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IOM Bank use lockdown to cut services more!!


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1 hour ago, Banker said:

There’s no money to be made in offering basic personal,small business  & charities accounts , 

No, the money is to be made from happy customers with positive experiences of the bank using their more profitable services. 

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They don't. Have you ever tried going overdrawn? They'll rape you for every penny you're worth and not even wait until the account is back in credit until they do so. Every transaction you make w

Or it’s an anagram and they’re actually Karen B , that will be why Banker was complaining of all the Karen’s wanting a lock down, gives Karens a bad name.

I fucking hate the idea. I know you're keen but it's just shit really.

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14 minutes ago, TheTeapot said:

No, the money is to be made from happy customers with positive experiences of the bank using their more profitable services. 

Yes, I have an account with them with a substantial amount, by my standards, sitting there earning very little. I'll be seeing how this affects the four organisations which I am involved with and will probably end up consolidating my accounts elsewhere.  

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16 minutes ago, TheTeapot said:

No, the money is to be made from happy customers with positive experiences of the bank using their more profitable services. 

People will get a mortgage from whoever offers the biggest loan, best rate. Think you’re living in the past I’m afraid.

Try opening a charity/club or small business account with any of the new challenger banks or even established ones and let me know if they want you as a happy customer!!

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2 hours ago, Banker said:

The set up & running costs for a new bank are massive.

True, the fines in recent years have been very heavy, not to mention salaries and bonuses which have been maintained during the pandemic. 

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how can there be big bonuses if targets aren't being met and profits are down..    twenty years ago interest rates were over 5% , today they are nearer 0.5% on a good day,  and now they are wanting to charge you 30 quid a year for the privilege of letting them use your money so you need 6k in there to cover your costs if you don't pay in or write a cheque .    whats changed in banking in 20 years that allowed banks to make money and pay out 5% to now they don't want to pay anything. ?

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34 minutes ago, Pipsqueak said:

how can there be big bonuses if targets aren't being met and profits are down..    twenty years ago interest rates were over 5% , today they are nearer 0.5% on a good day,  and now they are wanting to charge you 30 quid a year for the privilege of letting them use your money so you need 6k in there to cover your costs if you don't pay in or write a cheque .    whats changed in banking in 20 years that allowed banks to make money and pay out 5% to now they don't want to pay anything. ?

Global interest rates are at zero or below, have been & will continue to be for some time . Therefore you’re credit balance is worth zero to banks and therefore your rate is zero.

With ring fencing there’s also restrictions on how they can invest any balance held 

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6 minutes ago, ellanvannin2010 said:

When were Island banks ringfenced?. I thought we were excluded

Offshore banks are excluded but they won’t be able to offer any better rates as the only place to invest is with parent bank or interbank market & interest rates are still minimal unless you want to invest with a high risk entity 

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58 minutes ago, Pipsqueak said:

how can there be big bonuses if targets aren't being met and profits are down..    twenty years ago interest rates were over 5% , today they are nearer 0.5% on a good day,  and now they are wanting to charge you 30 quid a year for the privilege of letting them use your money so you need 6k in there to cover your costs if you don't pay in or write a cheque .    whats changed in banking in 20 years that allowed banks to make money and pay out 5% to now they don't want to pay anything. ?

You're paying for a platform to use to conduct your finances.  Why do you expect it to be free?  There's no "privilege" for them to provide you with a service.

Bonuses are relatively.  Margins of 20 years ago are irrelevant.

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On 4/16/2021 at 1:08 PM, TerryFuchwit said:

You're paying for a platform to use to conduct your finances.  Why do you expect it to be free?  There's no "privilege" for them to provide you with a service.

Bonuses are relatively.  Margins of 20 years ago are irrelevant.

i would say we are pretty well forced into using banks, salary or pension payments etc and discounts for setting up standing orders. Using Amazon or other traders. 

I for one would be very happy to be paid in cash and do my transactions in cash if I was still allowed to join in modern commerce .

I rather think the modern system is for profit, monitering of the masses and tax loopholes for the elite and privileged.

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1 hour ago, Roxanne said:

I think I know the answer to this but is there anywhere I can pay in a cheque today at IOM bank? Did they still open Saturday morning? TIA. 

Not open Saturday anymore as far as I know, the app now shows facility to scan cheque in if you have app.

Also noticed this week that they have introduced facial recognition to allow larger payments on app which is very handy 

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2 hours ago, Roxanne said:

I think I know the answer to this but is there anywhere I can pay in a cheque today at IOM bank? Did they still open Saturday morning? TIA. 

You can deposit a cheque (up to £500) using the IOM Bank app now. No need to visit a branch.

Barclays have been doing this for ages. 

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