(Ask nlgbbbblth) - My Weekly Bank Related Question (4 Viewers)

[RSJ]

The amount taken by direct debit is the amount due on the date the credit card statement is issued

usually
minimum payment or full balance.

the debit is normally presented x days from this date. Usually 10 - 14.

Inneresting. My BOI one only takes out whatever's outstanding, i guess these MBNA guys are all or nothing. Thanks guys!

 

[broken arm]

hey...

even though the interest rates are shite.. is there any point moving savings from ireland to the UK because of the near euro/sterling parity?

the UK government are now talking about printing money (quantitative easing) - waheyyyy

 

[nlgbbbblth]

depends on the deposit guarantee

and

the sterling / euro rate at the UK side. No idea what that is.

 

[RSJ]

My interest on my MBNA credit card for e4400 has gone from e48 in november to e68 in december to e86 this month. The amount outstanding has been the same the whole time. Surely they can't just up their rates like that, or has some sort of mistake occurred?

 

[nlgbbbblth]

That doesn't sound right. The amounts will vary each month because of the number of days each period [28 - 31 depending on the calendar] but not to the extent you describe. Have you the statements - the interest rate is quoted at the bottom.

Although - how is the amount outstanding staying the same? Presume you are making payments? If not, there be a late fee thrown in there but that should be shown separately to interest.

 

[RSJ]

Checked my statements (online PDF), the interest rate was 1.09 in november, it's now a whopping 1.66, which ALMOST explains the jump, but it's not quite the 100% jump it has been (e48 to e86 isn't a rise of 57%). I'm out of the country and only check the online summary thing so i never realised it'd gone up so quick and by so much. It seems insane/immoral to me that they can almost double the interest rate in such a short period of time, but then, it's a bank - i shouldn't be surprised.

The amount's been the same cos i've kept it that way - i went over the limit one month there by 7c and they charged me e13 for it, so i've always put in extra to make sure the payment amount plus whatever i put in leaves it at the e4400.

 

[RSJ]

Hang on, that e4400 is mostly a balance transfer, when i did the transfer (June of last year) they were offering 0% APR on balance transfers for the first ten months or some such, shouldn't i be paying no interest?

 

[nlgbbbblth]

it's usually six months along the lines of

0% Interest for 6 months on the balance you transfer from other credit cards to your new XXXXXXXX Credit Card AND 0% interest on all your shopping for 6 months.

 

[RSJ]

Ah so it only applies to new cards. Mine was about a year old at that stage. Explains that. Thanks niggledybits.

 

[broken arm]

I withdrew a savings cheque from a bank in ireland and lodged it into my bank in the UK. I waited a week and still no transfer of funds.

I rang bank and they told me it can take six weeks for the transfer to clear.

2 questions:

1. are they taking the piss?
2. who is earning interest on my money during those 6 weeks? (my irish account has been closed)

 

[maims bond]

Hang on, that e4400 is mostly a balance transfer, when i did the transfer (June of last year) they were offering 0% APR on balance transfers for the first ten months or some such, shouldn't i be paying no interest?

Excuse my ignorance but how have you a credit card with such a low interest rate? It was my understanding that CC interest rates were commonly above 15%.

 

[nlgbbbblth]

I withdrew a savings cheque from a bank in ireland and lodged it into my bank in the UK. I waited a week and still no transfer of funds.

I rang bank and they told me it can take six weeks for the transfer to clear.

2 questions:

1. are they taking the piss?
2. who is earning interest on my money during those 6 weeks? (my irish account has been closed)

1 No
2 Nobody

Re 1. There's two ways they can handle this transaction.

[I'm presuming your savings cheque was either a sterling bank draft or a euro bank draft?]

A) Lodge it to your UK account straight away. That means you can access the monies immediately. The cheque goes through the clearing and eventually reaches Ireland. If it bounces the UK bank will debit your account.

B) Not lodge it your UK account. Instead they send the cheque to Ireland for special presentation. This is posted to the Irish bank asking them to pay the cheque and send the funds electronically to your UK account. If the Irish bank can't do this they are meant to inform the UK bank in writing.
They allow six weeks for this but it usually takes less time.

 

[nlgbbbblth]

Excuse my ignorance but how have you a credit card with such a low interest rate? It was my understanding that CC interest rates were commonly above 15%.

incentive to get new business.

 

[broken arm]

A) Lodge it to your UK account straight away. That means you can access the monies immediately. The cheque goes through the clearing and eventually reaches Ireland. If it bounces the UK bank will debit your account.

i did this but I couldn't access the meney straight away. they still said it would take 6 weeks.

Are they being overly cautious?

UK banks are generally mentalists at the best of times.

not to worry, money is the root of all evils anyway.

 

[nlgbbbblth]

i did this but I couldn't access the meney straight away. they still said it would take 6 weeks.

Are they being overly cautious?

UK banks are generally mentalists at the best of times.

not to worry, money is the root of all evils anyway.

Their system obviously puts a six week block on foreign cheques being drawn against. Extremely over-cautious.

 

[broken arm]

Their system obviously puts a six week block on foreign cheques being drawn against. Extremely over-cautious.

why can't you be all banks?

 

[Los Davos]

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.

 

[nlgbbbblth]

With no profits,
how could they pay their staff? Why should I work for free?
how could they borrow on the money markets?
how could they maintain the branches?
etc

believe it or not, they are not all the same - some concentrate on different areas of financial services. Therefore a worldwide merger would not work

If banks went back to the old style conservative model that didn't take risks, people would still complain.

 

[magicbastarder]

have all the latest variable rate drops in banks been implemented?
mine is higher than i reckon it should be...

 

[pete]

When do i get my cut of BOI's $3.5 billion in used notes?