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October 15, 2013


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David Horton

Chris - for most people a mortgage is the single most important financial decision they will ever make. Did you try enquiring about a mortgage in your bank branch and comparing it with the one you had selected online?

If it was matched, or improved then it would have been worth the time spent in the branch. If it wasn't then you would at least take comfort in knowing you were getting a good deal?

Handelsbanken is the fastest growing bank in the UK, largely due to its mortgage business which is handled in branch by a manager who is empowered to make decisions based on his views on you as a customer. Mobile and online can't replace the natural emotion you get from dealing with another human.

Wolfgang Grulke

Another great story Chris. Not unlike tha bank story in my 2000 book Lessons from the Future! Nothing ever changes bankers! We MUST do "My Bank: The Opera!" The workd is crying out to have a bit of public fun at their expense.


Chris, i read your blog each morning with pleasure but this one takes the prize! God, it is funny :-) you take bank blogging to the highest level. Thanks!

Bob Ford

CHAPS recently upgraded their settlement formulae (Liquidity Saving Mechanism - LSM) such that smaller transactions would net settle every 5 minutes or so. The effect is that the liquidity and collateral requirements on banks have reduced substantially and therefore the cost of processing the CHAPS payments has reduced accordingly.
Interesting therefore that the banks are not passing on these cost savings to the customers who are requesting these smaller value payments.

Industry readers please debate ??

Chris Skinner

Thanks David

I did call my mortgage broker and the best deal he came up with was 0.1% higher interest than the best found online, and hence I went with the online version.

And you've reminded me that I did ask one bank that I have an account with - a bank without branches - but their answer was 'no'.

So much for the bank that likes to say 'yes' ;)



If the daily transfer amount is limited, you simply make several transfers, for the maximum amount, several days in a row.

Juan Flores

Everything looks nice until compliance and money laundry comes to play. When I needed my credit, I filled the origination request in the online web form of my bank´s web banking and they let me know when and where to go to sign papers, in less than 10 minutes everything was finished after my branch visit, so if was not traumatic. Of course I had to brought some stuff they asked for. Next time, the papers and stuff again and again. I feel that regulatory requirements are a blocking part for customer servicing. Why do they need to take a photocopy of your personal Id everytime you ask for service?

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