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Additional Details
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psychclaire | Do banks REALLY care about their customers? |
My recent loan proposal - Amount of loan £14700.00. Payment protection £15443.47, then interest. Totalling to £36093.12. All at 17.3% APR.
Additional Details
I asked for a payment over 66 weeks, got a contract back for 96 = more interest. Such a rip off. |
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Brien Private Finance
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They REALLY care about the customers that make them the most money. I.E. the customers that put the most money with the bank. That is why the customers that have millions with the bank get to go into the bank whenever they want (24 hrs) and do transactions in the private banking area. (it is hidden from the main area, and most people don't even notice its existence).
Obviously they aren't going to care about the person that keeps 22 cents in their account. There are just too many customers.
Edit: This is in regard to shep-
Banks do make a lot of money from people who have a lot of money in their accounts. The banks provide financial advice, wealth management, etc... and they do charge a fee. That is where the real money for the banks are.
Additionally, the people with a lot of money have a lot more power in what they say, so if they get treated poorly by a bank, people will listen to them more than someone who has 5 dollars in the account because they know that the person with 5 million dollars is more financially savvy and has more power when speaking to others regarding finances. So if they say that BofA is an amazing bank, more people will listen to them than if the person with five dollars said that. |
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tiger tiger
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mine kept nagging me put money into different accounts as i wasnt earning as much interest as i should , so yes |
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tahunajcw
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Yes, banks really do care about their customer's money. |
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Lord_Darkclaw
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Of course not.
If you don't like your bank then vote with your wallet and move to another. |
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Essex Boy
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that must be a 10 year loan, they are never good. but banks don't care about us only profit margins, they are no different to any large retail outfits, just got a little more power and a lot more ruthless ! |
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Doreen H
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Of course they don't care about people who want to borrow money. They are a business, not a charity. You don't state the period of your loan - if you do I'll try to find you a better offer. |
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laura3291
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no that's why they've just doubled you're loan with all the interest etc. It's daylight robbery |
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Sbh
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That interest rate is high! You don't have to take payment protection (although that amount doesn't sound too bad), it is a choice, but do read all the details of what it covers before you decide if it's right for you. You have to consider what would happen if you where made redundant or off long term sick.
Most banks will consier the amount you can afford to pay back a month & this will have a bearing on how long the term of the loan is.
Don't apply for loans at other banks as it will all go on your credit history even if you don't take up the offer, ask for some quotes, then apply at the best place. |
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cfiziksh
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No. They're a business, so they just care about making the biggest possible profit just like all businesses.
Competition is your friend though. Find the bank that gives you the best offer. There are banks out there with some damn good offers, like the one that gave me a checking account that earns me 6.01% APY :) |
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Cory D
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No. They care about their stockholders.
It would be irresponsible of them to not hold their stockholders' interests at the forefront when making decisions. Sometimes that means giving you great customer service so more customers will show up. Sometimes that means nickle-and-dime-ing you to death... or whatever British people do with pound sterling coinage. Five-pence-and-ten-pence-ing you to death? That doesn't sound as good. Anyway, it's like being pecked to death by baby ducks, except not as cute. So the stockholders get their bang for their investment, and you get a crappy 17% fleecing. You're not who they have in mind when they make policies, not foremost anyway.
I don't know if there are credit unions in Great Britain, but if there are, I can't express how much I would recommend you moving most of your money to one. They offer better interest rates on savings. They're small, so they know you. Since they know you, you can often talk them out of fees. Best of all, the only reason credit unions exist is to make loans to people. That's their first concern. The customer is the only reason they are there, and without the customer, there would be no credit union. Every member of the credit union is loaning you a tiny bit from their accounts, and you pay them all back slowly and the bank doesn't skim their own cut off the top because they are a non-profit entity.
There is only one reason to have an account at a bank. You need a few quid after work from the bank machine so you can down some pints. If you belong to a big bank, you can get your money from one of their machines because they are so common. Credit unions will not likely have a great deal of bank machines all over town. Keep a couple hundred pounds in HSBC or RBS for emergencies and libations, and never be bothered with their rotten customer service again. |
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anti warhol
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no they rob everyone because they can do whatever they want |
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jovibonjon1
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All they care about are their shareholders. |
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dels replies
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No they don't. They are in business to make profit and to please the shareholders. They are an evil but necessary service, like sewers for example. |
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mafiaprincessmp
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doubtful. they are money driven! its a bank! y shud they? theyre getting money thts y they decided to work in a bank in the first place.
they just make it sound like tey care to hook the customers since we are so damn easily bought by caring liars! |
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JOHN B
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Banks care for Banks, preferably their own. they would sell their own grandmother for a buck. |
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strawberry
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bussiness id bussines bro. |
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sailor
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Ha Ha Ha Ha NO. |
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shep6965
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I've noticed that people who have a great deal of money in their bank account get treated extremely well. Those of us who have loans or are in the "red" are the ones that are paying the banks interest but get treated like shite. Don't the banks realise it's the latter who are making them money and not those with vast amounts in their accounts |
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