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Your thoughts please - money and banks

Hi everyone

I'm doing a bit of work for a financial services company at the moment. I would be very grateful if Lifers could spare five minutes to help me with a little bit of feedback from a cross-section of the population we have on here! Could you answer these questions for me:

1. What really annoys/ frustrates you personally in dealings with banks/insurance companies/ credit card companies? (Doesn't need to be an essay!)
2. Do you have any examples of good service/ good products/ where they have helped you out?
3. Do you prefer to visit a branch or deal with them online/ by telephone? Why do you say that?
4. How customer-focussed do you think the financial companies you deal with are?
5. Do you have any particular good or bad experiences of any of the following companies:
a. Metro Bank
b. Virgin Money
c. Tesco Bank
d. Sainsbury's Bank
6. Finally, how important is money in your life and why do you say that?

Can you just let me know if you are male or female and your age band (U24/ 25-34/35-44/ 45-54/ 55-64/ 65+)?

Really appreciate this in advance!

Comments

  • edited May 2013
    1. Over the top charges for obvious minor unauthorised overdrafts etc, and "hidden" charges which aren't spelled out to you. Also spending ages waiting to speak with somebody / meet with them.
    2. First Direct. Brilliant service in every respect.
    3. Usually would say in person but First Direct have changed my view on that.
    4. Reasonably, but doesn't always mean they deliver good service.
    5. Nope.
    6. Very. London ain't cheap.
  • Male 25-34
  • 1) Automated call centres. Hidden charges. lack of personal touch
    2) Got a very good deal on insurances when they asked what we were currently paying
    3) Personally or on line. See 1 for why.
    4) Hardly at all
    5) Not used any
    6) It gives you freedom that's all, other things like health, love and happiness are more important.

    Male 45-54
  • 1. Lack of personal service. There is little consideration of personal circumstances, always consideration of their own immutable risk criteria.
    2. First Direct, every time you contact them. Been with them over 20 years as a result, can't imagine being anywhere else. (Anyone reading this, if you're not with FD they really are a stark contrast to your current banking experience, promise you).
    3. Online, then telephone - but you do need the branch service as well.
    4. Dreadful on the whole, but I except First Direct exclusively from this.
    5. Virgin Money - does what it says on the tin. Rates are high though. I did a balance transfer to a 0% rate with them once, didn't affect me but noticed that the minimum payment was a fraction of what it is for the full rate. Sneaky that.
    6. Can't live without money, but I'm lucky to be comfortable so it's not a preoccupation.

    Male 35-44

  • Thanks for these.
    Grateful for a few more if anyone can spare a few mins.
  • edited May 2013
    Money - I ain't got enough of it

    Banks - Robbing bastards
  • Hi everyone

    I'm doing a bit of work for a financial services company at the moment. I would be very grateful if Lifers could spare five minutes to help me with a little bit of feedback from a cross-section of the population we have on here! Could you answer these questions for me:

    1. Lack of initiative - "computer says no" style answers. Insurance companies giving you a great deal in year one, then creeping your price up.
    2. Most Natwest telephone service is very good. NW Black credit card is great, really like having the airport lounge access.
    3. Online: more contol, less queue.
    4. Very
    5. N/A
    6. Very, it gives you options, particularly the option to retire early.

    35-44

  • What did annoy me about Northern Rock during a recent phone-call was the lass on the blower talking to me like I owed her 100k personally.
  • 1. Out of country Call Centres where I struggle to understand the "Customer Service Advisor" - I include Scotland in that ;-)

    2. Not really - good products out there but I prefer to look for them myself

    3. On-Line/Phone. Only because I have to drive, park and pay for parking if I need to visit my local branch

    4. Only what I'd expect. Get annoyed about Banks that don't know the details of their own products or repat mistakes year on year.

    5. a. N/A
    b. N/A
    c. Credit Card - Does what it should do
    d. Credit Card - Does what it should do
    6. Very important - well the managing of it. I always put time aside on a weekly basis to keep on top of my fianances to ensure I make the most of what little I have. Really enjoy playing about with my pensions at the moment. Maybe a reason why I've never gone overdrawn, never paid any bank charges or never paid any interest on a credit card. I've also not had a loan (other than a mortgage) since I borrowed £300 to buy my first motorbike back in 1980)

    Male 45/54
  • edited May 2013
    1. Cold calling
    2. Tesco credit card - good security measures. I know that they are keeping an eye on spending patterns.
    3. Branch - so I know that they haven't done a runner with my cash.
    4. Not very - I think they are profit focussed. Any customer focus (or lack) is incidental to this.
    5c. see above. Also they have been flexible on the rare occasions I've paid up late.
    6. Money in itself is not a big driver. Lack of money is both a problem and a worry though.

    Male. Too close to 50 for comfort.
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  • My comments are more general, but at the age of 75 I would like to say to all of you that you are never too young to start thinking about your financial future. People of 65 these days can be very fit, and still happily enjoying the finer things in life. If you suddenly find yourself having to rely upon the State to look after you, you could get a nasty surprise. Also I moved my accounts to my local Branch of Nationwide which I can walk to. As for your question, how important is money ? Not that important, unless of course you haven't got enough !
  • 1. Cold calls pretending to be ringing me to make sure everything's ok with my account whereas they really want to try to sell me something and then wasting time having to ring around every year to find a cheaper quote only for my original insurers to then match it.

    2. Had our cards frozen whilst in Vegas. Annoying because we had taken the time to tell them we were going on holiday to Vegas and we might as well not bothered.

    3. In branch or on-line. The whole call centre experiecne drives me crackers.

    4. Not much, they know that most people are more likely to get divorced than change banks and the inertia selling thing is just wrong.

    5. Never banked with nay of them

    6. I'm not particularly money driven at all, just like to know we have enough coming in every month to cover the bills, have the occassional holiday and that's about it.
  • I bank with First Direct who are excellent in terms of customer care etc.

    But, the relationship that a customer has with a bank is too subservient. A couple of years ago I called FD for a balance enquiry. The conversation went something like this:
    FD: Have you thought about taking out an ISA this year?
    Me: Good idea, what are the interest rates?
    FD: 2.5% PA.
    Me: That's not very generous....
    FD: It compares very well with the rates charged by other banks...
    Me: Hmm, maybe, but tell me what's the current rate of inflation?
    FD: Errr...
    Me: Currently it's over 3% PA
    FD: Errr...
    Me: So, if I give you my money you are going to give it back to me in a year at a rate that's lower than inflation, meaning that I will be losing money by lending it to you...
    FD: Err...
    Me:Tell me, what's the best deal you can do on a mortgage?
    FD: 10% deposit and 5.5% PA...
    Me: So why is it when you loan money to me I have to pay it back at twice the interest rate that I get when I loan my money to you?
    FD: Errr....

    My ISA went elsewhere that year.
  • 1. Poor (IT) and/or unconnected systems. I got my "annual" mortgage statement from The Halifax today, which only went from March 2013 because that's when their new system started! I also had to tell them my postal address today (though they've been sending me stuff in the post for years).
    2. NatWest arranged an increased amount on a mortgage very quickly and efficiently although I didn't take them up on it in the end.
    3. I like to discuss more detailed stuff (like mortgages) in person, but find this is very much discouraged these days. Normal transactional stuff HAS to be on line (Nat West is good, Halifax is awful)
    4. A shout out for Hargreaves Lansdown who are certainly customer focussed. Other institutions less so.
    5. No dealings, except Tesco turned me down for a credit card last year and I have no idea why
    6. Money is very important: need to fund daughter's uni fees (for which we are treated as non EU foreigners as we have been away in Australia for a number of years, but that's another story and at least she won't end up with a student loan debt).
  • Female 55-64
    1. Banks are too impersonal these days. If the computer says you can't have an overdraft that is that and they aren't willing to listen to personal circumstances. There is no recognition of loyalty. In the past banks got to know their customers personally and could make a judgement based on what they knew about a customer, not what a computer said. Now everything is service centre based and personal service has gone out of branches

    After leaving school I worked for Midland Bank (now HSBC) for 15 years. When I first started, the Manager knew his/her customers. By the time I left in 1990 the culture had changed and the staff had to try to sell a product every time they spoke to a customer. This was one of the reasons I decided to take voluntary redundancy.

    2. Nothing I can think of.

    3. As much as possible I like to do things on line but if I need to speak I would rather go to a branch.

    4. Not very customer focused at all.

    5. No knowledge.

    6. I'd like more of it - things have been tough in recent years.
  • 1. Cold calls pretending to be ringing me to make sure everything's ok with my account whereas they really want to try to sell me something and then wasting time having to ring around every year to find a cheaper quote only for my original insurers to then match it.

    2. Had our cards frozen whilst in Vegas. Annoying because we had taken the time to tell them we were going on holiday to Vegas and we might as well not bothered.

    3. In branch or on-line. The whole call centre experiecne drives me crackers.

    4. Not much, they know that most people are more likely to get divorced than change banks and the inertia selling thing is just wrong.

    5. Never banked with nay of them

    6. I'm not particularly money driven at all, just like to know we have enough coming in every month to cover the bills, have the occassional holiday and that's about it.

    Oh yeah...male, 35-44 (just).
  • 1. Dealing with foreign call centres, staff being on targets to up-sell, getting credit card blocked on purchases even though you phoned the bank in advance (happened around 3 times)
    2. No
    3. Online, don't like strangers
    4. Not at all. The whole industry is around trying to tie you in and keep you tied into some less preferable unless you are pro-active. Can you imagine how well a bank would do if it was pro-active in working your money best for you, when new accounts, schemes etc arrive
    5. No exposure
    6. Pardon the pun, the million dollar question ! The best and crudest way i can view it is by splitting people generally in two camps. 1, Those that will simply always want more than they have. The have a Bentley, they're jealous of those with a yacht. They have a yacht, they're jealous of those with a jet. Some people are simply never content. 2. The other half are less monetary driven, yet those that say it is not funadamentally important are very lucky and almost unanimously in a point where they are 'comfortable' - not being impacted in the week before payday for example. For some, its the difference between being able to have a night out or not, or a holiday abroad, or a caravan holiday at home. For others though it is far starker, and is the difference between feeding your family or not. Food bins have tripled in the last 12 months in the UK. Money is ultimately essential in every stage of life, for various reasons.

    Waffling !
  • ...The other half are less monetary driven, yet those that say it is not funadamentally important are very lucky and almost unanimously in a point where they are 'comfortable' - not being impacted in the week before payday for example...

    What about those of us impacted the month before payday? Seriously, if I were to allow myself to think of money as important, I might just as well go around with a big sign around my neck saying 'loser'. ;-(
  • Thanks everyone so far - apologies if it's got you thinking a bit too deeply, AFKA ;-)
  • 1. Failure of banks to lend money to businesses to stimulate the economy. Large disparity between interest rates charged and those given.
    2. Lloyds TSB have always been very efficient with me.
    3. On-line. Contact when I want to contact. IT more intelligent than customer service advisors (in the main).
    4. Very mixed. Generally good on retail banking. Surprisingly poor on investments.
    5. Have a Tesco's bank savings account. Fairly good although on-line access was very complicated at first. Now simplified.
    6. Very. The key to a nice lifestyle for me and my wife now, and our ability to help our kids out with the big steps in life.

    Male, age band 55-64

    Happy to elaborate if required Weegie.
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  • Granpa said:

    Also I moved my accounts to my local Branch of Nationwide which I can walk to.

    Unlike most people in the SE postcodes, cos Nationwide closed all the branches except the tiny Eltham one. Which reminds me, must go and close my remaining Nationwide savings account today.
  • Thanks everyone so far - really useful. Anyone else like to contribute?

  • 1. What really annoys/ frustrates you personally in dealings with banks/insurance companies/ credit card companies? (Doesn't need to be an essay!)
    When I contact them with one very quick small enquiry and they spend the next 30 minutes seling me a load of other products that I don't want or need,
    Having to pay at a cash machines, it's my money, just give it to me!

    2. Do you have any examples of good service/ good products/ where they have helped you out?
    First Direct are brilliant. They answer the phones quickly, rarely try to sell add ons and I can mangame many accounts (current, savings, ISAs) all in one go online. I accept that I don't always get the best rates for these but I sacrifice that for the ease. They also provide me with great add ons such as insurance and free money abroad.
    Capital One credit card is also very good, although the do try to sell extras they don't cold call me, its only when I call them, which I rarely need to.

    3. Do you prefer to visit a branch or deal with them online/ by telephone? Why do you say that?
    Anything but in person, I hate having to explain thing to a perspex sheet. I don't always know if I am phasing my questions preoperly when it comes to finance so I'd rather make those mistake one to one than have the entire bank queue hear me.

    4. How customer-focussed do you think the financial companies you deal with are?
    1st direct is very good. Some of the others are very poor which is why I sacrifice better deals elsewhere to keep most of my dealings with them. The use of financial terminology to make this sounds impressive it also frustrating espeicially when dealin with FAs.

    5. Do you have any particular good or bad experiences of any of the following companies:
    a. Metro Bank
    Never even heard of them!

    b. Virgin Money
    I got a credit card from them once for the air miles. I turned out that you bearly got any for an expensive card so I cancelled it very quickly.

    c. Tesco Bank
    Only cash machines!

    d. Sainsbury's Bank
    As above

    6. Finally, how important is money in your life and why do you say that?
    I wish it where not important but life can not run without it. This is why I try to restrict my dealings with it as far as pssibly. I am lucky to be fairly financially secure but I remember when I wasn't and the less you have the more important it is (obviusly).

    34/35-44/
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