I have been rather pushed by my bank into using on-line banking; ‘pushed’ because their formerly excellent telephone banking service has (deliberately, in my opinion) been made progressively more difficult to use than it once was.
Anyway, having just made a balance transfer onto my credit-card, I went to check my balance on-line and couldn’t find the interest rates that I was being charged anywhere. I spent about twenty minutes looking and opened every link that I could find but nowhere could I find the interest rates quoted; can this be right?
I only really noticed this in contrast to the same bank’s paper statements that give the full details: (different) interest rates on all balances, APR interest rate and estimated monthly interest payment.
This was in contrast to my other credit-card that only quoted monthly interest rate.
I would have thought that it was a legal requirement to quote interest rates so that a direct comparison between lenders could be made?
By: Creaking Door - 9th November 2014 at 22:22
I have no real problems with my bank; I was just commenting on the difference between my paper statement, which includes comprehensive information about the interest rates that I pay, and my on-line statement that, apparently, includes no information whatsoever about the interest rates that I pay.
I know which statement I prefer; I also know which statement my bank would prefer me to have!
By: charliehunt - 9th November 2014 at 21:20
Of course that is the case but I am not sure why the difference matters within the context that it has been introduced here.
By: Arabella-Cox - 9th November 2014 at 20:21
That maybe be true. Banks and building societies have different legal constitutions.
By: charliehunt - 9th November 2014 at 20:16
Yes but it supplies a full range of banking services to its customers.
By: Arabella-Cox - 9th November 2014 at 20:08
Nit picking, I know, but Nationwide is a building Society not a bank….
PM
By: charliehunt - 9th November 2014 at 19:24
I concur. But I must declare an interest. I have been a member for nearly 40 years.
By: John Green - 9th November 2014 at 18:59
CD
This isn’t a plug I have no connection with them: Use Nationwide. You won’t get a simpler and more user friendly banker.
By: silver fox - 8th November 2014 at 19:14
I would have thought that it was a legal requirement to quote interest rates so that a direct comparison between lenders could be made?
Must agree with that, you know of course that you are now facing calling a dreaded call centre and attempting to discuss with someone whose command of English isn’t great, and who will explain to you at great length what he/she can see on their screen, which surprisingly is exactly what you can see yourself. Good luck
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November 8, 2014 at 9:55 am