Leading banks seek to recoup charges
by Gill Montia
Story link: Leading banks seek to recoup charges
The High Street banks may yet turn out to be the victors in their battle with customers reclaiming charges for unauthorised overdrafts, by introducing a system already used in Australia and the United States.
Recent reports in the press suggest that so called free banking could end in the UK and customers could find themselves paying [...]
Treasury closes in on dormant accounts
by Gill Montia
Story link: Treasury closes in on dormant accounts
The National Consumer Council (NCC) has come out in support of proposals from the Treasury select committee on unclaimed assets.
The committee is in favour of developing a single search facility that will be in line with the NCC’s proposals for a UK Lost and Found service, that would make it easier for consumers to trace [...]
Cheques out at Sainsbury
by Gill Montia
Story link: Cheques out at Sainsbury
Last week, J Sainsbury became the latest retailer to no longer accept payment by cheque.
The supermarket chain has made its decision on the grounds of cost and the fact that the number of customers paying by cheque is declining.
According to the Association for Payment Clearing Services, there has been a 40% decrease in cheque payments [...]
Insolvency peak may be some way off
by Gill Montia
Story link: Insolvency peak may be some way off
The Government’s Insolvency Service has produced quarterly statistics showing a decline in the number of people declared insolvent, during the three months to the end of June.
In total 26,956 residents of England and Wales were declared bankrupt, or took out an Individual Voluntary Arrangement (IVA), during the quarter; 8% less than during the previous three [...]
RBS records record profit
by Gill Montia
Story link: RBS records record profit
Royal Bank of Scotland (RBS), owner of NatWest, recorded an 11% increase in profit, to a record £5.1 billion, in the six months to the end of June 2007.
The performance was particularly strong given that the bank repaid £81million to customers reclaiming bank charges, whilst also footing a £125 million bill for this year’s flood [...]
Over 50s need to save more
by Gill Montia
Story link: Over 50s need to save more
Abbey Savings has been researching the savings market and looking in particular at people aged 50 and over. The bank maintains that the average amount saved by someone reaching their fiftieth birthday is £7,179.
This is a surprisingly low sum considering that in the UK, the over-50s hold 91% of savings and current account assets, 43% [...]
HBOS recovers from mortgage blunder
by Gill Montia
Story link: HBOS recovers from mortgage blunder
HBOS, which own Halifax, has apologised to shareholders for introducing a new mortgage pricing policy that adversely affected it main mortgage market in the first-half of 2007.
The bank was attempting to increase its mortgage margins but in fact succeeded in reducing its share of the mortgage market from 17% to just 8%, in a matter [...]
Reprieve for borrower as 5.75% base rate retained
by Gill Montia
Story link: Reprieve for borrower as 5.75% base rate retained
The Bank of England’s Monetary Policy Committee (MPC) has opted to keep the base rate at 5.75%, despite recent losses on the stock market, which could have strengthened the case for an August rise.
The markets have been adversely affected by the crisis in the US sub-prime mortgage sector but the MPC has chosen not to [...]
Which? survey embarrasses leading banks
by Gill Montia
Story link: Which? survey embarrasses leading banks
Which?, the consumer group, has published its ‘best buy’ survey of bank accounts, which did not feature accounts offered by Barclays, HSBC, Lloyds TSB or NatWest.
According to Which?, consumers borrowing and saving with the four leading banks are getting poor value interest rates combined with customer service that is below the standard of some [...]
Loyds TSB sells Abbey Life and increases profit
by Gill Montia
Story link: Loyds TSB sells Abbey Life and increases profit
Lloyds TSB, the UK’s fifth-largest bank, has recorded a 13% increase in retail banking profit in the first-half of 2007.
Costs during the period increased by a very satisfactory 6%, given that 4% of the increase was incurred through the refunding of overdraft charges.
At a group level, pre-tax profits increased by 15%, to £2.01 [...]
Barclaycard supports flood victims and football fans
by Gill Montia
Story link: Barclaycard supports flood victims and football fans
Barclaycard has responded generously to those afflicted by extreme flooding by waiving the minimum monthly payment for all customers in flood-stricken areas, until the end of August.
Interest will be waived on the minimum payment missed and customers can rest assured that they will not be expected to pay any charge for late payment.
Barclaycard is [...]
HSBC pays back £16 million in unfair charges
by Gill Montia
Story link: HSBC pays back £16 million in unfair charges
HSBC has put itself in the spotlight by becoming the first UK bank to reveal the cost of refunding customers charged with unreasonable fees for unauthorised overdrafts.
In the first half of 2007, the bank made refunds totalling £116 million. The figure is above analysts’ estimates and according to HSBC, demonstrates the bank’s commitment to treating [...]
UK consumers resigned to further base rate rises
by Gill Montia
Story link: UK consumers resigned to further base rate rises
According to the latest findings of the Lloyds TSB’s consumer barometer, the majority of UK consumers will not be surprised by further rate rises this year.
The barometer shows 79% of respondents predicting that the Bank of England will increase the base rate above its current level of 5.75% in the near future.
This group of respondents [...]
