Another Useless Piece Of Information From Nationwide
A couple of days ago, I paid a plasterer, who had done some work on my bathroom. I paid by direct transfer and by chance, his bank account was also with Nationwide.
This morning, when I checked my bank account, it was labelled as an Internal Transfer. Surely, their system could do better than that!
On-line bank statements could be a lot better and would probably lead to all kinds of good secondary effects if they were.
For instant this morning, if I didn’t know the plasterer, I might have to contact him to make sure he got the payment.
I’d give Nationwide’s on-line statements three out of five at most.
I sometimes think about changing, but all the banks are probably as useless as each other and how many would let me have an account for a month say to try them out?
A Clever Funding Route From Huddersfield University
Huddersfield University has teamed up with peer-to-peer lender; Funding Circle to create an interesting route to finance and develop small businesses. It is described in this article. These paragraphs sum up the essence of the scheme.
Known as the Business Lending Partnership, Funding Circle’s recently-announced scheme alongside the University of Huddersfield has set a precedent for commercial and alternative lenders to start providing capital for non-traditional institutions.
Using Funding Circle, the university will lend an initial tranche of £100,000 to small businesses across the UK. The initiative seeks to support SME pioneers of the present and future, with all interest earned by the university’s investments to be put towards student scholarships for the University’s ‘Enterprise Development’ degree. Over the next five years, it is expected that more than 200 students from socially deprived backgrounds will gain access to the course.
Both Funding Circle and the university will also develop a series of seminars and internship opportunities with borrowers to ensure that the upcoming generation of business leaders can gain hands-on experience with flourishing British businesses as part of their degrees.
Obviously, not all partnerships will use the same model, but Huddersfield University and Funding Circle have used a clever model that can be cloned and/or adapted for other partnerships.
It will be interesting to see the nature of partnerships that develop in the next few years.
If Lloyds Can Do It Why Can’t RBS?
Lloyds Banking Group’s figures these days as reported by the BBC contrast strongly with those reported yesterday by the Royal Bank of UK Taxpayers.
How can Lloyds make a loss of only £570 million, whereas the state-owned dead parrot loses £5.2 billion?
It strikes me there are three reasons.
The first is the quality of the management in the two banks. I suspect, if you were one of the stars of RBS ten years ago, you have taken the money and ran. so all the bank is probably left with is dross and the world’s best collection of neck-enders.
Secondly, when did you ever here a financial commentator you trust, last recommend that you buy a financial product from RBS. Yesterday, the guy from MoneySaving Expert was recommending which credit card to use abroad. One of Lloyd’s products was mentioned, but RBS were only notable by their absence.
But I also think, that most of their customers, or at least the ones who can have moved their accounts elsewhere. After all, I’d never bank with a state-owned bank and I suspect many others wouldn’t either. You just can’t stop politicians from fiddling! It has been some time, since I’ve noticed anybody with an RBS bank account or credit card. I suspect, the only thing in their favour is that if you want to keep money in a bank deposit account, then RBS is as safe as any, as no government would let you lose your money. But you wouldn’t get paid much interest.
So all of today’s news just says that the sooner we liquidate the Royal Bank of UK Taxpayers, the better for all.
The Royal Bank Of UK Taxpayers Posts Another Big Loss
Gordon Brown’s folly of rescuing Scotland’s failed bank is now becoming more than a millstone around the neck of everybody in the UK.
So the loss of £5.2 billion, works out at nearly £67 each for every man, woman and child in the UK.
I think I’d have had more fun taking a few notes and setting fire to them in a branch of the Royal Bank of UK Taxpayers.
It would be a lovely way to get arrested!
Seriously though, the bank is the deadest of dead parrots and keeping it alive is a fraud on the UK Taxpayers and most of those that appear to work for the bank. If it had been a manufacturing company or a retailer, it would have been liquidated years ago!
PPI Pests Annoy A Lift
W all hate those callers trying to sort out our non-existent PPI problems. If I get one, I give them the number of the mini-cab firm, that fills up my letter-box with junk, as obviously they deserve each other.
according to The Times and The Telegraph, they are even calling the emergency line in the lift at Secure Trust Bank. Here’s the story in the Telegraph.
The ISA Rip-Off
It’s the cash ISA time of the year and I’ve just been looking at the rates. As to what an ISA is, it’s probably best summed up by this page in Money Saving Expert. Here’s the first paragraph.
A cash ISA is just a tax-free savings account. You don’t need to lock the cash away, many are easy-access. Each tax year EVERY person over 16 in the UK can put a new £5,640 in these accounts that pay up to 2.8%. And once in there, the money stays tax-free, year after year.
The rates are derisory and are very poor compared to what I get from Zopa.
Admittedly, there are tax advantages, but why can’t I get those with a peer-to-peer lender if I agree to lock my money away for several years?
Santander: The Worst Bank?
This headline is in the Money pages of The Times.
I can’t judge them, as my only dealings with the bank are the occasional cash machine withdrawal and money sent to my account from people who have accounts there.
But they do fit my great friend’s David’s criteria of someone you don’t bank with! And that is they are not head-quartered in the UK. Or the last time, I looked Spain wasn’t part of the UK.
That doesn’t make them the worst, but it does mean, I’m never ever going to find out.
The Enforcer From The World Bank
Thirty or so years ago, I was going to San Jose from San Francisco airport in a limo. There were four of us sharing and one was one of the most dodgy guys I’d seen in some time. He was tall, fit, tanned and about sixty, with a long grey pony-tail, wearing cowboy boots, immaculate blue jeans and a black shirt. His only luggage was a battered brown leather hold-all. He looked just like a Columbian drug baron straight out of Central Casting. But from his accent, we could tell he was an American.
One of the guys politely asked him what he did. It turned out he’d been a US Army Colonel and he’d been recruited by the World Bank to look after projects in the rain forest. He was absolutely fascinating as he told about his work. He said that if you slash and burn the rainforest, you make just a few thousand dollars an acre, but if you harvest it selectively using the local Indians, you make many times more. He told how trees would be left until maturity and how many of the plants were collected for pharmaceuticals, leaving enough behind to collect in following years.
But he said to do this properly you needed to make tracks, which of course allowed the slash and burn merchants access to the jungle.
He also said that a lot of the problems were down to money lenders and corrupt operators, who drive the eco-system for their own selfish ends.
It was an amazing education in a limousine.
Will The Next World War Be Fought On The Internet?
If you think it won’t, just read this article on the BBC’s web site.
The Chinese will increase their hacking over the next few years and many of us will get compromised, no matter how careful we are. And let’s face it many of us don’t even have basic virus protection.
I can think of scenarios that might happen to say a fully-compromised banking network, that will make the problems of the banking industry of the last few years, seem like a children’s tea-party.
An Aussie Take On Banking
This is a must read article on the way banking is going. This is a flavour.
Apple has 400 million account holders holding an Apple Store or iTunes account, that’s more than the top 3 banks in the world have in retail banking customers. Starbucks, which processes more than 2m transactions every week in the US, took in deposits of $US3 billion on their in-store App-based debit or gift card this year. That puts them ahead of the 6,985 smaller institutions in the US who on average did around $185 million in deposits in 2011, and the 440 midsize institutions who averaged $2.6 billion in deposits. Imagine that! A coffee company that is better at taking deposits than 95 per cent of the FDIC insured banks in the US, and they don’t even have a banking license.
So are Apple and Starbucks, the next Barclays or Visa?
Traditional banking is dead!
The Anonymous Widower 