The Anonymous Widower

The Banks Hidden Charges With Zopa

Not on Zopa!

Everything they do is detailed on your statement.

But take this week.

I wanted to put £500 into Zopa on Monday, so I did the transfer then.  Only three days later has it turned up in my Zopa account. It used to be done straight from my debit card, but then one of the banks said that doing it that way, they didn’t get their pound of flesh.

So effectively they have my money for three days. At my rate of return on Zopa, that’s about forty-five pence.

Why?

I suppose they have to make their bonuses some way.  My old mate, David, once told me that in the 1980s banks made a third of their profits on this sort of overnight money.

Has anything changed?

March 25, 2010 - Posted by AnonW | Business, Finance | Banks, Zopa