Banks Very Helpful In This Crisis...

[deanlad]

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....

[tintin]

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.....

[redmonaco]

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...

[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

[Maysie]

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

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

[MB2]

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

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 !

[BillN]

as someone said

when it's sunny Bank give you an umbrella

and

when it's raining they take it away

[Stanford]

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.

[demonloop]

Crooks in suits.

[vagabond]

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

[number2]

I think we know the answer already.

[Alasdairmc]

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.


Sent from my iPhone using Tapatalk

[Rod]

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)