For years now THEY have been telling us that we are, financially, an ignorant lot
More likely to get divorced than to move our bank account
We ought to check regularly, move to take advantage of the best deal
Odd how often best is assumed to need judging purely in terms of immediate direct financial costs
No account taken of the opportunity costs of all that time needed to check which terms & conditions apply
Or the indirect costs – all that time needed to travel further or in the wrong direction to find a branch. Or hours spent on the phone to India. Or buying, checking & installing all the security needed now that your home computer might otherwise provide an open invitation to pass through the door to your bank account.
All those new account details to be remembered, along with the PINS. Though not, of course, to be written down anywhere, ever
And do keep up. Try to remember who you are banking with this week
Not all that many years ago I was approached in Cross Street in Manchester by someone looking for the Midland Bank. Its here somewhere, I said, casting round. No, she said, Ive walked all the way along twice & cant find it.
Oh, I said, Well I know Ive seen it, but I cant remember where exactly. Youll just have to ask someone else.
Esprit d’escalier – a few yards further along I was passing HSBC. Of course, that’s the new name for … But the seeker had disappeared from view
Financial ignoramuses also ought of course to know that the one time you ought not to change your bank account is when there seems to be a chance that your money might disappear completely in a puff of electrons on a hard disk or through some other mysterious means.
We should know that that will only make things worse
Cartoon by Pugh
