|BBC radio headquarters|
Six figure interest rates ...it's outrageous and eye watering in every sense of the word. As the BBC Money Box reported:
A customer borrowing £100 for 28 days without the consent of Santander would repay £200, for example. That is the equivalent annualised percentage rate, or APR, of 819,100%. Please click here for the full BBC story.
I always implore the banks I address to internally 'remove' the prefix: 'Retail', from their descriptors until they've earned the right to describe themselves as such, earned the right to serve customers. Most banks don't think, operate or treat their customers the way retailers do.... and if they're serious about earning respect and trust from their customers they need a constant reminder and internal mantra: "we mustn't call ourselves Retail until we act like retailers!" - this would be a great place to start and easily understood by the banking workforce.
Please see my previous posting about 'revenue earning units'.