Four Direct Debits
This morning on my summary bank statement, the last four entries just say Direct Debit. If I go to the full statement only one is fully annotated and understandable.
I can identify two of the other entries, but the third is almost a complete mystery to me.
As they are Direct Debits, my bank can do a lot better than this, as they must have had the payee to actually pay the direct debit.
So why are these payees not shown in the summary? It wouldn’t cost them any money to say “DD nPower” rather than “Direct Debit”. It even has less characters.
The first bank, that offers a fully annotated money transfer service gets my business!
Is Mark Carney A Lucky Governor?
Napoleon is reputed to have said.
I know he’s a good general, but is he lucky?
Mark Carney may or may not be a good central banker, but he certainly seems to have arrived in his new job, just as the recovery in the economy seems to be starting. It’s reported here in the Independent.
So it would seem that Cameron and Osborne, might have been influenced by Napoleon’s words, as Mark Carney does appear to have the luck to inherit good figures. Perhaps tough, Mervyn King should be given more credit, as it would seem that things got going under his stewardship of the Bank!
But we’ve seen this economy inheritance before. Tony Blair inherited a good economy and then proceeded to waste it all, so that his successor left us in the mess we are today.
It’s not that we have boom and bust, we have had a succession of governments in this country of generally a pretty good one followed by one that isn’t that good at all. I’m not going to play party politics here, as you can find bad governments of both left and right. And good and bad periods of governments that were in power for a long time. Find me a man or woman, who says that everything Margaret Thatcher or Tony Blair did was good, and I’ll show you a liar.
Perhaps we need to have more of the country run by independent organisations like the Bank of England and the BBC. Why for instance, isn’t the NHS, totally removed from the meddling of politicians? After all, how many politicians could successfully run a whelk stall?
To return to the economy, Mark Carney has said that interest rates could possibly rise next year.
They already are!
My Zopa figures are showing that their five ear loans, which were about 4.5% earlier in the year, have been rising slightly in recent weeks and now sit at 4.8%. I haven’t had a major bad debt for six months and the only blot is that my true returns are still stuck between 4 and 4.5% before tax, and are marginally down on last year.
As I believe Zopa is a stable system, where the sensible, savvy lenders, provide loans for canny borrowers of good credit, it could be a good marker as to the way the market is going.
A Message To All Customers Of Currys/Dixons plc
On the 30th of October, I noticed an entry on my credit card statement labelled PRODUCT SUPPORT AG, with a reference of 0844 800 6080. I thought at first, it was some sort of charge, I’d encountered on my trips into Europe for something like wi-fi access. But I was still curious, so on searching the Internet, I found this page on a web site called Odd Box. Here’s the first paragraph.
If you have previously purchased a product from PC World or Currys, you may have signed up toPC WORLD/Currys, WHATEVER HAPPENS. The transaction under your credit or debit card as PRODUCT SUPPORT AG. It’s also marketed as Knowhow from Dixons Retail plc, the parent company of PC World, Currys and Dixons. This is an extended warranty offered for TVs, Laptop, PCs, electronics in general or any other item they sale. The warranty usually goes beyond the standard manufacture warranty to fix or replace items that develop a fault.
Now I never purchase extended warranties on anything, as these days electronics goods are either very reliable or die in the first few days. If it’s the latter, I’m of course protected under my normal retail rights.
I always strongly say I don’t want the extended warranty, so I started to suspect there had been a mistake somewhere.
But on what product and how much had I been charged in error. So to find out these answers, I sent a message to my bank, which is Nationwide.
On my credit card statement, there is an entry that puzzles me. It says Product Support AG and has a reference of 0844 800 6080. On checking the Internet I find it is for something I bought in Dixon/Currys.
I have no idea what it was, as I don’t keep statements. I also always say that I don’t want the insurance or service, so I suspect someone at their end has filled in the computer incorrectly. I never need support for anything in this area, as I once sold a computer company for a nine figure sum, and I was the technical guy behind it. So not only is insurance something I stand myself on anything computing or electrical, but if I don’t know the problem, one of my friends does. So for this reason, I never take the extra insurance. It’s their version of PPI, which I managed to avoid, except in one small case.
So please could you send me details of the transaction, what it was for and how much their practices have cost me? I suspect, it was an error at their end, as I am usually very definite in refusing the support. I shall be posting all of this on my blog and writing to Watchdog and my MP, so your co-operation in this matter is appreciated.
I hoped that this would give an answer to my questions, so I could take the matter further with Dixons.
I didn’t get an answer, I got decisive action.Today, just a couple of working days after my original message to Nationwide, four payments had been refunded to my credit card and it is now obvious from the dates that the product was my Samsung Tab 2. Something, I no longer use, as everything I did on it, I now do on my Samsung Galaxy Mini phone, which you’ll admit is a little bit smaller to take on my travels.
It’s certainly pats on the back all round for Nationwide.
The money refunded incidentally, pays for a good meal for two. Do I have any takers? You can have the Samsung Tab 2, if you want it. It’s got a case too!
One point here, is that I would have spotted this mistake earlier, if the information on credit card statements was more detailed.
Does keeping the statement information deliberately vague, mean it is more likely, that customers, will not spot to what they’ve signed up? Next time, I buy something from Currys/PC World, I’ll use several of those credit cards with the Queen’s head on them.
I also notice that with my new television, which was bought from John Lewis, that they threw in an extra warranty for free!
Cash Machines Behind Barriers
By now, I’d determined that I needed to get a taxi to my hotel and as luck would have it not only was my phone out of juice, but so was my wallet.
So as I needed money for the taxi, I needed a cash machine and where are both of these found? In a station! But as the picture shows the only ones I could find were behind the ticket barriers.
Cash Machines Behind Barriers
Luckily, I was let through and got the money for the taxi. As it was the driver didn’t take credit cards, so I definitely needed that cash.
Zopa Breaks The Million Pound Barrier
In the last seven days, if you ignore Saturday and Sunday, when they don’t normally distribute loans, they have lent out 5.7 million pounds, which works out at over a million pounds every working day.
Can this steady level of high lending be in part due to the troubles at the Co-operative Bank?
If we believe the stance of the Co-op, their typical customer will be an ethical person, who probably thinks seriously about their money. They will probably think, that bankers are responsible for a lot of problems. I won’t say anything about their politics as being sensible with and thinking about money, is not the preserve of any political leaning. I’m even sure that some people who might support some extreme parties, may well have some of the best structured finances in the country.
But with the Co-op banks troubles, are these thinking people deserting the bank before it is too late and for their saving and borrowing, they are going to the peer-to-peer lenders like Zopa.
Certainly, if I look at my lending on Zopa, the rate of late payments and new bad debts seems to have fallen compared to a year ago. This could be put down to better checking on the company’s part, but is it also due to the fact that those that think about their money are moving away from the banks.
So are the peer-to-peer lenders contributing to the demise of the Co-operative Bank?
A New Excuse!
This morning I received a bill, that I had been expecting, so I paid it immediately.
I sent the company, an e-mail saying that the transfer was in cyberspace!
Is that a new version of the cheque is in the post?
Zopa Approach A Million A Day
I keep detailed figures about Zopa’s lending and not just the amount of money I have invested in the peer-to-peer lender.
Over the last few days, the amount of money they have lent daily is now approaching a million pounds.
Perhaps a better figure is to look at the lending over a week and even that figure is around £600,000 a day.
That is a lot of money, for a business that didn’t exist eight years ago.
Poor Computer System Design
I just tried to make a payment through my on-line bank account. As the payee has moved their account since last time, I needed to change the sort code and account umber. But you have to delete the old entry and re-enter a new one, as there is no other way.
I finally did the transfer, but even then, there were quite a few textual bugs in the screens I saw.
This is very poor system design and is another entry in that fat book called How Not To Design A Banking System.
My Bank Has Sent Me A New Cheque Book
In the last three years, I think I’ve written two cheques and I’ve received even less than that!
So why does my bank waste money sending me a new cheque book?
After all, if it had gone missing in the post, as one or two other letters have in the past year, and had got in the hands of fraudsters, the bank would have had a big mess to sort out.
I just logged in to my bank account to see how many cheques I written in the last three years. It wouldn’t tell me, as the start date was too far in the past.
Useless!
But even then the two cheques I could find, were totally anonymous and could only be identified by going to paper accounts. Wwhich in this computerised age, I don’t have.
Totally useless!
Cheques should only be people with heritage, genes or birthplace from a country in Central Europe.
I’m very tempted to take the new cheque book and leave it on a park bench and see what happens! I would of course send a letter to my bank, saying that I don’t do cheques and would they please bounce any that are attempted to be cashed. And of course to stop wasting money by sending me new cheque books.
An Offer I Can Refuse
This morning, when I logged into my bank account, they were saying they had some special offers tailored specially for me.
Am I alone in refusing any offer from a bank? Except of course, things that are free improvements to their current service.
What they were offering me, I don’t know, as I’m so cynical about banks, I didn’t bother to read the offers.
The Anonymous Widower 