January 21, 2018 at 9:50 am #15990
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- Offline @edps
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Forumite Coins: 212January 21, 2018 at 10:37 am #15992
- Offline @planeman
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- Offline @sgb101
I think it was about a week ago now they had to remove cc/dc payments and relay on Paypal type pay.
You’ll be fine cos you bought via o2. unless I i used my life savings account instead of my Current id be worried. If your breached and emptied out, the bank will sort out a few hundred withing a 10 call. If i had paid with my life savings account, I think I would transfer it to another anoint fresh account.
That to now takes about 3 mins to sort out. I must have 15 Halifax savings accounts I set up to keep the kids etc money I’m for different savings. They come to me to keep their cash, as they know they will spend it. I only give it them back when they reqxk the goal they started or something changes.January 21, 2018 at 1:10 pm #16001
What scares my is the arrival of so called open banking. That could allow anyone you have dealings with to ransack your accounts – if you are not super careful to prevent them. To be honest I do not care if I could have bought a packet of butter somewhere else and saved tuppence we only buy a couple of packets a year anyway. As for loans, mortgages and the rest we are completely not interested. We paid the mortgage off years ago, doing so as fast as we could and we simply don’t borrow, end off story. Chasing interest rates is usually a mugs game and it generally ends up with half going as tax anyway. We might as well buy things we want, if we want anything, rather than have some halfwit tell us what he thinks we should do. The smaller our attack surface can be made, the better; so for us it is a case of just say no to open banking.January 21, 2018 at 3:01 pm #16003
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- Offline @bullstuff2
Richard I share your worries wrt open banking, although SWMBO and I are very careful. We don’t bank or pay by anything other than my desktop, her laptop, by card (with care) or in branch. Both PC’s are protected and online banking is doubly so.
I think that those who will be caught out are those who are always vulnerable, due to their own eagerness to buy, negligence, stupidity, or an inability to recognise the truth of “if it looks too good to be true, it probably is not true.” I have just had to prevent my grandson No.2 from possible disaster, by shopping on a ‘website with really cheap stuff ‘. I asked for the site address before he registered or purchased, checked it out and found the awful reviews, including alleged evidence of possible fraud. I also pointed out to him that the site did not have ‘ https ‘ in the address bar, just ‘ http ‘. This is a lad who earned an IT qualification at 14 from his Academy school, despite his severe dyslexia. That begs two questions: how good was the education and qualification, and how has a lad with an eidetic memory, forgotten what he (may/should have been) taught?
As for investments: we were badly burned by the 2008 finacial crisis. We had invested a windfall in order to boost our finances and prepare for later years. We lost an estimated 55% of our money and I have never invested in anything Market-related since. However, there are several favourable possibilities to come from open banking. The best of which will be the fact that the Big Banks will have to up their game and actually consider better customer services, in order to compete with start ups that could offer very favourable terms and rewards to customers. In other words, they may have to take banking back to the days when the customer was more important than the banker. Saville Row – suited personnel may begin to fall from high rise office blocks….
That may also be a double-edged sword of course. The usual fraudulent activities which latch onto anything new, especially anything financially-based, may see more disasters. I hazard a gues that the “Nigerian Princes” will be watching developments.
“If you think this Universe is bad, you should see some of the others.”
― Philip K. Dick, legendary SF writer.January 21, 2018 at 3:56 pm #16005
Sorry to hear of your 2008 woes. Perhaps we were fortunate in that anything which was tied up at the time was not pulled out so as recovery went ahead so anything locked away and thus unspent remained to come again. I hear what you are saying about banks and quality of service but I have two issues. I see new entrants, assuming they are not of the ‘bag of swag’ kind only going after the higher margin quick return segment, I do not see them offering what I suspect many people might want, cash machines and straight forward accessible basic provisions. I also see them offering mainly niche, perhaps even hipster products to that demographic. Expenditure tracking being one touted ‘service’. If people want to track their expenditure it is easy enough to do already, so I do not see that as a market maker. I don’t object to such services, but equally, I do not see the point either. None of the pre-sales clap trap has in anyway excited my interest. Banks were never as good as they thought they were. I briefly worked for one of them in a branch with an accountant who was sad about the passing of the quill pen, I kid you not. Now they have ‘bank managers’ who have to be driven by a computer. They lack the life skills to manage a complex operation – perhaps that is why it is easier for a money washer to open an account than anyone honest. Hopefully that might change but do not hold your breath.
As for the ‘Nigerian Princesses’, ‘Russian Clerks to oligarchs’, etc. I hear them revving up their slaves to get the emails out.January 21, 2018 at 5:38 pm #16010
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- Offline @edps
Sorry about your bad experiences Bob, unfortunately investing is a bit like the web. If it looks too good to be true . . .
The rise in the Stock Market over the last couple of years against all common sense wrt P/E ratios, cash or even expected earnings is a case in point.With apologies to professionals like Steve and Dan, I have worked with some real balance sheet wizards in my time which made me appreciate the old adage that ‘cash is king’ and nearly everything else can be manipulated to give a number that not only keeps people happy but still satisfies external Auditors.
There are now a worrying number of people including opinion makers saying that the financial markets have reached unsustainable levels and it will soon all end in tears. link
Any shares we had, we have sold (before the peak admittedly) and have turned them into tangible assets for the kids or ‘SKIing (spending kids inheritance). Why not cash — well that too is just a mythical construct, like Bitcoins, cash has no intrinsic value. It is just a measure of confidence in being able to turn it into something useful.
Game theory rules — maximise gains and minimise losses. It also, with luck, cut down on minimising ‘donations’ to the Exchequer.
 I think the Warren Buffe/George Soros link is a little dated – this link is more up to date.t
January 22, 2018 at 8:46 am #16012
- This reply was modified 4 weeks ago by Ed P.
The problem with cash has several strands, which currency to hold and where or how to hold the money? I am aware of the investment threats though the biggest of them all is the threat to my income from pension funds. Anything else is benefit over and above, but if the pension is threatened then the ‘other’ gains a whole new value. In view of the threat from Jeremy and his mixed up cronies, do I try to buy dollars, Yen, the dreadful Euro thing, SDRs or what? How do I avoid alerting the money laundering squad if I go shopping for lumps of foreign currency and how do I hold the cash? One can hardly use a bank as they are likely to be taken over or at very least tightly controlled with the account contents heavily taxed at a punitive rate to pay for disasters McDowell might unleash and over seas accounts are almost impossible to hold these days.
Mattresses might become impossibly lumpy very soon.January 22, 2018 at 11:59 am #16014
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- Offline @sgb101
financial market have been said to be ready to pop for a couple of years now, Definally in tech business, crypto seems to be the new darling. The market is being kept high partly because of low interests, once we get any type of interest levels back (lol if) it could be the the prick that bursts the way over inflated bubble.
Open banking, as long as regulated, could be a good thing, partly just to break up, or atleast dilute, the boys club.
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