howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
cannot see the logic of your abuse bern.
the card company have not ripped off the poster, they have just lowered the spending limit.
any business has a right to restrict credit to a customer.
There are some fairly emotive postings in this thread indicating how sick and tired we all are of the way banks treat us. But it has always been this way and now, probably because of the recession, we are almost getting information overload on what they are up to.
However, I seem to recall Nic Leeson made an unexpected loss and, like all faild gamblers, he chased a profit to recover from his mistake. There were failing in the procedures at Barings, basically they had failed to modernise their processes and were caught out. Most other banks would not have got into the problem.
Bankers bonuses seem extreme, but, if you run a multi-billion/trillion dollar organisation, and make a huge success of it, then maybe £63m as a percentage isn't so great? I'm not saying it isn't a lot of money, just in comparison to the overall numbers being dealt with. I don't know the full circumstances, but just say, under this guys leadership the banks profits went from £1.5b to £4b, then £63m is a drop in the ocean. It's all relative.
As for credit card limits, many were reduced once the recession hit. One of my gold cards even had a limit put on it as part of that company's aim to reduce their exposure. Well, they succeeded. I cancelled my account to save them having any risk. They kept phoning me to change my mind, but the damage was already done. I also now make a point of paying off all my balances each month to ensure I incur no interest. So, if nothing else, the recession has made me use my credit cards more frugally than before.
Lastly, I too got a call from one of my credit card company's to contact them regarding the potential misuse of a card. I'd bought goods in Cambodia, Thailand, Portugal, London and Lagos all within the space of 10 days. Despite my telling them beforehand I would be using their card in those locations, they wanted to make sure it was me doing the spending. I called and confirmed that I was indeed the user, but, to give ME peace of mind they had cancelled the card anyway, and were sending me a new one in the next 10 days! Erm, I don't think so! I was about to go to Senegal and had planned using that card for flights/hotel etc, and the inconvenience was huge. I gave them a straight choice, reinstate the original card as there was no need to cancel it, or, close my account. For whatever reason they couldn't do the former and despite their protests about "looking after the customers interests" I close the account. They just didn't seem to get it, that they had caused me no end of inconvenience and expected me to be grateful for it. Erm, NO.
End of ramble.
Exactly. They assume we are there for their convenience and treat us like crap. Customer care - don't make me laugh..............
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
Sounds a bit extreme of the Banks there Sid.
If I make on-line payments there's a security system I have to go through to prove it's me making the payments, but that's not the same as hotel payments etc. where they are made in person.
Roger