Do Banks/Building Societies really want our money
- 15 December 2010 16:2584765I wanted to open a Bank or Building Society Account for my Grandson,just a simple deposit account that people can put money in.He has so many toys that I thought it would be a good idea,but how wrong I was.
I went into a Buiding Society near McDonuts and said that I wanted to open an account for my Grandson,they said you will need the Birth Certificate and 2 bills from my Daughters residence.So I made the arrangement and back I went.......
Hello I said I would like to open an account for my Grandson,to be greeted by well I can't do it I am due to have lunch in 10mins,so I sat down and waited for the lady who obviously had taken over at 1pm.I am taken into an office.
I would like to open a bank account for my Grandson,I have his birth certificate all my details bills passport and 2 bills from my daughter....
Can't take those we need utility bills,so I explained that when I came in before I was told 2 bills,not utilitiy and as my Daughter had only just moved into her place she had none of these,sorry we can't open an account. I was thinking now perhaps I should put the money in the mattress.
So having banked at N*t W**t for 37 years and knowing all the staff I decide to try there,I want to open a bank account for my Grandson,I have his birth certificate 2 letters to my daughter at her new address and all my details,the lady says thats ok I know you.
I want to open a bank account for my Grandson,everything is in order yes we can open an account but we need to see him!!!!
Being on a night shift my fuse was already short and I said he doesn't live with me,but I have his Birth Certificate,no we need to see him!He is 8 months old and I said what is the point of a birth Certificate to which she shrugged her and said it is the rules.
So I have open an account in my MATTRESS! If anyone wants to chip in!If you knew what I know,we would both be in trouble! - 15 December 2010 16:3484766It's the rules, don't you know!
I had a similar experience getting myself approved as a signatory to a community group account, took in pages 2,3 and 4 of my latest utility bill, not acceptable, "we need to have page 1 as well" But page 1 has nothing about me on it, just advertising guff so I've binned it, they still needed to see it.
Would they have asked for your grandson's signature when you took him in?
- 15 December 2010 16:3484767John - I understand your frustration. This is because of Money Laundering Rules laid down by the EU. These are very strict and if not followed properly jail could becon for the individual who did not follow the rules properly. That does not excuse anyone for poor service or not making the requirements clear.
I am authorised by the FSA to verify and certify identity. Yet there are some institutions, deposit takers specifically, that will not accept my verification. Insurance and investment companies though are a lot better in this. - Jan Higgins
- Location: Dover
- Registered: 5 Jul 2010
- Posts: 13,895
15 December 2010 20:4584844With interest rates at the moment you might as well stuff it in the matress.
Why not start a collecting something that you think might become the valuable collection piece of the future. A make or theme of china or glass for example, if it looks nice so much the better you and his family can enjoy it as well.-----------------------------------------------------------------------
I try to be neutral and polite but it is hard and getting even more difficult at times.
------------------------------------------------------------------- - 15 December 2010 20:5384846Jan, I love collecting little things, plates and cups, glasses with pictures on them, prints, but don't like parting with them. But there is lack of room to put them all!Chanters, Drums and Drones Potty Time http://youtu.be/99fMqpjnXYA
Rule Britannia!
Kent First http://youtu.be/04F3mAP3fV4 Keep banging on http://youtu.be/qYCU_SKmkGQ - 15 December 2010 22:5084876Jan - bank and building societies are not a good place for longer term investment. They are good only for short term cash reserves, emergency money, accessable capital and so on.
To give you an example:
£100 invested in 1950 into a building society account paying the average interest.
At the end of 2009 if all the interest was rolled up and no tax taken it would be £1,557 (UK Building Society Index)
Inflation would require it to be worth £2,558 to have the purchasing power of 1950 (RPI)
So your £100 would be worth under £70
By contrast, if invested in the average performing UK share without the dividends re-invested it would be £7,661 (Barclays Equity Price Index Ex-dividends)
If the dividends were re-invested then the figure would be £102,938 (Barclays Equity Index Dividends reinvested)
So it is not exactly unusual for bank interest to be below inflation.
Better returns are available without investing in equities but if you want to know how you will have to pay me
- 16 December 2010 07:1984899That posting demonstrates beautifully why most of us "ordinary folk" think it is ridiculous that we are encouraged to invest and save. Even people who understand and know about these things disagree and fail. Us folk are expected to plough a way throguh fiscal avenues that morph even as we look at them. Unrealistic - as unrealistic as devolving meaningless "people power" to parents to manage schools (what do I pay head teachers to do?) and patients to run hospitals. or worse, GPs to run hospitals!! This Big Society is about to combust. Maybe then we can get back to having our little society that cares.
- 16 December 2010 09:1084911Bern - I really do not follow that at all.
Invest and save in the right way and you can improve your wealth and standard of living. My job is about helping people do just that and I am pretty good at it, they would not pay me if I was not!
It is open to everyone to do this - they just have to make a decision to do it and get the right advice. They have to start somewhere and they earlier they do the better. It is not easy, nothing worthwhile is easy in life! - 16 December 2010 18:5985013Barry is right and he's a great IFA - I can personally recommend him.
All the advice about investing and it being long-term is so true.
Any young(ish) person who can invest a modest amount and give it to Barry to look after, will not regret it at all - they don't have to be that young for it to be worth it - I'm not !
Roger - 16 December 2010 19:0185016Whos coming to johns with me?
- 17 December 2010 16:1085160BarryW is indeed fabulous - he is a good chap and very knowledgeable. I also like seeing his posts and enjoy sparring from time to time!! I disagree about some of the principles expressed, but that is part of the fun of conversation, and the joy of knowing people with differing opinions. I value BarryW highly, if I may say so!
- 17 December 2010 17:2685168Finally open an account after 4 visits,the lady at the Buiding Society next to Mcdonuts couldn't have been more helpful,I did apologise to the previous lady as I was on nights.If you knew what I know,we would both be in trouble!
- 17 December 2010 17:2885170Well, Bern - Thank you....its mutual...
