To think that nobody really trusts banks anymore?

[ForBluntPombear]

With constant scandals, hidden fees, and the fear that your money isn’t truly safe, do people actually trust banks or do we just use them because we have no choice?

I never think about any of it.Used a bank for 49 years. Will continue to do so.

We bank with Nationwide and have done do for years, never a problem. Why do you think your money isn’t safe?

I have worked at a couple building societies and banks. Your money is exceptionally safe. Whether I think we should be paying the executive bonuses is another question.

What scandals? I pay money in, I take money out. That’s it.

Your money is safe in a bank as long as you don't do anything stupid (like revealing your PIN or password) and the fees aren't hidden - you just need to read to T&Cs carefully.

Have I missed something? I had no idea this was an issue.

Banks have been caught in so many scandals - misselling products, manipulating interest rates, and charging hidden fees. Even if you haven’t had a personal issue, doesn’t it make you wonder what’s going on behind the scenes?

Worked for many banks. They are incredibly highly regulated and there is no way an employee could get away with anything dodgy without putting in an incredible level of effort and getting lucky with security. Even then the bank would have to pay to replace the money and if they can’t the FSCS will. Your money couldn’t be safer!

I’ve been to approx 15 hours worth of meetings this week about fraud and scams, where banks and uk financial organisations have presented all the measures they’re currently implementing and future plans to protect their customers from fraud, even when their customers seem determined to fall for the most obvious of scams. (Pairs of high end trainers going for a song on marketplace and so on)

I think they’re trying to do the right thing.

They literally cannot charge hidden fees. What ‘hidden fees’ have they charged?

Another weird random discussion thread. But I can't make sense of this one.

What on earth are you talking about @ForBluntPombear

They're only "hidden" if you're too stupid to read any provided documentation and you don't check your own online banking or statements.

There isn't many people that have got any money to give banks so I doubt they worry about whether they're safe or not....

Banks are like HR departments, they are there for the organisation not for you/us.

But I trust mine (Nationwide, technically a building society but they hold my accounts) they are clear on the (worsenng) interest rates and rules and occasionally give me £100 per account. I am free to go elsewhere if I want. £18 a month and I get travel insurance, breakdown cover, free withdrawals abroad, and mobile phone insurance, though that is less useful.

Nationwide is amazing - they've actually given me a couple of unexpected payments over the last couple of years for being a member. Astonishing!

Sorry, didn’t mean to turn it into an ad for them.

Just make sure that you don't have more than £85,000 in any one banking institution. If you are fortunate enough to have more than £85,000 in your account/s please make sure you have it spread across multiple pots in different banks/building societies. For compensation purposes if the bank does collapse.

www.fscs.org.uk/what-we-cover/#:~:text=Banks%2C%20building%20societies%20and%20credit%20unions&text=Joint%20accounts%20are%20eligible%20for,the%20amount%20was%20first%20deposited.

I wanted to transfer money from my Barclays a/c ( I was in the bank ) to another institute to start an isa for this year .
As it was a considerable amount ( isa per year 20k ) but they wouldn't allow it saying it would have to be via something that sounded like chaps and it would cost me £25 !
This is my money going into another a/c of mine . Shocking .

I’ve not seen much comment on this story

https://www.ft.com/content/6208dad6-4cb7-40b4-9970-c38d648470af

Another post innocently trying to unsettle. www.theguardian.com/us-news/2017/oct/14/russia-us-politics-social-media-facebook

Yes trust them, we also don't have much choice. It's not safe stashing your money under the bed. They give you interest on money too.

I found this out recently when dealing with house sale proceeds - scares the living daylights out of me that you could lose most of your house money before you've had chance to put it into another property.

Just also found out that if it's a temporary increase eg house sale proceeds you're protected up to £1 million for 6 months.

They cover up to £1m in temporary high balances (less than 6months) for situations like this. Sorry just realised you added a second post about that.

Was going to say the same!