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Colin

Let's Report The Banks To The Trade Descriptions

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Yahoo/telegraph: Savings accounts will become "obsolete"

Savings accounts will become totally obsolete if inflation rises next week, experts have warned.

Latest figures suggested that not a single saver in Briton would make a real return on their cash if the cost of living continues to rise.

I think this is a clear case of misrepresentation. It's like Rothmans advertising Health Cigarettes!

We should report each and every savings account to the Financial Ombudsman for misrepresentation! :D

Let's do it! Let's get them called what they really are - LOSINGs ACCOUNTS

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Yahoo/telegraph: Savings accounts will become "obsolete"

Savings accounts will become totally obsolete if inflation rises next week, experts have warned.

Latest figures suggested that not a single saver in Briton would make a real return on their cash if the cost of living continues to rise.

I think this is a clear case of misrepresentation. It's like Rothmans advertising Health Cigarettes!

We should report each and every savings account to the Financial Ombudsman for misrepresentation! :D

Let's do it! Let's get them called what they really are - LOSINGs ACCOUNTS

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Don't disagree with your OP, but it gives me a chance to open another aspect.

A person I know has today found the balance in their internet account cleared out. The bank involved did not seem surprised and arranged refund straight away.

An HSBC customer who had switched a fair amount of money to their current account was telephoned by the Bank and asked if they had palns for it. Thay said IT WAS SAFER TO MOVE IT OUT OF THE CURRENT ACCOUNT !!!

Security is the prime reason for having a bank account.

How bad is security in the big banks?

Losing our money through bad lending is one thing, letting people steal it is worse again.

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An HSBC customer who had switched a fair amount of money to their current account was telephoned by the Bank and asked if they had palns for it. Thay said IT WAS SAFER TO MOVE IT OUT OF THE CURRENT ACCOUNT !!!

And move it into one of their niggardly, uselss ISAS or bonds, no doubt.

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Don't disagree with your OP, but it gives me a chance to open another aspect.

A person I know has today found the balance in their internet account cleared out. The bank involved did not seem surprised and arranged refund straight away.

An HSBC customer who had switched a fair amount of money to their current account was telephoned by the Bank and asked if they had palns for it. Thay said IT WAS SAFER TO MOVE IT OUT OF THE CURRENT ACCOUNT !!!

Security is the prime reason for having a bank account.

How bad is security in the big banks?

Losing our money through bad lending is one thing, letting people steal it is worse again.

Maybe coz employing people on salaries just enough for room rental, a lentil curry and a couple of chapattis a day is the problem.

Seeing the westerners wealth during account queries is too much temptation for corruption?

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I see there are now 30 comments on the News article about this issue. One of the posters there suggests a coordinated withdrawal of funds by savers, targetting one specific bank at a time. I would very much like to think it would work, however the establishment will put up all sorts of barriers to ensure any coordinated action failed. I would not rule out them adopting the draconian freezing of bank accounts such as that imposed by the Argentinian government in 2001 (Google "Corralito" for more information).

Without appearing like some tin hat paranoid nutter, the HPC Forum and other blogs are probably monitored by GCHQ / MI5 / Special Branch, and if it looked like any realistic threat of a savers campaign was emerging, it would take whatever legal or other action necessary to snuff this out.

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They're exempt to all trade rules, regulations and the law. They own the politicians and therefore are the law. You can't beat them. You can only abandon all respect for the rulres/ regulations/ the law. They are the worst of all cartels, you can't avoid them either, if you want to get paid, you have to have a bank account - even if you don't want one. Just think how much better off you'd be if you were paid in cash. For many on low incomes, it would be quite a lot what with all the punitive charges (and yes they do still charge these unwarranted costs to people they know are poor), the pointless saving rates and the fact that their service on the highstreet is little more than crass sales activity. The way things are going, they'll soon start sending round cold callers to your door trying to get you to take up their bank bad accounts. Proper bank managers no longer exist unless you are a millionairre. Advisors are nothing but VI salespersons who will try and loan you money and then almost take if forgranted that you might not want a hefty payment insurance which probably will never hold water should you actually need it. In short, banks are completely pointless for non-mortgage owing (ball and chain) customers. In many cases, most banks would be insolvent but for the fact that they have only mortgage "securities" as a large portion of their collateral. The main 3 cornerstones of banking: capital, liquidity and assets have been eroded significantly by the likes of Fred the Shred and other salesmen who got to own banks (in secretive deals with Gordon Brown no doubt) - completely stripping out risk management and general good practice for their own short term gains. Your money, placed in a bank goes mainly on hookers and cocaine, with the odd fast car thrown in as a bonus (for them). Suck it up, you can't do a thing about it.

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Most of the Trade Descriptions Act 1968 was repealed by The Consumer Protection from Unfair Trading Regulations 2008. Sorry I had to :ph34r:

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its one big ******ing con - wake the ****** up

link

Unfortunately, since bailment law was undeveloped in the nineteenth century, the bankers' counsel were able to swing the judicial decisions their way. The landmark decisions came in Britain in the first half of the nineteenth century, and these decisions were then taken over by the American courts. In the first important case, Carr v. Carr, in 1811, the British judge, Sir William Grant, ruled that since the money paid into a bank deposit had been paid generally, and not earmarked in a sealed bag (i.e., as a "specific deposit") that the transaction had become a loan rather than a bailment. Five years later, in the key follow-up case of Devaynes v. Noble, one of the counsel argued correctly that "a banker is rather a bailee of his customer's fund than his debtor, … because the money in … [his] hands is rather a deposit than a debt, and may therefore be instantly demanded and taken up." But the same Judge Grant again insisted that "money paid into a banker's becomes immediately a part of his general assets; and he is merely a debtor for the amount." In the final culminating case, Foley v. Hill and Others, decided by the House of Lords in 1848, Lord Cottenham, repeating the reasoning of the previous cases, put it lucidly if astonishingly:

The money placed in the custody of a banker is, to all intents and purposes, the money of the banker, to do with as he pleases; he is guilty of no breach of trust in employing it; he i s not answerable to the principal if he puts it into jeopardy, i f he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of his principal; but he is, of course, answerable for the amount, because he has contracted.[3]

The argument of Lord Cottenham and of all other apologists for fractional-reserve banking, that the banker only contracts for the amount of money, but not to keep the money on hand, ignores the fact that if all the depositors knew what was going on and exercised their claims at once, the banker could not possibly honor his commitments. In other words, honoring the contracts, and maintaining the entire system of fractional-reserve banking, requires a structure of smoke-and-mirrors, of duping the depositors into thinking that "their" money is safe, and would be honored should they wish to redeem their claims. The entire system of fractional-reserve banking, therefore, is built on deceit, a deceit connived at by the legal system.

A crucial question to be asked is this: why did grain warehouse law, where the conditions – of depositing fungible goods – are exactly the same, and grain is a general deposit and not an earmarked bundle – develop in precisely the opposite direction? Why did the courts finally recognize that deposits of even a fungible good, in the case of grain, are emphatically a bailment, not a debt? Could it be that the bankers conducted a more effective lobbying operation than did the grain men?

Edited by lowrentyieldmakessense(honest!)

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Welcome to the decade of negative interest rates.

It doesn't matter how high rates are, they will lag inflation for the next decade.

In real terms this decade will be a bigger hit than the 70s for savers and bond holders.

High yield defensive equities the only place to be.

Invest in an asset 10 years into its bear market or invest in an asset nearing the end of a 30 year bull market?

No choice.

Edited by ringledman

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Maybe coz employing people on salaries just enough for room rental, a lentil curry and a couple of chapattis a day is the problem.

Seeing the westerners wealth during account queries is too much temptation for corruption?

Wait, are we talking about workers in Britain or India here? Seriously.

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How bad is security in the big banks?

Just look in your email spam filter to find out. It will be chock full of phishing emails.

Take note of which banks feature most prominently and avoid like the plague!

These gangs don't send these emails for fun they do it for profit!

The 'cardholder not present' chip and pin scam will ramp up in the autumn. Lots of solder, PIC chips and assembly programming will get done in the Autumn!

Worse still will be the 'contactless' payment system which is PIN free.

With the excesses of the bankers, MPs and all the other troughers and grabbers, as a programmer on Jobseekers, it's tempting to join them. :lol:

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People will still save no matter what. The vast majority of people save for future security or to make a significant purchase - they may bemoan poor interest rates but they are unlikely to perform a cost benefit analysis and decide to do something else with the money because its shrinking with inflation. People don't think like that. People on here do but this forum is not representative of the majority of the population.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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