Virgin Money’s Post

As I discussed with The Express — not too long ago, banks were offering customers £200 to sign up using the Current Account Switch Service. But recently, things have become more complex, with customers being asked to reach minimum transaction requirements, complete multiple app logins, and even to set up savings accounts — just to secure the headline bonus. The latest was announced yesterday by VirginMoney, and advertises an inflation-busting headline savings rate of 10%. But the reality is that it’s capped at £1,000, representing earnings of £100 if a customer locks in their money for 12 months. And locking in customers is what the banks are now looking to do. Last month's figures showed a huge number of people had left NatWest, and moved to Nationwide, suggesting that customers were simply following the money and moving to secure sign up bonus after sign-up bonus. If we’re entering a new era of offers, let’s just hope they’re simple and easy to understand, with clearly outlined terms and conditions, so customers know exactly where they stand. Otherwise, it’s likely even more customers will be complaining to the Financial Ombudsman about their current accounts over the course of this year.

Dear LinkedIn Community, I am compelled to share an experience I recently had with Virgin Money Business Banking, which may be unfamiliar to some of you. I wish to bring attention to a recurring issue that has affected my account. On two separate occasions, I encountered situations where a missed direct debit resulted in no penalty charges. But after the acquisition of Nationwide I was charged nearly 20% of the payable sum. Had I been aware of this policy beforehand, I would have opted for an alternative payment method than a direct debit. It is disappointing that Virgin Money charged my account, especially given their oversight of this issue in the past. Addressing such inconsistencies is essential to uphold fair and transparent banking practices for all customers. Additionally, during my interaction with an advisor, I was dismayed by their lack of empathy and unprofessional comment. Despite my explanation that I had not encountered such issues with Virgin Money previously, my concerns were dismissed as her experience working is not anywhere closer to my banking journey. I caution small businesses against banking with Virgin Money, as they may not provide long-term security. There appears to be a tendency to charge overnight and deplete balances, using terms and conditions to justify their actions. I have a screen recording of the entire incident to substantiate this message. It is important to note that I did not actively seek banking services from Virgin Money; rather, they actively pursue sending post requesting to join their customer base. Thank you for your attention. Virgin Money #UK #England #London #VirginMoney #MobileNetwork #SmallBusiness #BankingScam #RudeCustomerService #Negligent #UKBank #VirginMoneyBusiness #Experience #Penalty #Bank #PoorServices #TerribleExperience

🔍 Here is the localized social media post copy for crossposting on LinkedIn: "NatWest customers face a frustrating challenge as the bank introduced a £60 account fee hike today. This change impacts many customers, and we understand the concerns it raises. We are committed to ensuring our customers have the information and support they need during this transition. It's essential to stay informed and explore available options. Let's navigate through this together. #NatWest #banking #financialsupport" https://ift.tt/ULx4sCX

Experience peace of mind with High Circle with up to $125 million in FDIC** insurance! To learn more, visit www.joinhighcircle.com Join our growing waitlist and get access to the High Circle here: https://lnkd.in/gznpAVYk #HighCircle #JoinHighCircle #FinancialFreedom #HighAPY #USA #Fintech #Entrepreneurs #Highnetworth #SecureDeposits #HighCircleBusinessBankingPlatform #PrivateMarket #MoneyManagement #BusinessBankingPlatform #AnnualPercentageYield **By opening a business account through High Circle and if you choose to receive banking services provided by FirstBank, a Tennessee Corporation, Member FDIC, you can deposit your funds into a deposit account at FirstBank which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current standard maximum deposit insurance amount of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions FirstBank's ICS Deposit Placement Agreement. FirstBank uses a third-party vendor and agent to help administer this sweep process. The $125 million in FDIC insurance subject to change at any time by Intrafi. Terms and restrictions apply. Visithttps://lnkd.in/dCHyAVkt for a list of the banks and savings associations with which FirstBank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by FirstBank.

CRED Kunal Shah charging 1500Rs as service charge and providing 1rs cashback against the same txn, is it acceptable? 🙄 Also no bifurcation of the charges on the checkout page. However for the same premium payment other players are charging 0 Rs as service charge. What is this Rs 1500 for? What special special service u r providing? The amount u have charged me for this txn is more than the total cashback I have received from cashback till date. Please explain the services against which u have taken this service charge. #cred #hdfc #insurance #premium

Following the significant fee reduction that FNB made last year in November to revolutionise the license disc renewal by enabling customers to renew their vehicle licence discs for a service fee of just R99 inclusive of delivery on its App, the bank has now further reduced the combined service and delivery fee to R69 for a promotional time period, which can be paid in cash or eBucks, making it the best and most versatile price point in the market. Another benefit is that, if you get a no obligation insurance quote with FNB insurance and renew your licence disc on the FNB App, you get R99 back in eBucks. This decision is in line with the banks ethos of help and is informed by the economic pressures that consumers are experiencing, such as high interest rates and inflation. More details: https://lnkd.in/d8R8jfAr --- FNB South Africa | Jolande Duvenage #FNB #FirstNationalBank #Banking #License #RenewalFee #Motoring #FNBApp #Mobile #Tech #TechNews #Technology #SouthAfrica

Here's a interesting peek into our payment habits! 👀 Pay UK, the recognised operator and standards body for the UK's interbank payment systems, recently published latest payment data relating to direct debits via Bankers Automated Clearing System (BACS). Highlighting financial services specific measures and comparing against overall direct debit volumes over the period 2020 to 2023 shows: Mortgage payments fell marginally in 2023, in light of increased interest rates and more customers 'failing' affordability controls; 🏘 Significant growth in financing for larger purchases and vehicles; 🚗 A surge in private health insurance, partly to off-set delivery challenges in the NHS and as insurers drive to entice customers; 💊 A collapse in financing motor insurance premiums as rates have increased alongside cost free alternative payment options via credit or debit card, with some early signs of this beginning to flow through to home insurance; 💳 Strong demand in the mobile phone sector and an opportunity for device protection specialists. 📱 Whether these trends reflect changing consumer behaviour, the broader economy, or actions of large players in those markets, it's a fascinating glimpse into what is happening in the real world. What do you think is driving these changes? More importantly, what will you do about it? #management #technology #marketing #economy #personalfinance #finances #money #banking #insurance #health

Imagine waking up to find your life savings frozen, with no idea where your money has gone. A crisis involving online-only lenders has left hundreds of millions in deposits in limbo, sparking a lack of confidence in FDIC insurance. Learn more: https://bit.ly/3xUEaIj #bankingsafety #FDICinsurance

Hello, dear connections! 👋 Day – 7 learning Do you know Financial Services Compensation Scheme (FSCS) in the UK Banking ? Let me explain you with a recent strategic move 🚀. "📣Nationwide Building Society Acquires Virgin Money: A Game-Changer in UK Banking! 🌟 🏦 What’s Happening? Nationwide Building Society, a trusted name in UK finance since 1884, has made a strategic move by acquiring Virgin Money in a £2.9 billion deal. This acquisition is set to reshape the banking landscape and create a formidable competitor. 🚀 Key Takeaways: #Nationwide’s Ambition: By joining forces with #virginmoney, Nationwide aims to become a major player with combined assets totaling a whopping £366 billion. 📈 Virgin Money Customers: Existing Virgin Money customers can breathe easy for now. No immediate changes to products or services! Your savings 💰 (up to £85,000) remain protected. 🔍🌐💡 Goodbye, Virgin Brand: Eventually, the Virgin Money brand will be phased out, but existing customers won’t feel the impact right away. Nationwide promises to retain branches until at least 2026. 🌐 Branch Network Expansion: Nationwide will acquire Virgin Money’s 91 branches, adding to its already impressive network. That’s a total of 696 branches under the two brands! 🏢 👉 Why It Matters? This deal signifies Nationwide’s bold expansion and could redefine banking services for millions of customers. Thank you for being part of my journey, and let’s keep pushing forward together! 🌟💪 #financeandaccounting #banking #connections #mergerandacquisition #acquisition #virginmoney #nationwide

Open Network For Digital Commerce (ONDC) recently launched its #financial services stack with the aim of #simplifying the #borrowing #experience and expanding #credit availability even for underserved regions. We are pleased to support ONDC in its aim of enhancing financial #inclusion, fostering #economic growth and opportunity across the country by assisting ONDC in the development of #protocols for introducing credit #cards to the financial services stack to offer a full suite of financial offerings. Transactions on the ONDC have surged past 68 million since its inception in 2022. As of June 2024, it saw a 12 percent month-on-month growth in transactions to 9.95 million. In July, ONDC did 12 million transactions. Mastercard Gautam Aggarwal T Koshy Vikas Varma Shireesh Joshi Anubhav Gupta Hrushikesh Mehta Aditya Murthy Ravi Varma Datla Nitin Bansal Suresh Satyanarayana Amit Chauhan SURESH SATYANARAYANA Kapish Kaushal Mohit Monga Suryanarayana Tadala Tarun Nagrani https://lnkd.in/dt8muRqw