nightrider Posted April 22, 2011 Share Posted April 22, 2011 I got a letter from my bank the other day, it said according to our records you haven't used your overdraft facility for some time, basically they were saying use it or lose it, anyone else had a letter like that? Link to comment Share on other sites More sharing options...
thebishbus Posted April 22, 2011 Share Posted April 22, 2011 No. Are they actually saying that you may loose it if you do not use it? I have never used my bank overdraft facility,but the bank have never suggested that because of that I may loose it. Brian B. Link to comment Share on other sites More sharing options...
nightrider Posted April 22, 2011 Author Share Posted April 22, 2011 After reading the letter I shredded it, but that is exactly what they intimated, if I dont use the facility they will withdraw it, rather silly I thought. I phoned my branch up saying what do they want? Someone who uses their bank account sensibly or someone who racks up debt? I was told that the letter was sent from head office and not my branch, strange, or is it that they are scraping the barrel to screw more money out of account holders. Link to comment Share on other sites More sharing options...
BGD Posted April 22, 2011 Share Posted April 22, 2011 Shock horror news: banks are private sector businesses. Yes, really. And just like any other private sector business, their job is to maximise Return-On-Capital for their owners: the shareholders. They ain't a social service. They ain't Public Sector. They are businesses....seeking to maximise profit. It is via that wealth-creating process that every other part of society is funded: profit is created, gets taxed, taxes pay for Public Sector. Take wealth creation away, and all of Western Society would implode instantly......because the one big problem with being a Socialist is that eventually you run out of other peoples money to spend. Link to comment Share on other sites More sharing options...
nightrider Posted April 23, 2011 Author Share Posted April 23, 2011 Bruce, Yes very true, I run a small time business and know exactly how to maximise the profits from my customers, but we have a case here where I would say the bank is exerting pressure to make you go overdrawn and thus pay overdraft interest charges. if I dont need to go overdrawn on my authorised overdraft facility it is not costing the bank anything is it? What they are in effect saying is to go overdrawn so we can charge you interest, exerting pressure I would say? Surely it is up to me when and if I want to go overdrawn, a sensible use of ones bank account I would say. Link to comment Share on other sites More sharing options...
malc d Posted April 23, 2011 Share Posted April 23, 2011 knight of the road - 2011-04-23 1:14 AM Bruce, Yes very true, I run a small time business and know exactly how to maximise the profits from my customers, but we have a case here where I would say the bank is exerting pressure to make you go overdrawn and thus pay overdraft interest charges. if I dont need to go overdrawn on my authorised overdraft facility it is not costing the bank anything is it? What they are in effect saying is to go overdrawn so we can charge you interest, exerting pressure I would say? Surely it is up to me when and if I want to go overdrawn, a sensible use of ones bank account I would say. I can't see where the bank is " exerting pressure to make you go overdrawn " They are just asking a question. Where do you see pressure ? ;-) Link to comment Share on other sites More sharing options...
nightrider Posted April 23, 2011 Author Share Posted April 23, 2011 malc d - 2011-04-23 1:45 PM knight of the road - 2011-04-23 1:14 AM Bruce, Yes very true, I run a small time business and know exactly how to maximise the profits from my customers, but we have a case here where I would say the bank is exerting pressure to make you go overdrawn and thus pay overdraft interest charges. if I dont need to go overdrawn on my authorised overdraft facility it is not costing the bank anything is it? What they are in effect saying is to go overdrawn so we can charge you interest, exerting pressure I would say? Surely it is up to me when and if I want to go overdrawn, a sensible use of ones bank account I would say. I can't see where the bank is " exerting pressure to make you go overdrawn " They are just asking a question. Where do you see pressure ? ;-) Malc, Are you blind? they have said to me that because I am not using my O/D facility they will withdraw said facility, they may be asking a question but in my opinion it is a veiled threat, use or lose my O/D facility, that to me is exerting pressure to go overdrawn and pay O/D charges. Link to comment Share on other sites More sharing options...
malc d Posted April 23, 2011 Share Posted April 23, 2011 knight of the road - 2011-04-23 3:06 PM malc d - 2011-04-23 1:45 PM knight of the road - 2011-04-23 1:14 AM Bruce, Yes very true, I run a small time business and know exactly how to maximise the profits from my customers, but we have a case here where I would say the bank is exerting pressure to make you go overdrawn and thus pay overdraft interest charges. if I dont need to go overdrawn on my authorised overdraft facility it is not costing the bank anything is it? What they are in effect saying is to go overdrawn so we can charge you interest, exerting pressure I would say? Surely it is up to me when and if I want to go overdrawn, a sensible use of ones bank account I would say. I can't see where the bank is " exerting pressure to make you go overdrawn " They are just asking a question. Where do you see pressure ? ;-) Malc, Are you blind? they have said to me that because I am not using my O/D facility they will withdraw said facility, they may be asking a question but in my opinion it is a veiled threat, use or lose my O/D facility, that to me is exerting pressure to go overdrawn and pay O/D charges. To answer your question directly - no I'm not. (I doubt if I would be on this forum if I was). As far as your letter from the bank is concerned, I would have taken it as an advisory letter. If you choose to see it as a " veiled threat" or "exerting pressure" that's up to you. :-| Link to comment Share on other sites More sharing options...
nightrider Posted April 23, 2011 Author Share Posted April 23, 2011 malc, An advisory letter yes, but with a sting in the tail, use it or lose it, a little arm bending on their part methinks? Link to comment Share on other sites More sharing options...
Guest Tracker Posted April 23, 2011 Share Posted April 23, 2011 If I even read, let alone took seriously, every letter we get from banks and credit card companies I could become as paranoid as Malc! Just as they have a right to make a profit - and good luck to 'em, for 'tis their corporation tax that pays my pension - so we have a right not to help them any more than we have to! If ever you need an overdraft one phone call should do the trick - after all isn't that what banks are about - lending money - they will be only to pleased for you to go into debt and charge you an inordinate rate of interest for the priviledge! Infamy, Infamy - they've all got it in fer me! Link to comment Share on other sites More sharing options...
Mel B Posted April 23, 2011 Share Posted April 23, 2011 knight of the road - 2011-04-23 3:06 PM malc d - 2011-04-23 1:45 PM knight of the road - 2011-04-23 1:14 AM Bruce, Yes very true, I run a small time business and know exactly how to maximise the profits from my customers, but we have a case here where I would say the bank is exerting pressure to make you go overdrawn and thus pay overdraft interest charges. if I dont need to go overdrawn on my authorised overdraft facility it is not costing the bank anything is it? What they are in effect saying is to go overdrawn so we can charge you interest, exerting pressure I would say? Surely it is up to me when and if I want to go overdrawn, a sensible use of ones bank account I would say. I can't see where the bank is " exerting pressure to make you go overdrawn " They are just asking a question. Where do you see pressure ? ;-) Malc, Are you blind? they have said to me that because I am not using my O/D facility they will withdraw said facility, they may be asking a question but in my opinion it is a veiled threat, use or lose my O/D facility, that to me is exerting pressure to go overdrawn and pay O/D charges. Malc ... I bet you could have an argument with yourself! (lol) If you DO NOT use it anyway, what is the problem???? If you DID use it, you wouldn't, I suggest, have received the letter in the first place, because you HAD been using it. So you're annoyed and see this as a 'threat/pressure being brought' when to just carry on as you are will make not a jot of difference to you anyway .... :-S Link to comment Share on other sites More sharing options...
George Collings Posted April 23, 2011 Share Posted April 23, 2011 I know next to nowt about banking but I read something about bank exposure to OD entails a risk of non- payment. By reducing that exposure the bank improves its credit rating and can borrow more cheaply. and make more profit when it does lend. I think we had similar letter a year or two ago but it was soon recycled. Link to comment Share on other sites More sharing options...
malc d Posted April 24, 2011 Share Posted April 24, 2011 George Collings - 2011-04-23 11:50 PM I know next to nowt about banking but I read something about bank exposure to OD entails a risk of non- payment. By reducing that exposure the bank improves its credit rating and can borrow more cheaply. and make more profit when it does lend. I think we had similar letter a year or two ago but it was soon recycled. I reckon that you might well be right there George. The bank can say that they used to have 20 million customers with overdraft facilities, but that has now been reduced to 18 million customers. They will then claim that therefore their risk of bad debts from overdrafts has been reduced by 10 percent. It won't be true of course, because a lot of those people didn't use the overdraft facility anyway, but it just shows what you can do with statistics. ;-) Link to comment Share on other sites More sharing options...
Bulletguy Posted April 25, 2011 Share Posted April 25, 2011 Check that your Bank provides overdraft facility foc. Most Banks do charge so if you are not using it, why not cancel it out and save yourself a small fortune? I cancelled mine out years ago so goodness knows how much i've saved by not paying for something I don't use. Link to comment Share on other sites More sharing options...
Guest Tracker Posted April 25, 2011 Share Posted April 25, 2011 goodness knows how much i've saved by not paying for something I don't use. Same principal applies to ehu and showers and loos on camp sites - why pay for what you don't use!! Link to comment Share on other sites More sharing options...
nightrider Posted April 25, 2011 Author Share Posted April 25, 2011 Tracker - 2011-04-25 5:52 PM goodness knows how much i've saved by not paying for something I don't use. Same principal applies to ehu and showers and loos on camp sites - why pay for what you don't use!!Not quite sure what you mean Richard? Do you mean that if you go on a site you do not use the site loo's or showers? if not where do you empty your waste tanks? Link to comment Share on other sites More sharing options...
Guest Tracker Posted April 25, 2011 Share Posted April 25, 2011 knight of the road - 2011-04-25 6:19 PM Do you mean that if you go on a site you do not use the site loo's or showers? if not where do you empty your waste tanks? I certainly don't empty the loo in the toilets or showers! I appreciate that sites may be a new experience for you Malc but they now have special emptying points for toilet waste - which begs the question - where the heck have you been tipping yours!!!! Grey water I simply let out on the grass to help the grass grow! Link to comment Share on other sites More sharing options...
nightrider Posted April 25, 2011 Author Share Posted April 25, 2011 Richard, silly boy where do you think I empty my toilet tank, going away on the 7th of next month, can't wait I am burnt out. Thinking seriously of retiring at the end of this season and become a man of leisure, why not? Link to comment Share on other sites More sharing options...
Guest Tracker Posted April 25, 2011 Share Posted April 25, 2011 knight of the road - 2011-04-25 7:49 PMRichard, silly boy where do you think I empty my toilet tank, going away on the 7th of next month, can't wait I am burnt out. Thinking seriously of retiring at the end of this season and become a man of leisure, why not? I did exactly that in 1999 and have never looked back in spite of a set back or two. Retirement is without doubt the best career I have ever had! That said, the hours can be brutally long sometimes and the pay is never gonna make me a millionaire - but there is no aggro from any boss, the pay is always on time and I never have to ask for a raise - it just happens every year like magic - jus' like that! Perfick! Live long and propser old buddy! Link to comment Share on other sites More sharing options...
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