View more on these topics

Do you trust your bank when it comes to monitoring your finances?

Two weeks ago, lenders came under fire after Labour MP Jim Cousins accused them of making too many errors with borrowers’ repayments. Auditing firm BankCheck scrutinised 30 mortgage accounts and found they all contained mistakes in the bank or building society’s favour.

So this week Mortgage Strategy asks: Do you trust your bank when it comes to monitoring your finances?

Lucia Lacchin, 31, supervisor

I don’t have a mortgage, but when it comes to my current account I don’t trust my bank to get the charges right. I’ve had bad experiences in the past because of my bank making errors, so I always check things myself.

Helen Bishop, 25, army cadet

I haven’t got a mortgage yet but I don’t trust my bank to get things right. I always check my statements to make sure the payments are correct. It’s not a good idea to be complacent – you have to take responsibility yourself.

Aamir Bashir, 37, campus manager

I don’t have a mortgage and my bank has been accurate when it comes to my current account. It has always run smoothly with no problems. Once a cheque bounced when it shouldn’t have, but the bank quickly rectified the mistake.

Jaydee Kureishi, 27, international admissions officer

I don’t have a mortgage, but when it comes to my bank statements I’m always careful. I get out a highlighter pen every month and go through my statements thoroughly to make sure there are no mistakes. I’ve never had any problems with my bank so I’ve no reason to think there will be errors, but it’s a good idea to check things out properly for yourself in case of problems.

Damien Pascoe, 33, web designer

I have a mortgage but I didn’t read the news article about lenders making errors with repayments. I would never have worried about that sort of thing, but I think I will now. I generally trust my lender to get things right and as I have a fixed rate mortgage the payment that goes out every month is always the same.

Matt Gibbs, 30, copywriter

I haven’t got a mortgage yet but I always check my bank account online. When I received paper statements they went to the bottom of the pile, but now I use online banking it’s easier to keep on top of things.

Charlotte Harrison, 30, personal assistant

I have a mortgage and I usually trust my bank to get it right. I have never been overcharged for my repayments, but it worries me that it could happen, especially as I’m in the process of claiming back 2,000 that I’d been overcharged on my current account.

Gary Dougam, 25, operations co-ordinator

I haven’t got a mortgage but I monitor my bank account carefully. If you keep a close eye on it there’s less chance of things going wrong.

Recommended

Constant product changes have wasted my time

I met a new client on May 29 at 4.30pm and we agreed to make a remortgage application to a high street lender for a fixed rate product with all the trimmings at 5.64%. The proc fee payable for a loan of this size (45,000) is about 166.50. After network deductions it’s about 154, which […]

Crown Equity Release becomes regulated

Crown Equity Release has been regulated by the Financial Services Authority.Mark King, managing director of Crown Equity Release, says: We are delighted to meet the FSAs exacting standards for Home Reversions and are pleased to be able to formally commit to the authoritys guidelines. “We regard FSA regulation as a kitemark of our first-rate customer […]

BoS launches five B2L deals

Bank of Scotland has launched five buy-to-let products with rental income calculations based on 100% of the initial product pay rate. The range includes a two-year tracker at base rate plus 0.21% and a two-year fix at 5.99%, both with LTVs of 85%.

When doing good is good for business

You can’t help but feel a warm glow inside when businesses show their caring sides. Companies that you might normally consider to be profit-hungry wolves prowling the high street for consumer prey roll over on their backs like family pets, display their soft underbellies and pant as their tummies are tickled by the publicity that comes from doing good.

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]

Newsletter

News and expert analysis straight to your inbox

Sign up