Banks Very Helpful In This Crisis...

A bit of a rant? Yes. Short memories they have, pleading for help in 2008...

I got this earlier from Barclays.
We know things are difficult right now and want to do more to help. That's why you won't be charged interest for using your personal overdraft between 27 March and 30 April. We'll take care of this, so you don't need to contact us. For more info search 'Coronavirus and your overdraft' on our website. Your Barclays Team

26th today? You’ve guessed it, they’ve taken their fees out for this month.... yes, yes, I know I’ve used the facility, got to pay it etc, but we’re clearly all in this together - other than banks.

The world can be going to hell in a handcart and the bankers will be pushing it....

I got the same text yesterday and went cynical from the off..... they are waiving interest but there is no mention of the fees, so I assume they are still charging them.

No morals.....

The Banks, big business shareholders and executives, and the super rich will do very well out of this crisis. Who do you think will be paying for all the "lost" profits etc. The mass of ordinary tax payers...

I think we know the answer already.

Banks are also asking for personal guarantees on government underwritten loans to businesses according to the BBC...……………...unbelievable, it appears that they have hiked their interest rates as well

as someone said

when it's sunny Bank give you an umbrella

and

when it's raining they take it away

The US stimulus bill will end up lining the pockets of the (already) rich, directly or indirectly, to the tune of $2 trillion....

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Originally Posted by adrianw

Banks are also asking for personal guarantees on government underwritten loans to businesses according to the BBC...……………...unbelievable, it appears that they have hiked their interest rates as well

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I heard on the radio this morning the banks were offering loans at 22% APR.
Utterly ridiculous and very greedy.

Banks thrive on increased levels of debt, whether because it is necessary (such as for many people and businesses now) or by making it readily available.

Crooks in suits.

No doubt Mr Dyson will be pleased with his new order of 10k respirators. They will be made abroad to maximise profits just like the rest of his products

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Originally Posted by redmonaco

No doubt Mr Dyson will be pleased with his new order of 10k respirators. They will be made abroad to maximise profits just like the rest of his products

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I thought that he had stated that they will be made in the UK?

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Originally Posted by BillN

I thought that he had stated that they will be made in the UK?

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I saw that too.

Frankly, if Mr Dyson can help out with this I'll forgive him a lot - and there is a lot to forgive.

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Originally Posted by TheFlyingBanana

I saw that too.

Frankly, if Mr Dyson can help out with this I'll forgive him a lot - and there is a lot to forgive.

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as long as its not another publicity stunt like his car project, he made the announcement and when he found out what was really involved he pulled the plug.

There are already several Ventilator manufacturers within the UK waiting for the government to tell them what to do.

We have all the correct medical approvals, I contacted the government phone number last week and got a stupid survey and told they will be contacting me as did several other medical equipment manufacturers. this needs to be an established product, the government needs to do an IP or royalty deal, then it is a case of program management to organise scaling,

If they knew what they were doing product could be delivered to hospitals in weeks.

I appreciate that my viewpoint might be biased (but honestly, I am doing my best to be impartial), but I work for a mainstream, high street Bank and we’re doing huge amounts to support our customers and also the staff, during this difficult time.

We’ve allowed loan holidays, mortgage holidays, 3 month fee free overdrafts, suspension of charges; all sorts!

They have been incredibly supportive of us as staff too.

Quote:

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Originally Posted by adrianw

as long as its not another publicity stunt like his car project, he made the announcement and when he found out what was really involved he pulled the plug.

There are already several Ventilator manufacturers within the UK waiting for the government to tell them what to do.

We have all the correct medical approvals, I contacted the government phone number last week and got a stupid survey and told they will be contacting me as did several other medical equipment manufacturers. this needs to be an established product, the government needs to do an IP or royalty deal, then it is a case of program management to organise scaling,

If they knew what they were doing product could be delivered to hospitals in weeks.

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That's very concerning. Not only should there be no barriers to the critical work you are trying to do - it should be able to be approved within hours or a day or two at most in these circumstances.

I hope for everyone's sake you get the go ahead imminently.

My hat off to you and your people as well - best of luck!

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Originally Posted by adrianw

Banks are also asking for personal guarantees on government underwritten loans to businesses according to the BBC...……………...unbelievable, it appears that they have hiked their interest rates as well

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Enquired about this to see if might be worth taking advantage of. As well as secured on property (probably a 1500 charge for this) they wanted a business plan too - as plenty of time to do that at the moment...interest was suggested to be about 2% - presumably after the interest free period.

For your amusement here is what you would need to provide -

• Explanation of how your business has been impacted?
• What is the financial impact of this?
• How soon do you anticipate a cash-flow problem? Have you actually worked on a cash flow forecast for the next 6 months ?
• What level of financial support do you need?
• What is your overall strategy for coping with COVID-19? Does your business need to adapt in the future?

Then provide -

• Copy of your latest end of year financial accounts and also a summary of all key directors/partners personal asset and liability positions
• Copy of your latest monthly management account for the current financial year, including a Profit & Loss statement and an aged Debtor & Creditor summary

Clearly not being reckless with the government's money !

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Originally Posted by RickChard

I appreciate that my viewpoint might be biased (but honestly, I am doing my best to be impartial), but I work for a mainstream, high street Bank and we’re doing huge amounts to support our customers and also the staff, during this difficult time.

We’ve allowed loan holidays, mortgage holidays, 3 month fee free overdrafts, suspension of charges; all sorts!

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You're on a loser trying to make any case for banks. All bank staff are tarred with the "fat cats" image despite 99% being 'clerks'/assistants/managers etc., just trying to do a job. Banking is also massively regulated and the idea that rules can just be chucked in the air because of the crisis is wholly unrealistic. We'll need healthy banks to support the ongoing economic recovery so can't afford to have them going under now.

The last thing the country wants now is a Banking crisis

Quote:

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Originally Posted by adrianw

as long as its not another publicity stunt like his car project, he made the announcement and when he found out what was really involved he pulled the plug.

There are already several Ventilator manufacturers within the UK waiting for the government to tell them what to do.

We have all the correct medical approvals, I contacted the government phone number last week and got a stupid survey and told they will be contacting me as did several other medical equipment manufacturers. this needs to be an established product, the government needs to do an IP or royalty deal, then it is a case of program management to organise scaling,

If they knew what they were doing product could be delivered to hospitals in weeks.

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This tragically seems to very much confirm what has been reported.

'Govt. not putting a foot wrong', gallows humor I reckon.

If a personal guarantee is not asked for, where’s the incentive to act prudently with your company? Similarly, asking for a business plan is completely to be expected, as there needs to be some means for you to pay the money back eventually. It isn’t free by a long shot.


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I'm with Starling bank and they've launched a Connect card. It means another member of your household can use up to a limit of £200 in a 'Space' from your account with their own pin.
There are restrictions of course on it. I've got one for Liz so she can do the shopping.
(😂 Of course I trust her implicitly)