(Ask nlgbbbblth) - My Weekly Bank Related Question (3 Viewers)

[maims bond]

Dear nlgbbbblth,

Why do Banks need to operate as a profitable organisation?

Thus incurring charges to their customers and leading to such risky practises as international investment banking and
promoting debt as collateral.

Could a possible solution be that all banks merge, or they all simultaneously acquire each other leading to one huge global bank that just does its F***ing job.

Also what is to be done about exponential economic growth
versus a finite amount of natural resources?

Ta in advance. Much Love.

 

[Froog]

would nationalised banking work tho? i mean banking is as important/critical to a country as the helath service and police, right?

 

[Cormcolash]

Dear nlgbbblth,
FUCK FUCK FUCK! IT'S ALL FALLING APART! WHAT DO WE DO, WHAT DO WE DO, WHAT DO WE DO, WHAT DO WE DO???? FUCKKKKKKKKKKK!!!!!!!

 

[Los Davos]

would nationalised banking work tho? i mean banking is as important/critical to a country as the helath service and police, right?

Well the police are a national institution, you dont see competitive police companies trying to operate at a profit.

Alas we have a two tier health system in this company, srry i meant country.

And maims there is another way...Actual Democracy.

 

[maims bond]

Well the police are a national institution, you dont see competitive police companies trying to operate at a profit.

You've obviously missed the explosion of private security companies in the last 15 years then.

 

[broken arm]

Why do Banks need to operate as a profitable organisation?

profit isn't bad in itself IMO. it's how it's generated and what's done with it.

I bank with the co-operative bank in the UK - as a customer it's the same as any other bank in terms of service. The bank is mutually owned by it's customers as opposed to only shareholders and is less aggressive when making profits compared to other banks. They don't take many risks or invest in unethical stuff like other banks - e.g. arms, unethical businesses.

They only lend from their own deposits and apparently have a 100% self-funded position.

They have faired well throughout the bank mess.

 

[nlgbbbblth]

.....

Madam, – In recent months front-line bank officials have experienced a new phenomenon at work – an unprecedented level of vitriol and abuse, including threats of violence, from customers and members of the public who blame the regular staff working in the branches for the excesses of a handful of high fliers at the top.
Bank staff feel particularly aggrieved because the new culture in banking – which has led to most of the current difficulties in the financial services sector – is one that they have spoken out against on many occasions in the past through their representatives in IBOA, the Finance Union.
Five years ago IBOA was warning that the introduction of new practices –­ driven by the banks’ obsession with maximising short-term shareholder value at the expense of long-term stability and prudence – would not only inconvenience customers and pressurise staff but ultimately undermine the entire financial services sector. But at the height of the property boom, no one wanted to hear negative warnings from a bunch of party poopers.
IBOA pointed out that the simple notion of a bank as a place where you used to either deposit or withdraw money had been replaced by a far more complicated concept in which banks sell “financial products” using high- pressure retail strategies. Under this new approach, bank staff have been required to meet a range of performance targets (even more inappropriate in these recessionary times) to supplement a very modest basic wage.
The stress of working in such a culture has been further intensified in recent years by significant rationalisation programmes as part of the drive by senior managers to push costs down and force profits up. For many bank officials, one of the few compensations for the major change in their working lives used to be the allocation of bank shares. These were generally held to pay tuition fees for teenage children or provide rainy-day money for later life. But whatever they may have once represented, they are, of course, virtually worthless now.
So in sharp contrast to the fat cats, the overwhelming majority of bank officials receive very modest rewards for their loyalty and hard work. Like many staff in the health service, bank officials take a great deal of pride in the role they perform but are extremely frustrated by the circumstances in which they have to discharge it.
Public opinion rarely blames nurses for the problems of the health service; indeed, they usually receive well-earned praise for continuing to work in spite of all the system’s shortcomings. Unfortunately, many people seem reluctant to give bank staff the same consideration. They are being scapegoated unjustly for the sins of others. It is high time reason prevailed. – Yours, etc,

LARRY BRODERICK,
General Secretary,
IBOA, The Finance Union,
Stephen Street Upper,
Dublin 8.

 

[theweeyin]

Isn't the Co-op a building society?

profit isn't bad in itself IMO. it's how it's generated and what's done with it.

I bank with the co-operative bank in the UK - as a customer it's the same as any other bank in terms of service. The bank is mutually owned by it's customers as opposed to only shareholders and is less aggressive when making profits compared to other banks. They don't take many risks or invest in unethical stuff like other banks - e.g. arms, unethical businesses.

They only lend from their own deposits and apparently have a 100% self-funded position.

They have faired well throughout the bank mess.

 

[Los Davos]

You've obviously missed the explosion of private security companies in the last 15 years then.

er, i said police.

Anyhoo

http://video.google.com/videoplay?docid=7382297202053077236&hl=en

 

[magicbastarder]

i'm paying 3.65% (variable) on my mortgage at the moment; some banks are offering 3.3% and under for first time buyers. what's the chance of me being able to negotiate such a rate?

 

[classic seanc]

Hi nlgbbbblth, I'm going to America on Friday. I need dollars. Where is the cheapest place to obtain these dollars? Is there a comparison site I can look at for example? Do I need to call the bank and order them first?
Thanks.

 

[broken arm]

Isn't the Co-op a building society?

i think the difference is that the Co-op isn't owned by it's members unless you are a co-op member.

http://en.wikipedia.org/wiki/Co-operative_Bank

 

[nlgbbbblth]

seanc

Larger branches (i.e. city centre) should have a stock. Smaller branches may not. Best thing is to ring in advance and reserve them.

As far as I am aware no comparison site exists. It would be a pain to maintain as sometimes the rates update more than once daily.
You'd need to ring each bank and ask for their 'US dollar sell cash rate' and also find out the commission charge.

 

[billygannon]

i think the difference is that the Co-op isn't owned by it's members unless you are a co-op member.

http://en.wikipedia.org/wiki/Co-operative_Bank

I'm with the Co-Op and I'm a Co-Op member.
I got £20 in dividends last year.

Glad I bank with them. They're grand... could do with more branches, but their internet bank is excellent and I can lodge cheques etc. at the Post Office.

 

[Mormon Nailer]

nlgbbbblth
I have been in correspondence with a certain credit card company (think predatory direct mailing scumbags). I deeply despise the fuckers but have had a credit card with them for years and have never bothered to get rid of it.

Having the second card is handy for travelling with work - keeps everything separate and kosher.

Anyway when I travel I get home do up an expense claim at work and as soon as it's paid I lash the money into the card.

This normally works fine but sometimes I'm quicker than the bank and have the expense claim and the cash in my current account even before I have a CC statement. What I do then is tot current transactions on the interweb and pay that amount.

Normally fine.

The last time I was so far ahead of the statement they put the payment for the November transactions into the October statement. There was a couple of euro of interest on end of the November statement which was calculated after I totted the transactions myself and paid up. They then claimed there was no payment in November as I actually overpaid in October and charged me a late fee. Sent me lots of letters - please dont use the card type stuff.

I said fuck this. I put about 25K through the card last year and would expect people to have a little cop on.

So I asked them to refund the late fee and to please pay me interest on the overpayment which I calculate at about €100.

2 questions.

What's the odds of them actually refunding my money?
Who is offering good value these days for when I change the card?

 

[nlgbbbblth]

What's the odds of them actually refunding my money?
Who is offering good value these days for when I change the card?

1) They are technically correct in what they say re missed payment.
On a practical level you're the victim of a simple timing issue and they should, as a gesture of goodwill, refund you. If you threaten to find another provider, they may come good.

2) check out http://itsyourmoney.ie/cs_tab.jsp
the first one listed looks quite good

 

[magicbastarder]

http://www.rte.ie/news/2009/0402/ecb.html

my poxy bank had better pass this rate cut on this time.

 

[BarryTape]

I'm after entering in my atm pin code wrong three times. I was a bit brain dead at the time. I'm with Bank of Ireland. Does anyone know if it'll reset in 24hours so I can try again? I remember it now, or will I have to wait until Tuesday and head into the bank?

 

[classic seanc]

You gotta go to the bank I'm afraid. But it'll only take a couple of days to get a new card, usually.

 

[RSJ]

I may have asked this before. I am in australia. My BOI account is at an address in galway where i know nobody (all changed since i left). Is there any way from here to change the address on my account?