Verified By Visa Just Lost Nationwide A Customer
I shall be changing my bank from Nationwide, as I just tried to book a ticket using my debit card and the dreaded Verified by Visa screen came up.
I don’t use any card on-line with this facility, so I phoned them to ask them to remove it.
They wouldn’t, so I’ll remove myself from the bank and find one that doesn’t use such an annoying system.
In the end I paid £4 to use my American Express card.
Do We Need Retail Banks?
There was another cash machine fiasco last night, when Lloyds and Halifax had a big computer system failure. Read about it here in the Daily Mail.
This problem hit so many people, as they didn’t really plan their day out properly.
I’ve never been hit by one of these periodic cash point failures, as probably more by luck than judgement, Nationwide haven’t had a problem.
But one thing I do, is make sure when I’m down to my last twenty or so in my wallet, is get a cash injection. But then in places where I spend money, there are lots of cash machines. Take yesterday on my trip to Notting Hill. I passed machines in Kings Cross station, just outside Notting Hill station and close to Otto. But then I didn’t need any money.
So although yesterday’s failure was disastrous for some, with a bit of planning, it could have been avoided.
On the other hand, I’ve heard of people queuing on pay day by cash machines, so they can draw their money out to get some cigarettes.
These failures will do one good thing and that is get customers to look at how they keep and use money.
More and more we’ll question, whether we need to have a retail bank at all.
What is really needed for most of us, is a simple bank account to hold our working capital, accept our salary or pension, pay our standing orders and other bills, and tell cashpoint machines that we have money to withdraw.
Does A Country, Company Or Organisation Need A Woman At The Top?
There has been a lot of news today about the release under the thirty-year-rule of secret documents concerning Margaret Thatcher and various subjects like the Falklands War, Jimmy Savile and her son, Mark.
Nothing is particularly contentious, except perhaps the fact that someone misjudged what was happening in Argentina and gave Mrs. Thatcher bad information. But then the Secret Intelligence Service, didn’t give Tony Blair the best information either.
On the other hand, when dealing with Mark lost in the desert, she seems to have acted to make sure that the state didn’t pay for her son’s folly.
If we go through the history of the United Kingdom, you’ll find that at various dark hours, women have been to the fore. You could start a list with Boudicca, Elizabeth the First, Victoria and Margaret Thatcher. You could argue that our current Queen has been a safe pair of hands for most of her life. She was also part of that vast army of women, who stepped in to fill the gaps in the factories, in transport and as support staff during the Second World War. Hitler didn’t mobilise the German women and he of course lost. Some historians say the mobilisation of women in the UK, was a major factor.
I would argue that you don’t need to have a woman at the top,but once you have, it changes a lot of the culture, even if it’s just other talented women believe they can get there. And competition is always healthy, as it promotes the best!
Look at Margaret Thatcher’s effect on British politics. Before her stint as Prime Minister, there were few women at the top in British politics and there have been a lot more since she resigned.
Look at the basket cases of the Eurozone! How many of them have had a woman Prime Minister or President. Only Ireland and that is the one country in trouble, that is making progress towards sorting its finances.
Spanish Bank Of Snow White And The Six Dwarfs Is Worthless
This headline on this article in today’s Times, gets my vote as one of the best headlines of the year.
It refers to the Spanish bank called Bankia. The BBC has the story here, but the headline isn’t as good.
And we reckon our banks were bad enough.
After reading the two articles, I will make sure, I don’t go anywhere near a branch of Santander, as I might be kidnapped to help sort out the Spanish banks. After all, I’m worth more than Bankia, which according to the BBC article has a negative value of over ten billion euros.
I suspect that everybody in the UK, Canada, Germany, Sweden, Australia and many other countries is actually worth more than Bankia. Even if they have unfortunately been declared bankrupt.
The Zopans Worked Hard Yesterday
If I look at the two loans, I chalked up on Christmas Day, both are now in my portfolio of loans. Five loans that were applied for yesterday have also been added.
It looks to me, that the Zopans worked hard yesterday.
My bank, Nationwide, is fully open today, but it won’t be again until the 3rd of January.
The Zopans Are At Work
There has been activity on my Zopa account this morning, with £150 credited from repayments and a couple of outstanding loan offers have been approved.
I suspect that a lot of these actions are just clever software, but some might have needed an OK from someone with a face and a brain!
Four loan offers have also appeared on my account with today’s date. So there are definitely people out there, who need a loan on most days in the year. My two loan offers on Christmas Day are still being processed.
Incidentally, looking at my loan book, I have a loan that was started on Christmas Day 2010.
George Backs Graphene
This report says that the Chancellor has found £21.5 million for research into graphene.
Some of the applications of graphene are listed here on Wikipedia. This is the first paragraph.
Several potential applications for graphene are under development, and many more have been proposed. These include lightweight, thin, flexible, yet durable display screens, electric circuits, and solar cells, as well as various medical, chemical, and industrial processes enhanced or enabled by the use of new graphene materials.
Of all the possible applications they list, graphene’s properties as a filtration membrane, may lead to some of the first widespread applications. This link points to an article about research at MIT, which shows that graphene may offer new ways of water desalination.
Graphene may seem to be a wonder material and the money for research is very much to be welcomed.
In the 1960s, there were two areas of research, for which great hopes were held out.
The first was carbon fibre, which when tried as fan blades for the RB 211 helped to bankrupt Rolls-Royce. But now, it is a ubiquitous substance, that appears in many applications, from golf club shafts to almost complete aircraft, like the Boeing Dreamliner.
A scientific curiosity at the time was the laser. Every university had one and would proudly show you their expensive example, generally doing nothing, except emitting an eerie green light. But now lasers are everywhere and most homes have at least one in a CD or DVD player.
Who will accurately predict what the uses of graphene will be in fifty years?
My only questions are.
1. Are we putting enough money and resources behind the researchers?
2. What other ideas are there out there with the potential to change the world for the better, that need proper backing?
I Get Two Possible Christmas Day Lenders On Zopa
My lending pot is empty, but today, I did get two new lenders, who are wanting to borrow money on Zopa. Obviously, they may not pass the credit checks, but they did apply on Christmas Day.
One canny Scot got an offer to borrow £5,000 at 5.8% and an East Ender got one to borrow £1,200 at 6.1%. Both were considered to be A* or the most highly-rated borrowers.
Julian Knight Hits Two Targets With One Stone
I have a trawl looking for peer-to-peer lending stories and it picked up this article in the Independent by Julian Knight.
He starts by giving an excellent review of peer-to-peer lending and the broadening of financial services in general, saying it is broader in the United States. He concludes by saying.
This, I’d argue, is one of the reasons why in the US they are more entrepreneurial and start-ups get a chance to, well, start up.
He then goes on to talk about some of my least favourite people; chuggers. This his concluding paragraph.
The town of Shrewsbury blazed a trail by banning these individuals last year and now we seem finally to be consigning chuggers to the same place as the likes of the squeegee merchants.
Incidentally, a chugger at the Angel last week, virtually chased me into the road. If there’d been a policeman about, I’d have made a complaint. On the other hand, life is too short.
I shall follow Julian in future.
Zopa Was Processing Loans On Christmas Eve
Yesterday, I had nine loans shown being processed in my morning view of my Zopa account, with a total value of £830, but this morning those figures are 6 loans and £600. The interest has also gone up by a few pounds, so I suspect a couple of payments crept into Zopa from borrowers.
So somebody must have been working yesterday to OK the three loans that were added to my portfolio.
At least now, I’ll know if someone applies for a loan on Christmas Day, as I’ve got a few pounds in Zopa’s lending pot. This is contrary to what I said yesterday.
I bet your bank didn’t process your loan application yesterday!
The Anonymous Widower 