Firm closing

[x-in-man]

10 minutes ago, Banker said:

If they’re very HNWs then in my experience their private bankers visit them at house or office rather than trouble the HNWs with going to the branch 

Some days mine does, some days he doesn't.

Most of the time I pay someone to do all that sort of thing so the banker never really comes anywhere near me - what with them all being part of the great unwashed and all that.

[Non-Believer]

39 minutes ago, genericUserName said:

That most people today rarely visit the branch of any bank. HNW or not.

The regular queues at the counter of IoM Bank in Ramsey might suggest differently, in my experience. Both private customers sorting their affairs and transactions and business customers paying in cash.

[0bserver]

16 minutes ago, Non-Believer said:

The regular queues at the counter of IoM Bank in Ramsey might suggest differently, in my experience. Both private customers sorting their affairs and transactions and business customers paying in cash.

There's always a queue at Port Erin too. Quite often out of the door.

[Declan]

2 hours ago, Capt_Mainwaring said:

Not commercial, investment banking (I.e. High risk) and high street. The reason offshore was ring fenced was not due to high risk but being outside EEA.

Offshore is still separate from UK though as there are separate regulators and regulation in each of the islands the banks operate in. Its a minefield. 

I think you and Derek are describing two things that lead to the current situation. 

Ring-fencing was due to the separating of High Street and investment banks following the financial crash of 2008. 

The Isle of Man branches were put into the Investment half. But this was because this is where they were sat within the management structure of the banks rather than them being inherently risky. 

At that time they were generally, in the offshore, International, Investment half because that's where a lot of the business in this jurisdiction belonged. They decided not to have the local banking clients as part of the UK branch networks because they were in another jurisdiction and it was easier to have one set of compliance, management etc dealing with local regulators. However, they were able to use the same systems and share back office functions prior until ring-fencing meant they couldn't. 

[Cinderella]

1 hour ago, x-in-man said:

Some days mine does, some days he doesn't.

Most of the time I pay someone to do all that sort of thing so the banker never really comes anywhere near me - what with them all being part of the great unwashed and all that.

Or, they simply can’t find Foxdale. Too far from the big smoke, and all that

[Weliveinhope]

Yesterday I tried to move some money to a term deposit with IOM Bank. Cant do it online, have to call or call in to branch. I call and get through to a call centre who couldnt help. So they tried to put me through to branch who were 'busy.' They said they would get someone to call me back within 24 hours. Unfortunately, I missed their call, but no number left so I called the call centre back who said someobody would call me back within 24 hours. I walked down to regent St who told me they couldnt help me, I'd need to go to Athol St. Went to Athol St and was told I'd need to make an appointment, but there is nothing for more than a week. I would also need to open another account which may take up to 8 weeks. I mean seriously, this is progress? Nope, its the greed of shareholders (like you and I) pushing for biggger and bigger profits at any cost. Fuck capitalism!

[Cinderella]

6 minutes ago, Weliveinhope said:

Yesterday I tried to move some money to a term deposit with IOM Bank. Cant do it online, have to call or call in to branch. I call and get through to a call centre who couldnt help. So they tried to put me through to branch who were 'busy.' They said they would get someone to call me back within 24 hours. Unfortunately, I missed their call, but no number left so I called the call centre back who said someobody would call me back within 24 hours. I walked down to regent St who told me they couldnt help me, I'd need to go to Athol St. Went to Athol St and was told I'd need to make an appointment, but there is nothing for more than a week. I would also need to open another account which may take up to 8 weeks. I mean seriously, this is progress? Nope, its the greed of shareholders (like you and I) pushing for biggger and bigger profits at any cost. Fuck capitalism!

It is also often the case that they don’t want term deposits - the bean counters have deduced that there is no money to make with them and the cost to providing staff to handle them makes it not profitable. I bet if you had wanted to discuss a mortgage you would have got a much quicker appointment 

[Weliveinhope]

2 minutes ago, Cinderella said:

It is also often the case that they don’t want term deposits - the bean counters have deduced that there is no money to make with them and the cost to providing staff to handle them makes it not profitable. I bet if you had wanted to discuss a mortgage you would have got a much quicker appointment 

then why offer them!!? it gives them risk free cash to then lend on and take their margin surely?

[Cinderella]

1 minute ago, Weliveinhope said:

then why offer them!!? it gives them risk free cash to then lend on and take their margin surely?

Hahaha didn’t say it made sense - just that that is what bean counters think and do

[The Phantom]

26 minutes ago, Weliveinhope said:

Yesterday I tried to move some money to a term deposit with IOM Bank. Cant do it online, have to call or call in to branch. I call and get through to a call centre who couldnt help. So they tried to put me through to branch who were 'busy.' They said they would get someone to call me back within 24 hours. Unfortunately, I missed their call, but no number left so I called the call centre back who said someobody would call me back within 24 hours. I walked down to regent St who told me they couldnt help me, I'd need to go to Athol St. Went to Athol St and was told I'd need to make an appointment, but there is nothing for more than a week. I would also need to open another account which may take up to 8 weeks. I mean seriously, this is progress? Nope, its the greed of shareholders (like you and I) pushing for biggger and bigger profits at any cost. Fuck capitalism!

Helpful to know.  I was thinking of putting some of my money with IOM Bank on Deposit for a bit (good rates at the moment).  I half arsed looked online but couldn't find anything obvious. 

I'll probably just stick it in Premium Bonds in that case! 

[The Phantom]

20 minutes ago, Cinderella said:

It is also often the case that they don’t want term deposits - the bean counters have deduced that there is no money to make with them and the cost to providing staff to handle them makes it not profitable. I bet if you had wanted to discuss a mortgage you would have got a much quicker appointment 

Well, this used to be the case when base rate was 0.0000001 of bugger all.  But now base rate have come up, I've seen the banks a lot more interested in offering deposits and more clients of mine are placing them as well.  It's like the olden days (10-15yrs ago) juggling the rolls and maturations. 

Although still no one wants Euros!  

[Weliveinhope]

Imagine if a bank offered a service these days, theyd clean up!

[GD4ELI]

36 minutes ago, Weliveinhope said:

Yesterday I tried to move some money to a term deposit with IOM Bank. Cant do it online, have to call or call in to branch. I call and get through to a call centre who couldnt help. So they tried to put me through to branch who were 'busy.' They said they would get someone to call me back within 24 hours. Unfortunately, I missed their call, but no number left so I called the call centre back who said someobody would call me back within 24 hours. I walked down to regent St who told me they couldnt help me, I'd need to go to Athol St. Went to Athol St and was told I'd need to make an appointment, but there is nothing for more than a week. I would also need to open another account which may take up to 8 weeks. I mean seriously, this is progress? Nope, its the greed of shareholders (like you and I) pushing for biggger and bigger profits at any cost. Fuck capitalism!

I'm with NatWest, part of the same group and the same software. I can do everything online, seems like your problem is IOM Bank doesn't give a toss, not capitalism.

[Weliveinhope]

6 minutes ago, GD4ELI said:

I'm with NatWest, part of the same group and the same software. I can do everything online, seems like your problem is IOM Bank doesn't give a toss, not capitalism.

of course it is, resources cut to the bone in order to generate more income.

[WTF]

1 hour ago, The Phantom said:

Helpful to know.  I was thinking of putting some of my money with IOM Bank on Deposit for a bit (good rates at the moment).  I half arsed looked online but couldn't find anything obvious. 

I'll probably just stick it in Premium Bonds in that case! 

conister or blackhorse, ( one of them ) may be worth a look.