Banks & credit cards and their infernal damnation

[Dauphin]

Why do banks harrass us so much?

I have a *substantial* savings account with one bank and they bombard me with literature wanting me to take out a loan. Why do I need a loan that charges more interest than the interest I recoup by not using my savings?

I have a credit card with the same bank and they send me cheques to pay off other credit cards - the bill transfered to their account. Now, with regular cheques I know that they exist beforehand and can cancel them if they don't arrive. If these credit card cheques get delivered to a wrong and irreputable address then I could be out of pocket for a month (or until my next statement arrives) without realising it!

....

When I ring up to validate new cards from another bank they always ask me if I want a balance transfer, or offer some other product that I don't need - such as card insurance in case of loss of income. I say "No, I don't want or need it" and they insist on telling you about it before they will validate the card.

The ultimate in annoyance was about 12 months ago when this other bank arranged a meeting to ensure I was getting the best account they had to offer. They spent half an hour trying to sell me health insurance, life insurance and injury insurance (for just £5/month I can be safe in the knowledge that if my legs are amputed I will be reimbursed £10,000 by my bank. Wow!). We then discussed whether or not I needed a personal loan or mortgage. I said "no". At the end of the meeting it was agreed that I already had the best account to suit my needs. When my bank phoned a couple of weeks ago to have another "account review meeting" I said I wasn't interested. Their reply was that it was essential to insure I got the most from my account with them - bollox was it.


All these problems with banks and none of it debt related!

Rant over.

Let me hear your stories of banks and how you deal with their crap. Or alternative discuss problems with credit card providers chasing their debt after convincing you you needed it.

[rah]

Many sales pitches are disguised as customer service calls. The main reason for this is that then they don't have to follow the laws dealing with phone solicitations.

We're not selling anything, it's just a customer service call We don't care if you're on a nationwide do not solicite list. We don't care if it's Sunday at 8 in the morning. We don't care that you're eating dinner. It's a customer service call.

As long as they can prove that you're a current customer to any of their family of companies, they can get away with it.

[Sava]

I just tell them to f*ck off.... and I hang up...

[Dinner]

I you have over $7500 in a savings account (or even $5k in certain cases) then you should transfer it to a CD. The rate of return is much higher plus you can consoldate your checking & savings into one CD and still have check righting privilages free of charge.

[Provost Harrison]

What is a CD?

[Bereta_Eder]

Damn them and damn accountants too

[rah]

Certificate of Diposit = CD They have set terms of length (6 months 12 months, etc.) and offer better % of interest than standard savings accounts.

[Dinner]

CD=a certificate of deposit. A bank agrees to pay you a higher interest rate on your money and in exchange you agree to maintain a certain balance for a set amount of time. If you're balance is above the required minium balance then most banks will let you write checks(usually 10-25 checks per month depending on the contract) against the account and still pay you the higher interest rate.

The catch? Most banks want a minium of 5k-10k before they'll give you a CD.

[Bugs ****ing Bunny]

Ho, ho, ho. I used to train them to do that.

[Bugs ****ing Bunny]

Originally posted by rah
Many sales pitches are disguised as customer service calls. The main reason for this is that then they don't have to follow the laws dealing with phone solicitations.

We're not selling anything, it's just a customer service call We don't care if you're on a nationwide do not solicite list. We don't care if it's Sunday at 8 in the morning. We don't care that you're eating dinner. It's a customer service call.

As long as they can prove that you're a current customer to any of their family of companies, they can get away with it.

Not in Britain, they can't. Registration with the Telephone Preference Service means the banks can be fined if they try that trick.

They can do it if the customer contacts them, but they can't cold-call.

[Kropotkin]

That's your just punishment for having money!

When I get to power all and everyone that is found using a creditcard for anything below about €200 will be shot in the head on location.

[Dauphin]

Originally posted by paiktis22
Damn them and damn accountants too

Whats wrong with accountants?

I you have over $7500 in a savings account (or even $5k in certain cases) then you should transfer it to a CD.

ISAs (Interest Savings Accounts) which earn interest tax free, although limited to a maximum of £7,000 capital input per tax year, are far better bets.

Different countries, different choices.

[Sarxis]

I don't have enough money to warrant solicitations. And if I did have mucho money, I'd not bother with a phone at all.

But Bankers are ranked just slightly below Lawyers and Politicians on Hell's roster.

[Six Thousand Year Old Man]

Re: Banks & credit cards and their infernal damnation

Originally posted by Sagacious Dolphin
Why do banks harrass us so much?

Because we want to make money from you.

Let me hear your stories of banks and how you deal with their crap.

I find 'No thank you' and hanging up works well.

[Ted Striker]

I agree SG. I thought banks were supposed to be the bastion of quality service but they are some of the worst offenders of stuffing their paper statements full of advertising, and also of repeated telemarketing.

rah I didn't know that loophole. I do get tired of those damn calls.

The best response to the telemarketers is to say, "take me off your list."