%, they will be making EUR 50,000 interest whilst paying you a massive EUR 1,000 interest on your EUR 100,000.

The vast majority of the population think that the banks are simply making the difference between the lending and deposit rates. This is simply not true, it is this difference multiplied by the fraction reserve percentage, which can be anywhere between a very conservative 10 and infinity.

And there lies a big part of the mess the banks are in, because if the EUR 1,000,000 loans are backed by assets which have lost just 10% of their value, then the bank is screwed. And if the assets fall by say 30% then they are well and truly screwed, except that, of course, it is the tax payers who have to bend over with their trousers down and take a massive shafting from the banks.

And the three day clearing I mentioned is the three day delays that the UK banks put on electronic transactions, not bits of paper being shuffled around. I hate the dam_n banks, especially the UK lot. At least with the foreign banks I am treated in a reasonable way, the UK banks are utterly arrogant.

I think you will find the 3 day clearing has been abolished for electronic transactions (sometime in the last year or two can't remember exactly). When I do a UK inter bank transfer it now says it will go into the account within next few hours whereas before it was 3 working days.

Oh really well when I transfer say £1000 FROM MY LLOYDS account in the uk to my friends lloyds acc in the uk via electronictransfer its takes a minimum of 3 days!!!! that was 5 weeks ago!