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More Errors At Two Of UK’s Largest Banks

Customers of two of the largest banks in the UK, NatWest and Nationwide, have experienced fresh problems with their bank accounts just weeks after major complications hit NatWest, Ulster bank and RBS.The problem at NatWest is centred around their online banking system, while some debit card payments have also been effected. Meanwhile, 704,426 Nationwide customers faced a different issue, when money was taken from their account twice for certain transactions.

Marks And Spencer Current Account To Cost £20

The new current account offered by Marks and Spencer will cost consumers £20 per month, or £240 per year. As well as this, in order to gain the perks of the account, holders are required to pay at least £1000 though the account per month. Once you look past the price of the account however, there are many advantages that come tailored towards M&S customers.

No Explanation Bank Account Closures €Unjust’

Banks that close customers’ accounts without explanation have been said to be acting against the natural rules of justice, according to the chairman of the Financial Services Authority’s Consumer Panel, Adam Phillips. However banks currently close customers’ accounts and refuse to provide an explanation upon doing so, in order to follow anti-money laundering laws.

Current Accounts And Overdrafts To Experience Hike In Fees And Rates

Customers of Lloyds TSB and Bank of Scotland (BoS) will experience rises in overdraft rates and current account fees from the 2nd October. The two banks, which are part of Lloyds Banking Group, will follow in the footsteps of Natwest, part of the same group, in raising the costs of banking with them.

Is There Such Thing As A Free Bank Account?

Free banking is a myth according to Andrew Bailey, one of the UK’s most senior bank figures. It is his view that the acquisition of free bank accounts from consumers leads to banks trying to make up the difference elsewhere, and in some cases even promoting products that aren’t needed, encouraging mis-selling.

RBS Admits Further Consumer Misery Is Likely, As Some Ulster Bank Accounts Won’t Be Up And Running Until 16th July

RBS have announced that some customers of Ulster Bank may be without a fully functioning bank account for a whole month, after another two weeks of disruption were forecast. There has already been two weeks of commotion, and another fortnight is likely to do the image of the banking group considerable harm.

ID Theft Costs £2.7 Billion A Year

In a startling revelation it has been revealed that the cost of cleaning up ID theft in UK has soured to around £2.7 billion a year with some issues taking up to 200 hours to unwind. It has also been revealed that the average ID theft now nets criminals in excess of £1000 and there are real concerns this figure is set to spiral higher in the short to medium term. It seems that criminals are now using the Internet more and more to load Trojan horse coded programs onto individual computers, allowing them to record key presses, note passwords and log usernames.

Barclays Joins The Bidding For Egg

In a surprise move it has been revealed that Barclays bank has expressed an interest in acquiring Citigroup's offshoot Egg which is rumoured to be for sale at around £400 million. This is an operation which was originally set up by Prudential and then sold to Citigroup back in 2007 for £575 million. However, the American giant has now decided that the online Egg operation does not form part of its core business in the future and the operation will be sold.

Do We Need A Commercial State Run Bank?

Despite the fact that the UK government, and indirectly UK taxpayers, have significant stakes in Royal Bank of Scotland, Lloyds bank, Northern Rock and the "bad bank" of Bradford and Bingley the UK government has no direct control over these operations. While on the surface these may seem like state-run banks they are effectively banks run at an arms length distance from the UK government - which owns all or has a significant stake in the companies in question. But is it now time for the introduction of a commercial state run bank?

Do We Depend On Computers Far Too Much?

This weekend's revelation that a number of major stores in the UK saw their electronic payment systems down for anywhere up to 3/4 of an hour is a major blow for those who have been pushing the electronic payment model of the future. It also shows that many of us in the UK depend wholly upon credit cards and debit cards to cover our everyday costs and if the systems are in any way compromised we are very often left high and dry.

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