@Athletico Charlton thanks for your reply. I'd like to answer it, but first I'd like to say (to all) that I have had my grouse about it, and accepted the current status quo, so I treat it now as a purely academic discussion. All, please just skip this if you are not interested. But I am very interested to hear and learn from anyone in the banking biz. Cynicism about banking generally underpinned my grouse but I have never had a chance to see a banking business in operation, nor have any friends who work there.
I think "very dangerous" mindset is a bit extreme. If you'd said "complacent", I'd have taken it, although I dispute that it applies in my case.
The suggestions about why these restrictions exist covered two separate financial crimes, and I think we should distinguish them. Fraud, as you described, sees the bank customer as the victim. I respect the way banks take steps to help customers think twice before paying a fraudster. It was exactly this system which kicked in, in the case I described myself in, with the debt collection agency. The problem there was, I was taking the bank warning very seriously; but I was left to make the final call myself. Where else could I go? That's not per se the banks' fault; I'd suggest it shows we need overall a more joined up and proactive approach to protect consumers from online fraud.
The cases you describe of fraud are good examples of the overall threat. But surely they have little to do with this issue because quite patently the guy who sent £1 million to fraudsters, didn't use retail online banking! I presume he did it in a professional capacity, with a business banking facility. Also is it really the case that customers who send money by online banking to fraudsters, then successfully claim recompense from the bank? I would have thought that the warnings you get from the bank before it lets you click "send", would protect them legally. Maybe I'm wrong; however personally I would not expect the bank just to cover my losses. I would though expect the bank to assist police investigations in such cases – and I assume that happens.
Money laundering is a different financial crime. In this case, the customer, let's say a Russian oligarch or or one of his siblings, is the perpetrator. Are we saying that a 25k limit deters money launderers? I suppose that it might deter certain types. However, the point is that banks are widely held to have wilfully supported large-scale money launderers, in breach of their obligations, both regulatory and ethical. As a cynic, I feel that the banks have happily imposed restrictions on their normal punters as a way of demonstrating that they are complying with the global push back on money laundering; however when the big money comes along they have been all too quick to help their potential customers find a way around the regulations. So no, I don't think it was hypocritical at all to post that link -about my bank.
Finally I accept that it's a minority of cases where the limit is a problem, however in a country where so much of the wealth of ordinary people is tied up in property, I wouldn't say the cases are infinitesimally small. As I said to @valleynick66, I agree that there should be limits, but they should be higher than they are. And there should be some flexibility. He suggests that it might come when the banks feel more confident about the robustness of their systems; that seems fair enough, however in the meantime we have one of the big banks (Barclays) having a limit twice as high as all of their competitors, which seems to me a bit odd. When I first unburdened myself on this issue, I assumed that the limit had been imposed by a relevant authority, such as the FCA, and the fact that this is not the case increased my cynicism. That said, I can imagine the banks feel a little vulnerable when, as you and I know from elsewhere, bodies like the Serious Fraud Office have been wilfully underfunded by successive governments, as have the regular police who obviously need to be better equipped to investigate the many frauds which probably don't pass the test of "serious". And that's probably where the real problem lies.
Barclays have recently increased their limit on faster payments on company accounts from 250k to 1 million. Having worked in a Solicitors expecting funds from clients on house purchases it was surprising how much the limit varied from bank to bank. Sometimes if we were expecting say 200k from a client to complete they'd have to start sending funds 20 working days before completion if their banks limit was only 10k per day, frustrating for them and for us having to process all the payments. In many cases now, as long as there is sufficient time to completion, people will pay by cheque to avoid making numerous payments. The alternative though is paying a relatively modest fee and sending as one payment by CHAPS. As for your relatively small payment that gave you a warning I'm assuming that the name on the account did not match the name you had input. This happens quite frequently and could arise for various reasons but if it carries out a check and the account names don't match then it will warn you that you continue at your own risk. Also, if you are paying someone that day it will also suggest paying the next day so that you have time to check and cancel if necessary. These are sensible measures to prevent fraud. I do agree that the limit imposed by many banks on faster payments could be increased, to say 50k, but only if you know the correct bank details.
Dont know if this is the right thread,my son has a property in Old Farm Road Finchley,he is trying to sell this but every buyer he gets has their mortgage application declined,has anyone on here got any inside knowledge of why this might be.
Your son needs to find out why they are being declined....is it something about the house/ valuation or do applications not get that far. ie, is the property above a shop, or of unusual construction or has a flying freehold.
Also, what do you mean by "declined" ? I've been a mortgage broker for 30 years and very few applications get declined if proper scrutiny of the borrowers are done beforehand.
Is it that they are failing affordability ? Due to the recent interest rate increases leaders are tightening up on how much they will lend. But that doesn't usually lead to a declined application, just reduced borrowing capacity.
There are lots of reasons but he needs to ask the EA who are putting these applicants forward. Usually they do Due Diligence themselves & shouldn't be getting people to make an offer unless they have an Agreement in Principle already sorted.
Thanks for reply,the mortgage people say that it is because of lack of resale ability which is untrue because he has now had 4 people who have been refused.The most recent only wanted 80k mortgage on a property sold for 400k.The property is on an estate privately owned and most are rented out with options to buy.I believe there is a 99 year lease and service charge which is all made very clear in the selling process.He has had the place for 6 years and had no trouble getting his own mortgage.I will pass on to him your comments,thanks once again.
In that case there is a problem with the property, or the estate it's on. The fact that 4 lenders have refused to lend on it means there is an inherent problem. It could be the lease as usually lenders wont lend if the remaining term of the lease is less than 80 years (roughly - different lenders have different criteria) or maybe due to the high level of non owner occupier properties.
Thing is, the EA will know. They know why a property is not mortgageable. Best he asks them to be straight with him.
Thanks I will pass this info on to him,his main gripe is that when he bought the place he had no such problems,and just cannot understand why the situation has changed.
Bitcoin BTC 360 app being plugged on Facebook. Suggests a robot does all the work do you. Minimum £220 ($250) outlay. Any thought or experience on here? I’m tempted given the relatively low risk value.
Bitcoin BTC 360 app being plugged on Facebook. Suggests a robot does all the work do you. Minimum £220 ($250) outlay. Any thought or experience on here? I’m tempted given the relatively low risk value.
absolutely not. You'd be getting scammed. If the bot was that profitable - they wouldn't be sharing it with you.
Remember, I'm the most outspoken pro crypto person on here. But this reeks of scam. We really need a bitcoin/crypto ETF to be approved to avoid shit like this.
Bitcoin BTC 360 app being plugged on Facebook. Suggests a robot does all the work do you. Minimum £220 ($250) outlay. Any thought or experience on here? I’m tempted given the relatively low risk value.
Just looked at my own through my fingers. Not quite as much damage wreaked (wrought? )on them as I'd feared, but as I had little confidence in the UK economy a lot of them are either energy/oil shares where earnings are in USD, or international businesses which provide a hedging element against the feeble GBP.
Currently putting a little bit of cash on 12m fixed term deposit and getting over 4%, but conscious rates will likely rise again before they fall.
No one knows but there has been a global bounce in equity markets. Most up 2% or more. Only the FTSE100 bucking the trend with a 0.9% gain.
On another note, just had an email from Nat West. As from tomorrow their cheapest 2 year fixed rate (60%LTV with a £995 fee) will be 6.37%. 5 year fixed on similar terms will be 6.24%. 2 year tracker @ 2.95% (0.7% above base).
Think I'd gamble on the 2 year tracker.....unless you think the base rate will be in excess of 5.5% in 2 years time. Also should factor in the fact that you will have a good number of months of your pay rate being below 5%.
To me it's a no brainer, but lots of people will panic & go for the fixed rate.
You must be raking it in with DLG going from 180 to 197. 10% in three weeks!
You’re starting to sound like my mate, who, when I was over in 1996 and pondering whether to sell my house in Surbiton, grabbed me by the neck and told me not to be so bloody stupid. He never stopped reminding me after that what great investment advice he had given me.
Nope. This is a bear market. Still more misery to come.
But I think the selling got overdone and we're coming up to a seasonal time that tends to do well. Maybe the earnings will not be quite as bad as feared?
Nope. This is a bear market. Still more misery to come.
But I think the selling got overdone and we're coming up to a seasonal time that tends to do well. Maybe the earnings will not be quite as bad as feared?
this, bear market rally imminent. But ultimately at the beginning of a downtrend.
Nope. This is a bear market. Still more misery to come.
But I think the selling got overdone and we're coming up to a seasonal time that tends to do well. Maybe the earnings will not be quite as bad as feared?
this, bear market rally imminent. But ultimately at the beginning of a downtrend.
You must be raking it in with DLG going from 180 to 197. 10% in three weeks!
You’re starting to sound like my mate, who, when I was over in 1996 and pondering whether to sell my house in Surbiton, grabbed me by the neck and told me not to be so bloody stupid. He never stopped reminding me after that what great investment advice he had given me.
I wish someone had grabbed me round the neck when I decided to sell mine when I went to Thailand! That was in Camberwell. Now renting in Surbiton!
Nope. This is a bear market. Still more misery to come.
But I think the selling got overdone and we're coming up to a seasonal time that tends to do well. Maybe the earnings will not be quite as bad as feared?
this, bear market rally imminent. But ultimately at the beginning of a downtrend.
Dead cat bounce ..
Oh hallo, the Anti -Growth Coalition are in the house😉
Screen-grabbed this off a presentation I'm in this morning- the speaker was estimating market growth of 4% next year and 3% in 2024 (didn't catch what parameters he put to that) which when compared to a safe interest rate of 4 or 5% in a 1 or 2 year saving account seems like a no brainer to me in terms of risk.
Screen-grabbed this off a presentation I'm in this morning- the speaker was estimating market growth of 4% next year and 3% in 2024 (didn't catch what parameters he put to that) which when compared to a safe interest rate of 4 or 5% in a 1 or 2 year saving account seems like a no brainer to me in terms of risk.
I think that's GDP growth rather than market growth. 2 different things.
I checked on the status of my supposedly safest fund, Vanguard Life Strategy 20%.
15% down on the last 12 months.
Got the hump about that.
Well it is 80% invested into Fixed Interest, which is probably the worst asset class this year. Gilts are down 45% since January.
Saying all that, it might be the time to start going back into Fixed Interest. There has been a big sell off & with interest rates looking to stabilise over the next year or so growth maybe back on the cards.
I checked on the status of my supposedly safest fund, Vanguard Life Strategy 20%.
15% down on the last 12 months.
Got the hump about that.
Well it is 80% invested into Fixed Interest, which is probably the worst asset class this year. Gilts are down 45% since January.
Saying all that, it might be the time to start going back into Fixed Interest. There has been a big sell off & with interest rates looking to stabilise over the next year or so growth maybe back on the cards.
That’s my hope. The cash I have there is money I had put aside over the years as an emergency health fund - paying cash into it rather than premiums to BUPA or PPP. It was in an interest bearing cash account that was barely reaching 1% so I figured I could easily get 2% by parking it in that fund. Great. So I’m going to hope that it recovers then whip it out and put it in a cash account paying probably 5% soon.
A friend of mine who was a very successful asset manager and was able to retire in his forties, has been buying short-dated GILTs (out to 2-3 years). Unless you think things are really dire and the UK will go bust, you can make a very precise calculation of what you will get back from the gross redemption yield and make a decision on that versus inflation.
A friend of mine who was a very successful asset manager and was able to retire in his forties, has been buying short-dated GILTs (out to 2-3 years). Unless you think things are really dire and the UK will go bust, you can make a very precise calculation of what you will get back from the gross redemption yield and make a decision on that versus inflation.
Another good day to be invested, btw.
Wouldn’t disagree with the sentiment but would be more inclined, provided you can lock up the cash for the period and get the FSCS protection, to stick it on deposit at 4.77% and 4.90% respectively for 2 and 3 years, so your yield pick up over gilts is fairly good.
A friend of mine who was a very successful asset manager and was able to retire in his forties, has been buying short-dated GILTs (out to 2-3 years). Unless you think things are really dire and the UK will go bust, you can make a very precise calculation of what you will get back from the gross redemption yield and make a decision on that versus inflation.
Another good day to be invested, btw.
Wouldn’t disagree with the sentiment but would be more inclined, provided you can lock up the cash for the period and get the FSCS protection, to stick it on deposit at 4.77% and 4.90% respectively for 2 and 3 years, so your yield pick up over gilts is fairly good.
That makes sense, and personally I can see even better deposit rates being offered next month after another BoE rate rise.
But I may misunderstand what “gross redemption yield” comprises ? Does it include some capital appreciation?
And its all very well having another good day to be invested, the problem is that in between the last one and this one, there was a bad one!😢
A friend of mine who was a very successful asset manager and was able to retire in his forties, has been buying short-dated GILTs (out to 2-3 years). Unless you think things are really dire and the UK will go bust, you can make a very precise calculation of what you will get back from the gross redemption yield and make a decision on that versus inflation.
Another good day to be invested, btw.
Wouldn’t disagree with the sentiment but would be more inclined, provided you can lock up the cash for the period and get the FSCS protection, to stick it on deposit at 4.77% and 4.90% respectively for 2 and 3 years, so your yield pick up over gilts is fairly good.
That makes sense, and personally I can see even better deposit rates being offered next month after another BoE rate rise.
But I may misunderstand what “gross redemption yield” comprises ? Does it include some capital appreciation?
And its all very well having another good day to be invested, the problem is that in between the last one and this one, there was a bad one!😢
Agree with you both. I won't be outstaying my welcome!
Comments
Remember, I'm the most outspoken pro crypto person on here. But this reeks of scam. We really need a bitcoin/crypto ETF to be approved to avoid shit like this.
Should have done it earlier.
You win some, you lose some.
On another note, just had an email from Nat West. As from tomorrow their cheapest 2 year fixed rate (60%LTV with a £995 fee) will be 6.37%. 5 year fixed on similar terms will be 6.24%. 2 year tracker @ 2.95% (0.7% above base).
Think I'd gamble on the 2 year tracker.....unless you think the base rate will be in excess of 5.5% in 2 years time. Also should factor in the fact that you will have a good number of months of your pay rate being below 5%.
To me it's a no brainer, but lots of people will panic & go for the fixed rate.
But I think the selling got overdone and we're coming up to a seasonal time that tends to do well. Maybe the earnings will not be quite as bad as feared?
Screen-grabbed this off a presentation I'm in this morning- the speaker was estimating market growth of 4% next year and 3% in 2024 (didn't catch what parameters he put to that) which when compared to a safe interest rate of 4 or 5% in a 1 or 2 year saving account seems like a no brainer to me in terms of risk.
Saying all that, it might be the time to start going back into Fixed Interest. There has been a big sell off & with interest rates looking to stabilise over the next year or so growth maybe back on the cards.
Another good day to be invested, btw.