Do I really need an overdraft?
Many people in the UK will have access to "interest-free" overdrafts for which they may be charged a small administration fee on a monthly basis. However, do we really need an overdraft or is it simply a long-term extension of our own credit facilities?
The ideal of an overdraft should simply be access to emergency credit at very short notice. However, it can be very easy to fall into the trap of accumulating your overdraft facility with your income on a monthly basis to arrive at "accessible credit limits". This can often lead to situations where we fall into our overdraft facility earlier and earlier each month which can often lead to extended overdraft facilities which are often more expensive and attract higher interest rates.
Even an interest-free overdraft facility, although often very useful at the time, can be the first step towards more debt and more charges in the future. We all need to be vigilant and keep within our budgets and not automatically assume that our overdraft facilities are part of our "everyday budget". It is easy to suggest that a £100 overdraft is simple to pay back but this could become £200, £300, etc and the situation can easily get out of control.
RBS customers experience cash machine problems
Royal Bank of Scotland (RBS) has experienced cash machine problems which have left customers unable to draw out money. Natwest, which is owned by RBS, has also been affected by the issue. Millions of RBS and Natwest customers have been unable to access cash from ATM machines after technical problems. Cashpoints, online banking and telephone banking systems have crashed, leaving customers unable...Read More
Brits consider banking at home
Almost half of Brits think that people will ditch banks and start stashing their cash at home, after the Northern Rock crisis.A survey conducted by Cornhill Direct found that 45 per cent of people thought consumers would leave banks behind and another 40 per cent said that they thought keeping money at home was a good idea.More than three-quarters of those questioned admitted to keeping money at h...Read More
Are international banking regulation changes being quietly dropped?
Mervyn King, the Gov of the Bank of England, has today voiced his concern that previous vocal support for wholesale changes to the UK and international banking arena may well be starting to subside. There is a growing concern that as the worldwide economy picks up, as it has been of late, the need to curry favour with the public by pushing ahead with banking regulation changes could begin to dimin...Read More
Lloyds bank to scrap Halifax brand in Scotland
Lloyds bank, currently undertaking a significant reorganisation of the business, has announced plans to scrap the Halifax brand in Scotland and instead focus upon the Bank of Scotland brand. This comes as no great surprise when you bear in mind the reputation and standing which the Bank of Scotland had in Scotland prior to the merger with HBOS. So is this a move which now allows Bank of Scotland...Read More
Royal Bank of Scotland set to display art collection
The Royal Bank of Scotland has astounded shareholders and the government alike with news that the company is set to put its private art collection on public display. The collection contains paintings by some of the best-known artists in the world and is worth a significant amount of money on the open market. But why have companies such as Royal Bank of Scotland even got a private art collection?