In 1984 Birmingham-based Midland Bank, then one of the UK’s big four banking groups, made a radical decision that fundamentally changed Britain’s banking sector. Concerned about losing customers, it decided to ditch fees for cheques, statements and standing orders. Within a year it signed up to 450,000 new customers and […]
banks
Banks must give customers ‘fair warning’ if closing expat accounts due to Brexit, MPs warn
Banks planning to close down accounts of Britons living in the EU because of Brexit must give customers sufficient warning to make other arrangements, an influential group of MPs has said. Mel Stride of the Treasury Select Committee, which scrutinises HM Treasury, has written to the head of the Financial […]
We refund all fraud victims while other banks treat them like criminals
On the one hand, many banks ask customers to justify what happened – how did they allow themselves to be conned of their cash? In many cases, customers still receive some money back from their bank. But all too often, they don’t. The alternative approach is simply to say: the […]
House prices are at record highs and banks are pulling mortgages. But I’m still buying a house
“We don’t have any special deals or rates,” says Mr Stewart, “but we know how lenders’ calculations work and where the landmines might be. If you do it yourself you have to be prepared to put in the leg work and sit on the phone for a few hours when […]
Rishi Sunak poised to reject banks’ appeal for help collecting Covid debts
Rishi Sunak is set to snub a post-Covid action plan put forward by a group of bankers that calls for the government to take responsibility for tens of billions of pounds of toxic business loans. The City had proposed the creation of a state-backed organisation that would refinance soured coronavirus loans. But sources have told the […]
Britain’s once-popular digital banks face a bruising reality
The business reported losses of £52m in 2019, up from £25m for the previous year. Despite this, chief executive Anne Boden remains optimistic about the company’s prospects based on its performance during lockdown. “Our costs are very much in control. If we continue on that trajectory, we will break even […]
Banks accused of inviting fraudsters to go after dead people’s money
Lawyers have accused banks of inviting fraudsters to go after dead people’s money through a loophole created by changes relaxing probate rules during the pandemic. A number of banks including Lloyds and NatWest have raised the threshold for when a grant of probate – the legal permission for dealing with a […]
Small businesses on the brink as banks delay 250,000 ‘bounce back’ loans
NatWest group, which includes RBS, received 290,041 applications and approved 231,164 with a fifth of businesses (58,877) cut off from emergency funding as the application was pending or declined. HSBC approved more than 140,000 of approximately 167,000 applications. Around 27,000 (16pc) applicants are yet to receive a loan, although this […]
Banks could be free to restart dividend payments within months
Investors and bankers said they are aware that any dividend payouts will depend heavily on how the rest of the year pans out following the deepest recession in centuries. Industry chiefs are determined to avoid criticism for profiting from the pandemic and have not lobbied hard for a rapid dividend restart. Many […]
Japan regional banks to help businesses spread wings in Asia
TOKYO — Japanese regional banks will pool financial and human resources to help smaller businesses find customers and establish sales channels in China, Vietnam and other overseas markets. Yamaguchi Financial Group and Michinoku Bank will soon enter into a partnership with Tokyo-based RCG, which supports regional trading houses. Plans call […]