Memorandum from John Bradley
1. Banks should not diverse into selling
Insurance of any kind.
2. Please simplify the provision of accounts
and reduce their number(a) state clearly the interest rate,
(b) do not attach confusing conditions in small or even large
print, (c) abolish restrictions on withdrawals: either one can
or cannot take money out as required, (d) no more introductory
interest rates which reduce after a few monthsthis is deceptive
and (e) once a rate has been given, it should remain so until
the Bank Rate changes, not be changed retrospectively ad lib by
3. Individual Saving Accounts ISAthis
was simple at inception and should remain so, without attached
conditions of having to open "their" bank account or
having to invest in dodgy securities to obtain a good interest
rate. NO conditions except the original CAT standardswhich
are now defunct!
4. It is the added "conditions"
which confuse and annoy the public. Let each provision of accounts
or services be simple and of one kind, so that comparisons with
other providers can easily be made. It is now called "transparency"let
5. Banks must appoint Branch Managers who
are knowlegeable and professional. Adverts in the shop window
(!) for the position of "bank clerk" indicating "training
will be given", does not inspire confidence in the ability
of staff to be professional, keep accounts confidential, nor does
the public have confidence in their status as clerks who could
advance to managerial positions. An examination provided by the
Bankers' Institute should be made compulsory for all empoyees
in a bank. It must be a profession, not a temporary job for spare
housewives to earn some pin-money! (That is what it is now in
ASIDE: When I opened my first a/c in 1950, I
would be greeted by a clerk with "Good Morning, Mr Bradley"
BEFORE I had presented my cheque to draw out some money! The customer
was known and respected, so he remained loyal to his bank.