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AIBU?

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Original poster

To think that nobody really trusts banks anymore?

38 replies

ForBluntPombear · 28/03/2025 17:04

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?

OP posts:
ohtowinthelottery · 28/03/2025 18:40

I've worked for a bank in a previous life. Whilst it was obvious that there were many products that I was not comfortable selling to people (eg PPI before it was outed) it never left me feeling that my money wasn't safe. They've even given us our money back when a 3rd party has stolen it.

SirDanielBrackley · 28/03/2025 18:42

I cannot think of anyone among my friends, relations or work colleagues who does not trust the bank they have an account with,

I suspect you have an agenda of your own in even raising this bullshit issue OP.

Jabberwok · 28/03/2025 19:02

Having worked for one for 2 years and my wife for 20...no don't trust them. The mistakes that were made. Check every statement, check everything weekly. In fairness if you use the app they will notify you of transactions but.

  • It used to take 3 days for a cheque to clear, it was possible in one, if you the app it's 7
  • The hidden charges of using a debt card abroad "without fees"
  • Closing very busy branches
  • Constantly trying to make you go paper free
  • The complete lack of customer focus
  • The inability to transfer large sums even to yourself

one day a bank will wake up and put the customers first, open branches, have fair interest rates etc

edwinbear · 28/03/2025 19:05

I’ve worked in banks my entire 25y career and obviously use them too. I don’t mistrust them at all. I’m certainly not aware of anything ‘going on behind the scenes’. I’ve had the odd issue with my own bank occasionally, but they’ve always been sorted out.

Jabberwok · 28/03/2025 19:08

NewNewForest · 28/03/2025 17:19

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.

Whist on the face of it they claim to be, listen to radio 4s you and yours. The number of scams that people have fallen through and the banks have made no effort to reclaim.the money from the account it's gone to, the time taken to speak to a fraud dept when watching the money disappear from accounts. Yes some people are bloody stupid and fall for ridiculous things and the banks can't be blamed "why didn't the bank stop me?"

But like the supermarkets, banks make so much money it's not worth actually stopping crime but chasing the money through the system to the end criminal.

NewNewForest · 28/03/2025 19:16

Jabberwok · 28/03/2025 19:08

Whist on the face of it they claim to be, listen to radio 4s you and yours. The number of scams that people have fallen through and the banks have made no effort to reclaim.the money from the account it's gone to, the time taken to speak to a fraud dept when watching the money disappear from accounts. Yes some people are bloody stupid and fall for ridiculous things and the banks can't be blamed "why didn't the bank stop me?"

But like the supermarkets, banks make so much money it's not worth actually stopping crime but chasing the money through the system to the end criminal.

Show quote history

Yes it is very alarming that it’s cheaper for the banks to have a massive fund ready to refund people who’ve been scammed than it is for them to chase it through to the point where it’s ended up with the scammer and get it back.
They make no secret that that’s what they do though. They’re a business at the end of the day, not a public service/NFP for the good of the users.

However the home office etc are really motivated to support industry to do something about fraud (that’s the very short version) and the banks, finance, IT & telco industry are really engaged on this, so I’m hopeful.

I still don’t think the banks are bad guys. They’re way too heavily regulated to be able to be, but they are businesses and business is business.

Imicola · 28/03/2025 19:21

I would say I distrust banks in a general sense, but i do worry about how they use the money we put into then. I've shifted to triodos which I'm happier with.

LillyPJ · 28/03/2025 20:52

Jabberwok · 28/03/2025 19:08

Whist on the face of it they claim to be, listen to radio 4s you and yours. The number of scams that people have fallen through and the banks have made no effort to reclaim.the money from the account it's gone to, the time taken to speak to a fraud dept when watching the money disappear from accounts. Yes some people are bloody stupid and fall for ridiculous things and the banks can't be blamed "why didn't the bank stop me?"

But like the supermarkets, banks make so much money it's not worth actually stopping crime but chasing the money through the system to the end criminal.

Show quote history

I'd advise not to listen to 'You and Yours'. It's full of whingers bleating about how they've been tricked out of their money, yet most of the time it's their own stupid fault.

Jabberwok · 28/03/2025 22:17

LillyPJ · 28/03/2025 20:52

I'd advise not to listen to 'You and Yours'. It's full of whingers bleating about how they've been tricked out of their money, yet most of the time it's their own stupid fault.

Show quote history

Couldn't agree more, apart from Jezzer Vine I shout more at the idiots in there than anything else*

It doesn't take away from the fact that th the banks encourage crime by not dealing correctly and tracing the criminals

*for full disclosure I have been on there myself when the holiday company I booked with went bust...the bastards were a uk based company when I booked the year before so abta, atol protection. They got into financial difficulties, relocated to Spain where there are no less legal rights for holiday consumers and pissed off with 3 k of my money (and being in the EU was such a good thing!)

JHound · 28/03/2025 22:24

I trust banks…but then I work in banking so don’t get the fear and paranoia others have.

Rollofrockandsand · 28/03/2025 22:34

ForBluntPombear · 28/03/2025 17:17

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?

Show quote history

No

LillyPJ · 28/03/2025 22:39

Jabberwok · 28/03/2025 22:17

Couldn't agree more, apart from Jezzer Vine I shout more at the idiots in there than anything else*

It doesn't take away from the fact that th the banks encourage crime by not dealing correctly and tracing the criminals

*for full disclosure I have been on there myself when the holiday company I booked with went bust...the bastards were a uk based company when I booked the year before so abta, atol protection. They got into financial difficulties, relocated to Spain where there are no less legal rights for holiday consumers and pissed off with 3 k of my money (and being in the EU was such a good thing!)

Show quote history

Yes! It's astonishing that crooks seem to be able to shift funds around without banks knowing where the money is going.

Wakeywake · 28/03/2025 22:50

Why do people expect banks to trace criminals? They are not law enforcement. If people are defrauded, they should report it to the police who can request the details from the bank and follow it up (not that they ever do). It's like expecting Apple to get your phone back from the thieves just because they can track it.

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