Dubious Distinction Awards for 2010 Wednesday, December 29th, 2010
The Dubious Distinction Awards for 2010 as awarded by financial journalist Trevor Sykes alias Pierpont.
Banks of the Year. To Yorkshire and Clydesdale banks in the UK, which found in July that they had undercharged 18,000 customers up to ?7,000 each on their variable mortgages. The banks had been miscalculating the rates for several years. The bank wrote to all its clients asking them to pay the shortfalls. The number of clients who thought they should pay for a bank?s mistake was zero. Some began grudgingly to pay, but others appealed to the Financial Ombudsman Service which in November ordered the banks to write off the losses.
It really makes me wonder if the people running these banks for NAB are only incompetent or totally stupid.
We can thank our lucky stars that they have eventually found out.
NAB Price at posting:
$25.98 Sentiment: Hold Disclosure: Held
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(20min delay)