Archive for category Banking

Now fuming at Paypal

Feb 21

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After I touched on the subject of Paypal yesterday I began thinking more about it and got increasingly angry.

I called again, determined that I would wait as long as it took to get an answer, and was actually pleasantly surprised when the phone was answered quite quickly. I’d remembered my own advise and was careful not to give more information that they absolutely needed to discuss the account, but then of course because their letter was addressed to Y they couldn’t speak to me anyway.

Y tried to find out what was going on, but without disclosing personal email addresses and date of birth they wouldn’t talk.

Right now we’re at a stale mate. But they did suss out enough to realise that they have got the wrong person. There must have been someone else with a similar name at the same post code at some stage in the past. The trouble is data matching software is now pretty good and will pull data from all over the place and create conclusions that may be bang on, but are just as likely to be shots in the dark. To a certain extent I can support that – but not when the result is letters being sent that threaten bailiffs and generally scare the life out of people.

Imagine if it had been an old biddy they were in touch with? Or your mum?

I’m not sure what we can do next, I reckon we’ll just sit it out and see if they persist.

Trouble with Paypal

Feb 20

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The dreamy Saturday carried on, and on, in fact we hardly did a thing all weekend. That is so unlike us, but now and then it’s really nice.

We cooked our own food.

As I typed that I though how decadent it sounds, but fact is that we hardly ever cook for ourselves at the weekend.

A roast chicken for last night – fantastic. No spuds, just huge Yorkshire puds and loads of veg.

Blissed out we then took an early night and slept like kings.

All got a little annoying this morning though as Y was working from home and hence was there when the post man came. She signed for a letter which turns out to be from a firm of bailiffs who are chasing her for a debt with Paypal.

Now on the one hand this isn’t a problem as she doesn’t even have an account with them, but she scanned and emailed their letter to me and it’s pretty scary, threatening to come and take possession of goods to the value of… etc.

I’ve tried calling the number they give and waited for ages, well, over ten minutes as the work phone just tells you stuff like that, yet got no answer, just held in a queue.

This isn’t the first time something like this has happened and it tends to be down to a company doing data matching to try to find people then sending letters that look so similar to your own details that you believe it’s for you. Apparently you have to be very careful not to give them additional information as they’ll tie that to the incorrect details and you’ll find it harder still to get out of.

I’m deeply suspicious and uncomfortable about such things.

Cardiff. Sorted.

Jan 27

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12.35 out of Cardiff. Excellent.

And a very good session too.

I ate on my tod last night in a really sweet Italian that felt like it could actually be the real thing. I remember a girl I always fancied at school married an Italian restaurant owner in Cardiff. I kept looking out in the hope I’d see a clue that I’d happened upon their places, but no luck there.

It was wet and cold in Cardiff this morning and I was glad that we hadn’t actually got around to arranging for Y to come for the weekend, it looks like the weather isn’t going to change for a few days. But still, I reckon I’ll be back in a month or so.

Apparently the dog was running around the flat looking for me last night. It’s a sweet think to say, but I’m not that sure I believe it as he rarely pays me any attention when I am there. Still, it’ll be fun to take him out this afternoon and stroll through the city as all the bankers are leaving. Even their hearts melt at the sight of a Jack Russell on stilts.

Think I’ll catch up on emails, then maybe a little snooze.

Meeting the guys in Cardiff

Jan 26

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Cardiff in the sunshine.

Gorgeous. I ended up in a rather nice hotel in some new development area at the waterside, and the impressive copper clad Welsh Assembly building is just opposite. I’m off there in a bit.

On the train down here I met a business adviser type fellow from an outfit called Touch Financial which does invoice factoring as well as general business finance and stuff. We had a good old banter as I once worked at Griffin Factors donkey’s years ago when it was part of Midland Bank. We’d never even heard of them so I guess they don’t exist anymore.

It’s funny, we got on really well and I almost suggested we meet for a drink later as he’s only in town for the night too. But then some strange reserve kicked in and I held my tongue. I guess he did too so it’s not just me that’s quiet.

The first meeting is at 9.30 tomorrow so I intend to get up, have a decent long run, pukka hotel breakfast, and then swan along. I reckon I could be on the train east again by 1.00 ish. Fab. Home by 4.00. Unless something awful happens I don’t have any intention of going in to the office again.

Y’ll have to take the dog out on her own tonight. Even though the Barbican is about as safe as anywher in London she still doesn’t like the last pee before bed. Poor Pop.

Looking at a couple of Forex suppliers

Jan 19

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The proposition workshops I ran a few weeks back seemed to go extremely well. In part the success was down to exposing the guys who develop the software and back end of our platforms to the traders and brokers who actually use them.

I’ve spent the last few hours looking at one of our competitors, a small Swiss Broker which got its banking license in 2009 and one that has serious aspirations. It states quite clearly that it wants to be the best in the world. What I love about it is that it exudes confidence from the outset. And in today’s markets I think confidence is going to be the next big thing, those who are there first will reap the best pickings and need to have moved on before the bandwagon is realised and suddenly too many businesses are shouting about their confidence.

It is small and versitile. While we have several thousands of staff in the UK alone, I think these guys have less than 200, and yet operate in 20 languages, trade 70+ pairs and have a phenomenal reputation. Their strength is their web presence, and I’d advise them to work very hard at being the point of reference for the online commentators like FXstreet, forex pulse and forex factory. These guys need a lot of information and will keep returning to a reliable source.

Their PR is good and it’s an important part of the machine for them.

With such a small team they can all be helped to understand where the company is going.

It’s amazing looking closely at a competitor business like this. I’m doing it more often and will keep it up.

RBS cuts

Jan 12

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It came as no surprise this morning when RBS announced that it’ll be cutting jobs over the next two years,but the number – 3500, on top of 2000 already, is truly frightening.

There will be plenty of people who will shout that it’s about time, but what they don’t usually realise is that these jobs won’t be the guys who are taking all the money, they’ll be the normal Joes at the bottom of the pile.

Those guys at the top cost so much to get rid of that it’s often not an attractive proposition. Most senior players will get a year’s salary, including pension, projected bonus, shares and god knows what else just to go. And consider that these fellows aren’t languishing with five figure salaries, these fellows cost quarter of a million and more to see off. Nice if you can get it.

But what about those on the bottom? Well, it’s usually the contractors who go first as they cost nothing at all to get rid of, not a penny, just a quick conversation and goodbye. Then there’s the juniors who are on the lowest salaries and least notice, some of these will only get the statutory redundancy pay, which is bugger all if they are recent starters, and gradually it’ll rise through the middle ranks.

Losing people is a nasty business, and where will they go?

It makes us all worried in the industry, partly because it makes every new job that does come along that much harder to get as there’s more competition for every one. And partly because once one bank has done it the others feel they have more license to do the same.

It’s always dark in banking these days,unless you’re at the top and losing your job would merely give you the problem of what to do with your time.

French credit rating

Dec 16

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Christian Noyer.

Can you believe it?

Apparently he said last night that UK should have its credit rating down graded before they worry about France. And this guy is the chairman of the French central bank! Well fork you Mr Froggy.

Now anyone who deals with the press has to be super careful about what they say in the knowledge that there is a fair chance their words will get twisted, and the nuance that give their words meaning will be ignored in the drive to create a story where there is none. But someone as senior and experienced as this guy should be so well prepped for anything he says or does. Actually that makes me think it was deliberate and designed to provoke reaction.

It’s not good out there.

Anyway, I’ve got my own problems to worry about as I got a bit carried away at an online casino last night and Y has a fit every time I loose money doing what she considers “such stupid little boy games”. OK, now and then I do get a bit carried away, but I actually really enjoy it too, and let’s face it what I lost would only buy a bad round, and come to think about it I bet it costs no more than a girly massage and nail job.

Get through today, then work a couple of days next week, then days and days off. Oh the joy!

I’ve got the go ahead to do the external proposition builder job too, so I’ll need to get some preparation done for that. The only down side is that I can’t get paid for it. Still it gives me a start to my portfolio.

Payday lending

Dec 8

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My feelings were mixed this morning listening to an article on pay day lending and the several hundred per cent interest the poor sods pay when using the facilities.

A while back I was asked to apply for the marketing role at one of these businesses. There’s no way that I could work for such a company, but still I think they have a role on the high street.

I’d prefer that people went to Wonga or somewhere similar than taking doorstep loans with no regulation whatsoever. If such companies are driven back underground we’ll have no idea of what horrendous Dickensian practices are taking place.

I’m not about to do the maths here and now, but say there’s a fixed fee of £20 for every loan, if you’re borrowing £100 for a week then you’ll be paying a pretty awful interest rate. However if the same person took £1000 instead, and paid the same fee, then the rate would only be a tenth of the previous scenario. Statistics can show what you want them to show.

It’s not good, it’s not clever, and once you’ve started then it becomes really hard to get out of the habit, and if you can’t pay then it gets frightening, but it’s a service for which there is a need right now.

Unusual for me to be quite some open minded about such matters.

I still wouldn’t touch the job for any pay packet though.

Success! But with a scary bit too.

Dec 7

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The Forex boss was delighted with the sessions I ran for him over the last couple of days, saying that even if we don’t get a great proposition out of it all, it was worth it to bring the diverse group together with customers and his team to get to understand each other better.

Brilliant. I couldn’t have asked for a better reaction. So many bosses expect a miracle just because their people have been away for a day or two and forget the huge value of just talking work in a non work environment.

But then the scary bit. One of the customers was from a website hosting company called 34SP which is a business whose services I’ve probably used hundreds of times, but I really know nothing about it. Anyway, the gentleman in question has asked me to come and talk to him about running a similar session for his people! Well, I didn’t know anything about forex before I started this I suppose.

This could be interesting. I’ll need permission from the bank. I wonder if I’ll be able to charge them? I know our economists aren’t allowed to, at best they take a donation to the bank’s charity.

Crikey. there could be a future here – I probably said that last night too.

Let’s not get too excited. I know my mind and intentions change with the wind. But I can’t wait to get home and tell Y.

A neat idea from yesterday’s proposition builder session

Dec 6

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Yesterday’s session was great!

I came away feeling energised and on an adrenalin high that lasted all night.

If today’s session can maintain the level of interest, thought and excitement as yesterday I’ll be king of the heap!

One thought that came out of yesterday that has nothing to do with the forex task, but is well worth sharing is one based on payment methods. Cards are getting more interesting, especially the swipe cards for low payments amounts, based on the same technology as Oyster. Using the phone is interesting too as it means you have to have one less thing to carry around. But with both there is still the vulnerability of having the gadget stolen and then you have no safeguard against the thief using all your credit.

We thought that maybe the Nat West idea of getting cash from an ATM using an emergency code could be extended to create a payment method. Just key in a longer code to pay for stuff, with no card at all. Or your four digit code combined with a personal embedded micro chip?

Would it just make the thieves more violent? Or are we onto something?

Fifteen minutes to the off. Wish me luck. If this goes well I’ll have something to offer outside of the bank too. Perhaps turn the tables on the agencies who usually charge us a fortune to run such sessions as mine – I could do it for them?