On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Are you sure it’s 50%? Surely it has to be below that figure.
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
Genuine question. You do all your banking with one bank?
Mostly due to trying to get better deals on savings rates, international travel, credit card cash back/points and account add ons like travel insurance I have accounts with 7 different banks 5 of which I have ability to spend money on a card with. My main one is santander. But also have amex, monzo, nationwide, Halifax.
If one of them went down I'd just use an alternative.
Millions of people barely have much money in 1 account, let alone multiple accounts with options.
I'm well aware of people in that situation. One of my previous jobs was about access to bank accounts (amongst other services) for inclusion groups.
But anyone who is employed or recieving a pension has the ability to shop around and get deals. From the OP it was pretty clear he was employed, hence my question.
Do people have pensions split over multiple accounts? Not quite sure what the relevance is right now for being able to shop around.
If you get a pension you have enough income to have accounts with another bank in order to get access to better savings rates or other deals.
In terms of the relevance - In response to the OP I asked a question about whether people do all of their banking with one bank as it genuinely surprised me that people would as they will be losing out on a fair chunk of cash. You responded to that saying not everyone can, which I agreed with but pointed out it's not reliant on huge amounts of cash and thay anyone employed or recieving a pension can do it. I even did it when I was a student. So it's relevant because I was responding to a point you raised about a question I asked in response to the OP. That's how conversations usually work
So long story short, the customers could have avoided this issue themselves?
Just missed my edit to the above. Not saying avoid the issue but one of the benefits is safeguarding and protecting yourself against this sort of thing.
Point of note. I wasn't telling anyone what they should or shouldn't do. I asked a genuine question about whether people genuinely do all their banking with one bank. I was genuinely shocked that people might. I get traditionally you might have had a relationship with a bank and so stuck with them. But in this internet age with so much information and the market busier and competition so much more clear it just seemed obvious to me to take around of various deals.
I've explained my reasoning for doing what I do (and this is a benefit I hadn't really considered until this thread). Still not sure why anyone would limit themselves to a single bank when there is so much choice.
People don’t really have a choice about whether to have a bank or not, although banking with the Post Office was a decent choice before it was trying to act like a commercial bank. From my perspective alone, I believe the more banks you have the more energy and credence you inject into the hugely flawed capitalist system. That’s why, for me, First Direct (yes part of the very nasty HSBC group) as a bank is enough, and any extra money goes into premium bonds. This is my personal perspective and I accept I might be the only person that feels this way.
I'm with you on this version of a capitalist system being completely flawed. But my view is while we live under that system we have to be part of it. There are lines though. I personally won't banknwith barclays due to their quite explicit connections to funding genocide.
I worked for Midland Bank (now HSBC) and the credit scoring system gave extra points for length of time you were with the bank, now it seems loyalty counts for nothing. I took voluntary redundancy when we had to sell Payment Protection Insurance (PPI) even when it wasn't necessary, that blew up years later.
I think that the attitude that Barclays have taken is appalling, suggesting that people go to food banks is unacceptable, they should allow people to go to the bank and at least draw some cash so that they can feed themselves. It couldn't have happened at a worse time for some people, as many would have been paid early in December. There are many who live from one pay day to the next and have no room for problems like this.
Problem is @Clem_Snide it could happen at any bank in reality. So you could leave Barclays for Natwest who have a similar problem in 6 months time.
An awful high percentage of people have one bank account and in reality are only able to fund, month to month, one account. So the option of having a spare loaded with some cash is dream world for many. Credit card may be the same, some simply won't be able to get one.
You need to be careful with the modern day online banks and who they use for clearing. Think both Monzo and Starling use NatWest so would have issues had it of been Natwest.
Some of Barclays responses on X etc are a joke, I left them many moons ago when I was transferred from The Woolwich and they royally messed everything up. Seems like their customer service hasn't improved
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
You should bank with HSBC Premier - free travel insurance, free global money account (might still need something for savings). Their Elite credit card is good for airport lounges and reward points (think you still get 40k on opening if you spend a certain amount, used to get another 40,000 on anniversary).
I'm to a degree similar to you, whilst I have all the above with HSBC for convenience and do all day to day banking with them, I do still have access to two other banks from a current account perspective (3 if you include First Direct) as well as other credit cards and savings elsewhere.
I work for one of the big banks and people like Canters are what give our execs big headaches. Younger people don't care so much about brand loyalty and they'll pick the best products that various banks and fintechs have to offer, switching easily if they have to. The big high Street banks are constantly playing catch up and reworking their online offerings to try and convince customers they can be their one stop shop. Things like this Barclays hit will do much wider damage to the big banks as customers will continue to try and diversify across multiple product providers to spread their risk.
I work for one of the big banks and people like Canters are what give our execs big headaches. Younger people don't care so much about brand loyalty and they'll pick the best products that various banks and fintechs have to offer, switching easily if they have to. The big high Street banks are constantly playing catch up and reworking their online offerings to try and convince customers they can be their one stop shop. Things like this Barclays hit will do much wider damage to the big banks as customers will continue to try and diversify across multiple product providers to spread their risk.
The issue is what can any Bank do in these very rare but high impact scenarios?
I suspect Barclays did the most it could at very short notice but sadly there will always be victims to greater or lesser degrees. They will no doubt compensate in due course.
The reference to food banks and friends is surely meant in a good way not a crass way and in extremis.
A few years back TSB had a worse outage which saw big fines and people lose jobs as I recall.
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
Problem is @Clem_Snide it could happen at any bank in reality. So you could leave Barclays for Natwest who have a similar problem in 6 months time.
An awful high percentage of people have one bank account and in reality are only able to fund, month to month, one account. So the option of having a spare loaded with some cash is dream world for many. Credit card may be the same, some simply won't be able to get one.
You need to be careful with the modern day online banks and who they use for clearing. Think both Monzo and Starling use NatWest so would have issues had it of been Natwest.
Some of Barclays responses on X etc are a joke, I left them many moons ago when I was transferred from The Woolwich and they royally messed everything up. Seems like their customer service hasn't improved
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
You should bank with HSBC Premier - free travel insurance, free global money account (might still need something for savings). Their Elite credit card is good for airport lounges and reward points (think you still get 40k on opening if you spend a certain amount, used to get another 40,000 on anniversary).
I'm to a degree similar to you, whilst I have all the above with HSBC for convenience and do all day to day banking with them, I do still have access to two other banks from a current account perspective (3 if you include First Direct) as well as other credit cards and savings elsewhere.
Premier and elite sound like they carry fee's? I don't currently pay any!
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
I worked for Midland Bank (now HSBC) and the credit scoring system gave extra points for length of time you were with the bank, now it seems loyalty counts for nothing. I took voluntary redundancy when we had to sell Payment Protection Insurance (PPI) even when it wasn't necessary, that blew up years later.
I think that the attitude that Barclays have taken is appalling, suggesting that people go to food banks is unacceptable, they should allow people to go to the bank and at least draw some cash so that they can feed themselves. It couldn't have happened at a worse time for some people, as many would have been paid early in December. There are many who live from one pay day to the next and have no room for problems like this.
Thing is going to a bank is not easy these days. I used to be able to go to a Barclays in Forest Hill Crofton Park, Catford, Croydon or Lewisham ...only Lewisham exists now.
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
Just out of interest, same password for each?
I just use the phone’s internal strong password generators these days. Just gotta hope that doesn’t get compromised.
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
Problem is @Clem_Snide it could happen at any bank in reality. So you could leave Barclays for Natwest who have a similar problem in 6 months time.
An awful high percentage of people have one bank account and in reality are only able to fund, month to month, one account. So the option of having a spare loaded with some cash is dream world for many. Credit card may be the same, some simply won't be able to get one.
You need to be careful with the modern day online banks and who they use for clearing. Think both Monzo and Starling use NatWest so would have issues had it of been Natwest.
Some of Barclays responses on X etc are a joke, I left them many moons ago when I was transferred from The Woolwich and they royally messed everything up. Seems like their customer service hasn't improved
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
You should bank with HSBC Premier - free travel insurance, free global money account (might still need something for savings). Their Elite credit card is good for airport lounges and reward points (think you still get 40k on opening if you spend a certain amount, used to get another 40,000 on anniversary).
I'm to a degree similar to you, whilst I have all the above with HSBC for convenience and do all day to day banking with them, I do still have access to two other banks from a current account perspective (3 if you include First Direct) as well as other credit cards and savings elsewhere.
Premier and elite sound like they carry fee's? I don't currently pay any!
The current account has no fees, nor does the global money account (but you need the premier current account I think to have it).
Credit card does have an annual fee, yes. Although with the welcome bonus and what I spend it was well worthwhile, last year flights to Cyprus and Lanzarote were all but free, plus I had around £300 Amazon vouchers.
Just paid £20 each for flights to Cyprus in April and Lanzarote were again free (apart from about £40 in taxes etc).
It does all depend on how much you spend of course,
To be clear, I am not in a position where I have no money. I have credit cards and savings elsewhere that I can use.
The point I was making is the totally unacceptable response to the problem from Barclays themselves.
Generic responses ignoring specific reasonable questions are simply winding people up and fanning the flames of panic.
They have made no formal statement other than "we are working to fix it and it's taking longer than we hoped". They have not said what the issue is - so speculation is rife it's a cyber attack.
I am lucky that it's a no more than a royal pain in the arse for me, however, there are 1000s who are on the breadline and haven't received wages, have no access to their money and are effectively being given a shrug of the shoulders and told to go and beg for help.
This is part of a strand of banking ethos, to show strength i think. Just like their old high street buildings were designed to look impenetrable, with solid walls and parapets and high windows, they don't to seem a soft touch these days either, and are reluctant to admit any faults in systems, which is perfectly understandable as they are so reliant on customer confidence.
They are more prone to more intelligent criminals these days, and system failure. Their tech is probably a great mystery to 90%+ of their staff. And that's without the upcoming disruptions from the likes of bitcoin, social media storms (bad PR), AI, and universal basic income, which is probably inevitable in next stage capitalism.
The banks are running a legacy model where they want to make sure cash is still king, but it's not anymore. They are adjusting their value chains to use some jargon, sure ly, trying to keep up and offer services that matter in real world relations. But their product is slipping away in to virtual forms, and their customer service model can't keep up- hence the offensive, inappropriate, nonsense about foodbanks and borrowing from family members. They are desperately clinging to the old models of strength that have served them well. There'll be another banking crisis along soon enough i suspect, with similar denials, cover up, and poor handling.
I worked for Midland Bank (now HSBC) and the credit scoring system gave extra points for length of time you were with the bank, now it seems loyalty counts for nothing. I took voluntary redundancy when we had to sell Payment Protection Insurance (PPI) even when it wasn't necessary, that blew up years later.
I think that the attitude that Barclays have taken is appalling, suggesting that people go to food banks is unacceptable, they should allow people to go to the bank and at least draw some cash so that they can feed themselves. It couldn't have happened at a worse time for some people, as many would have been paid early in December. There are many who live from one pay day to the next and have no room for problems like this.
Thing is going to a bank is not easy these days. I used to be able to go to a Barclays in Forest Hill Crofton Park, Catford, Croydon or Lewisham ...only Lewisham exists now.
Banks used to be a community hub, not anymore
That's true, I must admit I haven't been into a branch for many years as I do everything online. I do have some cash in my purse in case of emergencies.
Well, their claims that it is fixed appear to be bollocks. Just tried to resubmit the travel payments which were bounced and re-authorise the card for contactless travel and guess what....declined, unable to authorise.
The response by Barclays to their customers is beyond believe, telling people to go to food banks is appalling, food banks have enough problems in identifying fraudsters who park their 4x4 around the corner and send their wife to shop in the food bank, also the news outlets ie the BBC reporting that one of the biggest problem was people were unable to get nappies, I find it all very sad. My wife (who is a Barclays customer) will walk out of a shop if they do not accept cash.
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
very similar with us and it doesn't take up too make time - but then, like you, we are very analytical
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
very similar with us and it doesn't take up too make time - but then, like you, we are very analytical
Bring back the days of free stoozing, now that was a way to make money out of the banks. I used to love say taking £20k interest free from a Barclays CC and depositing it in......... Barclays for which in those days they'd be paying me 6-7% interest on their money!! Once they started adding fees for balance transfers and egg money went it all but closed.
I have a current account, joint account, savings account and a joint fixed savings account, all with first direct. Also a British airways Amex which I use for day to spending so I get a nice bump to my avios and pay that off before any interest is due. Also have a 0% interest credit card with Lloyds which I took out to pay for a holiday last year and has nearly cleared. All of that gives me a nice spread in the event of a Barclays type outage.
I worked for Midland Bank (now HSBC) and the credit scoring system gave extra points for length of time you were with the bank, now it seems loyalty counts for nothing. I took voluntary redundancy when we had to sell Payment Protection Insurance (PPI) even when it wasn't necessary, that blew up years later.
I think that the attitude that Barclays have taken is appalling, suggesting that people go to food banks is unacceptable, they should allow people to go to the bank and at least draw some cash so that they can feed themselves. It couldn't have happened at a worse time for some people, as many would have been paid early in December. There are many who live from one pay day to the next and have no room for problems like this.
If it's acceptable for a UK banking giant to tell its customers to rely on foodbanks when they can't give me any money, I am going to play them at their own game.
I am going to hand around a food bank until I see that they've run out of food. I will then go in and ask for some food. They'll only be able to suggest that I go to the bank and get some free money from there.
I worked for Midland Bank (now HSBC) and the credit scoring system gave extra points for length of time you were with the bank, now it seems loyalty counts for nothing. I took voluntary redundancy when we had to sell Payment Protection Insurance (PPI) even when it wasn't necessary, that blew up years later.
I think that the attitude that Barclays have taken is appalling, suggesting that people go to food banks is unacceptable, they should allow people to go to the bank and at least draw some cash so that they can feed themselves. It couldn't have happened at a worse time for some people, as many would have been paid early in December. There are many who live from one pay day to the next and have no room for problems like this.
If it's acceptable for a UK banking giant to tell its customers to rely on foodbanks when they can't give me any money, I am going to play them at their own game.
I am going to hand around a food bank until I see that they've run out of food. I will then go in and ask for some food. They'll only be able to suggest that I go to the bank and get some free money from there.
On the multiple bank account thing. 50% of people are below average intelligence. Many people struggle to manage their finances with one account. Most of the people who contribute to this forum are fairly bright, and I bet many of them wouldn't dream of having six or seven accounts.
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
Yeah fair point. Hadn't considered that.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
very similar with us and it doesn't take up too make time - but then, like you, we are very analytical
Bring back the days of free stoozing, now that was a way to make money out of the banks. I used to love say taking £20k interest free from a Barclays CC and depositing it in......... Barclays for which in those days they'd be paying me 6-7% interest on their money!! Once they started adding fees for balance transfers and egg money went it all but closed.
Oh yes! I couldn't believe it when they confirmed I could do that - sadly I didn't take 20K though! I was so surprised you could do it, I didn't dare ask for more in case they clocked what I was going to do!
I worked for Midland Bank (now HSBC) and the credit scoring system gave extra points for length of time you were with the bank, now it seems loyalty counts for nothing. I took voluntary redundancy when we had to sell Payment Protection Insurance (PPI) even when it wasn't necessary, that blew up years later.
I think that the attitude that Barclays have taken is appalling, suggesting that people go to food banks is unacceptable, they should allow people to go to the bank and at least draw some cash so that they can feed themselves. It couldn't have happened at a worse time for some people, as many would have been paid early in December. There are many who live from one pay day to the next and have no room for problems like this.
If it's acceptable for a UK banking giant to tell its customers to rely on foodbanks when they can't give me any money, I am going to play them at their own game.
I am going to hand around a food bank until I see that they've run out of food. I will then go in and ask for some food. They'll only be able to suggest that I go to the bank and get some free money from there.
Comments
I am not knocking it, Canters, it's brilliant that you play them at their own game and make some cash for yourselves, but not everyone has your ability, so you shouldn't be surprised that not everyone does what you do, mate.
To be clear. I have 4 accounts one for travel insurance which hasn't been touched since we opened it, one for international transactions which I'll top up a couple times a year max when needing to make a specific international transaction. One that my main income goes into and another that I got to get access to a better savings rate which I now use for irregular side hustle income. So only 2 that take any management. I also have a couple of different credit cards for points/cashback opportunities. So 7 different ways of paying for things through different banking groups but still minimal effort (at least it seems to me).
Barclays payment issues 'resolved' following tech issue
https://www.bbc.co.uk/news/articles/c5y7dpdje6xoI think that the attitude that Barclays have taken is appalling, suggesting that people go to food banks is unacceptable, they should allow people to go to the bank and at least draw some cash so that they can feed themselves. It couldn't have happened at a worse time for some people, as many would have been paid early in December. There are many who live from one pay day to the next and have no room for problems like this.
An awful high percentage of people have one bank account and in reality are only able to fund, month to month, one account. So the option of having a spare loaded with some cash is dream world for many. Credit card may be the same, some simply won't be able to get one.
You need to be careful with the modern day online banks and who they use for clearing. Think both Monzo and Starling use NatWest so would have issues had it of been Natwest.
Some of Barclays responses on X etc are a joke, I left them many moons ago when I was transferred from The Woolwich and they royally messed everything up. Seems like their customer service hasn't improved
cantersaddick said:
You should bank with HSBC Premier - free travel insurance, free global money account (might still need something for savings). Their Elite credit card is good for airport lounges and reward points (think you still get 40k on opening if you spend a certain amount, used to get another 40,000 on anniversary).
I'm to a degree similar to you, whilst I have all the above with HSBC for convenience and do all day to day banking with them, I do still have access to two other banks from a current account perspective (3 if you include First Direct) as well as other credit cards and savings elsewhere.
I suspect Barclays did the most it could at very short notice but sadly there will always be victims to greater or lesser degrees. They will no doubt compensate in due course.
Banks used to be a community hub, not anymore
Credit card does have an annual fee, yes. Although with the welcome bonus and what I spend it was well worthwhile, last year flights to Cyprus and Lanzarote were all but free, plus I had around £300 Amazon vouchers.
Just paid £20 each for flights to Cyprus in April and Lanzarote were again free (apart from about £40 in taxes etc).
It does all depend on how much you spend of course,
They are more prone to more intelligent criminals these days, and system failure. Their tech is probably a great mystery to 90%+ of their staff. And that's without the upcoming disruptions from the likes of bitcoin, social media storms (bad PR), AI, and universal basic income, which is probably inevitable in next stage capitalism.
The banks are running a legacy model where they want to make sure cash is still king, but it's not anymore. They are adjusting their value chains to use some jargon, sure ly, trying to keep up and offer services that matter in real world relations. But their product is slipping away in to virtual forms, and their customer service model can't keep up- hence the offensive, inappropriate, nonsense about foodbanks and borrowing from family members. They are desperately clinging to the old models of strength that have served them well. There'll be another banking crisis along soon enough i suspect, with similar denials, cover up, and poor handling.
I am going to hand around a food bank until I see that they've run out of food. I will then go in and ask for some food. They'll only be able to suggest that I go to the bank and get some free money from there.