05 August 2010

Quote of the day

From a Halifax ad (shown twice on ITV4 during the halftime interval of the Liverpool-Rabotnicki match):
"Better deals for our current account customers."
The truth, as spelled out in The Herald earlier in the day:
Bank of Scotland [of which Halifax is a part] is writing to tens of thousands of small business customers telling them that it will no longer pay interest on their current account balances, as owner Lloyds Banking Group unveils bumper first-half profits of £1.6 billion.

While UK base rates of 0.5% mean business customers of Bank of Scotland do not currently receive interest on their current accounts, the move by the bank could cost them many millions of pounds in total when the benchmark cost of borrowing eventually returns to more normal levels.

Do you still believe the banks are honest?

No comments: