Why can a 78-year old widow's life savings be managed through an online bank system?
Bring back local branch offices where people have to manage their high-risk accounts in-person.
Bring back local branch offices where people have to manage their high-risk accounts in-person.
That's still considered normal customer service by a local bank here in the US. I assume it degrades if you bank with one of the giants like Bank of America.
The UK has greater industry competition in the form of challenger banks than the US
Because you're not allowed to ban old people from your services.
Because at least some old people use these things successfully and at least some young people get defrauded.
Because UK banks are closed more than they are open (my local NatWest.
People should be able to opt out. But that won't really help as the core issue here is the customers themselves...
The actual actions of the government have been to do neither.
I have 3 "proper" bank accounts (different banks), a couple of "challenger"/app bank accounts, and 3 credit cards and haven't stepped foot in a branch to open or deal with any of them in 20 years. I've had to get on the telephone with a couple maybe a couple of times.
I couldn't be happier with this arrangement, as long as someone is reachable when shit really does hit the fan.