I worked in banking for a couple of decades. The whole system will collapse tbh. It is unsustainable as things stand. They treat a lot of their staff with contempt, always pushing their staff to sell more of their products. Pointless meetings on how to sell this & that. They are mad & woke. Customers are treated with contempt also. Any hacking that is reported, or uncovered within the banks system, blame the customer!. Their systems security is constantly flawed. Hacking is endemic & when it happens, it is called an it or systems failure. They never want to divulge the real reasons, customers would be scared off & rely more on cash!. That would never do, would it now!.
I would never bank with Barclays, They are a dreadful bank, They have closed branches and treated customers with contempt. Open an account with another bank, Close accounts with them , treat them with contempt they show you. Always try and keep a cash float at home. This is a disgrace , i will not use digital / telephone/ on line banking.
It does need to be a wake up call about the over reliance on technology in general. If the internet goes down due to hostile action they'll be serious trouble.
second half of 2023, Barclays received the highest number of complaints to the Financial Ombudsman among the leading banks in the United Kingdom. Info from google . Terrible bank 😡
For those who move money over for mortgage payments I dread their situation. This is a 0/10 customer relations moment. I expect the Commons will be discussing this in the coming week!
They are not the only ones to have done this. Nationwide use the Royal Bank of Scotland as a clearing bank and a few years ago it's systems crashed after an update failed. Of all the times to do an update on a payday weekend. If you incur any charges or defaults, claim from Barclays, i had to with Nationwide. Lesson learned, i now have two bank accounts that use different clearing systems.
Because banks can close branches on the high street without any legal duty to do so, what's stopping them from leaving the internet, they could just disappear with everyones cash, telling eople to write to a box number asking people to prove assets, especially if one doesn't have paper evidence, I've been concerned about this for a very long time
They could very easily do this. It wouldn't surprise me at all. They have successfully turned banks into a basic necessity, not a service. They no longer serve their customers (big businesses excepted), the regular citizen has to serve them.
If that worries you check out the Financial Services Compensation scheme: "If the financial firm you've used has gone out of business and can't pay your claim, we can step in to pay compensation."
a reson, if ever you needed one..that full digital currency and ID is a bad thing....... imagine being locked out of everything! (especially if you have the "wrong" ideas...as in china)
Many in the North East lost thousands of pounds when Northern Rock collapsed many local charities suffered as the Northern Rock Foundation which provided considerable funds to local charities was affected.
There ia a "rule" in IT that you always keep a copy and a copy of that copy if you care about preserving the data. I apply this to bank accounts and make sure that they are in different groups and use separate apps etc. I am virtually immune from system failures and can always get payments made when due. The down side is having to keep a reasnable balance on each account..
I really hope everyone is able to close their accounts. I think that's the only way to show them. Their disdain for their customers is mind blowing. Utterly disgusting.
They also tell their customers via text message (No Letter or anything, just a text) to use the Post Office to get or pay in cash after closing Local and Town based Branches. I don't even know where my nearest Cash branch is anymore because every local branch including the one in My Town Center has been closed and the Town center main branch has been closed and replaced with a small digital query only one set out in the outskirts that I can't even find and is a struggle to access physically.
It's impossible to bank with a clean conscience. It's like having three buckets of manure in front of you and asking do I want to put my hands in the horse manure, the cow manure or the pig manure?
That's ok, as soon as I can I will withdraw all of my funds and investments in anything to do with Barclay's. And I'll spend the rest of my life telling others what a disgrace they are. They won't notice my withdrawal but I encourage all others to reconsider their banking.
The simple answer to Barclays is when it’s solved everyone closing their Accounts there are better Banks out there this will wipe Hundreds of Millions off their share price
The only problem i have is that a payment yesterday went through but my bank said declined , they said don't pay it again. Worked fine for everything else. 7:50
No secret the intent is no retail banks. It seems the Hegelian Dialectic for this is: Make customers so fed up that they'll welcome in the replacement (cbdc)
To wholly rely upon a single institution, a single plastic card, or a single app on a phone is just dumb. You cannot plan for or legislate against stupidity.
Dear lord, prof. Whatever next? People stepping in when the IT system trips over its tie? I'll almost lay odds that somebody decided to put in a software release - exactly on the wrong date. A last-minute patch? Oh, and while we're at it there's this we've been wanting to put into prod. We'll test it later...
FCA are a failed regulator in denial of their cowardly incompetence. They do not engage properly with regulated firms, preferring to sit in their offices in internal meetings devising more and more complex rules coining words and phrases of their own rather than those used in the industry. Their fee funded budget has grown year on year to an enormous drain on UK economy.
Welcome to the 21st century everybody. If I were a Barclays customer I might be thinking about reducing my footprint in their bank if not just leaving them entirely.
This sounds like some thing that might happen in the 1800's, you need to have your money with multiple banks because if one of them goes broke, you don't lose all your money. Now it is have several accounts to make it easier to change banks when they screw you over.
With many online company's it's, a nightmare when you have a problem trying to speak to a real person email & chat system just don't understand your problem.
With a certain ironic smile, I remember that when I was a lad, bank services were down at weekends, every weekend, and down after 4:30 pm every weekday. We had to plan ahead.
Sounds like a database problem. Worst case :Backups will need to be restored, its a major, complex and risky process that means outages, with luck your money will still be there. my advice, keep a few hundred in cash in your wallet.
Where is this happening because I have just and by just I mean 10 minutes ago been to Sainsburys and Co-op and used by Barclays app to purchase stuff, worked fine in Costas and Waitrose yesterday.
You are absolutely right, Professor Tim, it seems to me that the huge switchover to almost wholly internet banking, and even business trading, was a massive mistake, of course, it might have seemed like a great idea a few years ago. However, as time has gone on, weaknesses, and vulnerabilities have become glaringly apparent, and as you pointed out, the whole system of internet banking is undoubtedly a target for cyberattacks during a time of international crisis. NB. I will just add that I also think that discontinuing of the copper wire landlines was also stupid from the point of view of extreme emergencies, and more especially from the point of view of National Security. The mobile cellphone network, especially outside of the major cities, is often poor, frequently intermittent, or can easily be disabled by a severe weather event.
I'm sorry, they told struggling families to contact foodbanks? They do know that thanks to the media saying it was too easy to use foodbanks you have to have a referral in order to use them now, either from your Doctor, a support worker or a housing officer (if you have either of those) you can't just turn up nor phone ahead
Iv been caught up in this! Not only the inability to check my 2023-2024 bank statements when doing my tax return yesterday but also I can't access my bank account. Fortunately most of my customers pay in cash so iv been able to get by the old fashioned way
Also: Barclays have closed 78% of their branches in the last ten years. The nearest branch is miles away. The ATMs work during banking hours but not otherwise. I can only conclude that they are deliberately switched off.
My Barclaycard failed on Friday - its ok I have cash in my wallet and other credit/debit cards so life goes on but this response from Barclays to customers in distress is a joke. Banks closing branches, going on line and having sparsely populated "help" lines is something in line with the debacle in water companies but goes under the radar protected by other scandals - Labour lost an election because they bailed out banks on the verge of collapse because they realised the effect of ATM's being empty of cash and branches closing in 2008. It is potentially worse today when the damage could be disastrous.
Clearly didn't affect everyone. I'm with Barclays, no problems at all the last 48h. Curious to know why only some people were badly affected but others not at all. Are there different levels of customer? Are we graded? Am I better than others? Am I worse than some? Do Barclays have a 'pleb scale' for good service?
"Do Barclays have a 'pleb scale' for good service?" NatWest do, from what I heard they grade their customers as fruit, I was definitely down as a lemon!
I’ve had a Barclays account for 35 years and this is the first major failure. I’m not excusing this, it’s crap service, when you consider the profits of this company and all the other banks for that matter. No backup, hopeless.
The CEO and board of directors will still receive their six figure bonuses no doubt, probably a higher bonus than last year because of the catestrophic incompetence
Hi Tim as a child of the 70s and a cynical technaphobe I always rely on cash as much as possible..I dont use the Barclays "app" as i know that hackers and theives are always one step ahead of any banks security...Old fashioned? Maybe! Inconvenient? Probably....But the less time a bank can keep hold of my money the better!!! Also the January payday is the most desperate and welcome of the year for most people...Being after Christmas AND often after a 6 week month,,,,😢😢😢😢😢is
Another thoroughly good video Professor. I just wonder where we can go from here with any degree of prudence regarding alternative to the established banking institutions? I'm with Starling , which has never had a single branch. It's not been perfect by any means but it seems to me that we've been experiencing a boom in alternative online banking options, the question is, where exactly is our money truly safe?
This is why cash is never going away.
Well said
not according to the Government
Good luck with your delusion, that was REALLY funny! LOL! Oh boy, are you in for one HORRIBLE shock in the next 2-3 years.
100% ...Keep our money OUT of their grubby little hands!!
Never say never. Just matter of when.
Everybody affected should be compensated by the hour at the same hourly rate as the Barclays CEO makes.
welcome to the digital age, this is being forced upon us
Technocrats wetdream Dystopia for the “non expert essential workers” all wrote about since 1800’s
I see a resurgence in cash transactions after this
CASH IS KING!!
They will regret that.
When mediocrity is the high bar, incompetence is normalcy and the occasional accidental achievement is creditable.
Very well put 😊
I worked in banking for a couple of decades. The whole system will collapse tbh. It is unsustainable as things stand. They treat a lot of their staff with contempt, always pushing their staff to sell more of their products. Pointless meetings on how to sell this & that. They are mad & woke.
Customers are treated with contempt also. Any hacking that is reported, or uncovered within the banks system, blame the customer!. Their systems security is constantly flawed. Hacking is endemic & when it happens, it is called an it or systems failure. They never want to divulge the real reasons, customers would be scared off & rely more on cash!.
That would never do, would it now!.
This is true it is systemic in British society the disdain they have for ordinary people .
pet pigs
The average financially responsible customer is a nuisance to any bank.
It’s absolutely 🤬🤬🤬🤬 insulting. Go to a food bank - they are absolutely taking the proverbial 😡😡😡😡😡
WE ARE TRYING HARD TO FIX THIS, by waiting for Monday, when we will ignore your calls (Even though your call is important to us 🤣🤣)
Yes, that is the true meaning of this temporary stoppage.
I would never bank with Barclays, They are a dreadful bank, They have closed branches and treated customers with contempt.
Open an account with another bank, Close accounts with them , treat them with contempt they show you.
Always try and keep a cash float at home.
This is a disgrace , i will not use digital / telephone/ on line banking.
Same here.
Well said
Cash will be GONE within 2-3 years.
I’ve been with them for years and everything been fine until this all happened
This is why there should always be physical outlets
It’s almost as if capitalists don’t give a fk about us.
I haven't laughed so much since the servant´s wing fell into the moat !
It does need to be a wake up call about the over reliance on technology in general. If the internet goes down due to hostile action they'll be serious trouble.
If the net went down we are ALL in the worst possible trouble you can imagine. No power. No water. No hospitals. No shops.
They should liaise with other banks and give people access to funds , leave them in droves , it can only exist with customers .
Barclays Bank in Monte Carlo occupies a prominent position and calls itself BARCLAYS WEALTH!
second half of 2023, Barclays received the highest number of complaints to the Financial Ombudsman among the leading banks in the United Kingdom. Info from google . Terrible bank 😡
For those who move money over for mortgage payments I dread their situation. This is a 0/10 customer relations moment. I expect the Commons will be discussing this in the coming week!
The attitude in a lot of businesses these days towards staff is we want you to work for peanuts and also their mass dependents on A I.
Bank staff? It's not the 1990s any more 🤣
Tell that to the bosses of Barclays, to use food banks
They are not the only ones to have done this.
Nationwide use the Royal Bank of Scotland as a clearing bank and a few years ago
it's systems crashed after an update failed.
Of all the times to do an update on a payday weekend.
If you incur any charges or defaults, claim from Barclays, i had to with Nationwide.
Lesson learned, i now have two bank accounts that use different clearing systems.
Which banks do you use?
Because banks can close branches on the high street without any legal duty to do so, what's stopping them from leaving the internet, they could just disappear with everyones cash, telling eople to write to a box number asking people to prove assets, especially if one doesn't have paper evidence, I've been concerned about this for a very long time
Cash...? What cash...? Your bank account is just an entry on a spreadsheet.
They could very easily do this. It wouldn't surprise me at all.
They have successfully turned banks into a basic necessity, not a service. They no longer serve their customers (big businesses excepted), the regular citizen has to serve them.
If that worries you check out the Financial Services Compensation scheme:
"If the financial firm you've used has gone out of business and can't pay your claim, we can step in to pay compensation."
you think.. there pushing for cbdc if they succeed there is no need for any banks what so ever , there will be no more banks they will all go.
I feel lucky, I can still walk 3 miles to my nearest
branch and talk to a human.
For now
a reson, if ever you needed one..that full digital currency and ID is a bad thing....... imagine being locked out of everything! (especially if you have the "wrong" ideas...as in china)
Yet they want us to have digital banking
These companies don't care about YOUR time.
Cash is king
High street banks being assholes ? I thought we learned our lessons after the 2008 crash, and the 2001 crash & the 1992 crash
Many in the North East lost thousands of pounds when Northern Rock collapsed many local charities suffered as the Northern Rock Foundation which provided considerable funds to local charities was affected.
There ia a "rule" in IT that you always keep a copy and a copy of that copy if you care about preserving the data. I apply this to bank accounts and make sure that they are in different groups and use separate apps etc. I am virtually immune from system failures and can always get payments made when due. The down side is having to keep a reasnable balance on each account..
By immune I think you mean resilient.
Your an amazing orator. I could listen to you all day. True professor.
I keep cash at home for three months of food. I also keep cash in the car for a full tank. You never know when you won't be able to pay by card.
I really hope everyone is able to close their accounts. I think that's the only way to show them. Their disdain for their customers is mind blowing. Utterly disgusting.
It will be a minor embarrassment to them. Unless you have a mortgage or a big credit card debt you're more of a nuisance to them than an asset anyway.
They shut my account down when I was 18 because I went £1 overdrawn.
One thing is certain the top management will be paid bonuses.
Your prophecy is spot on. Just four years after I stated the same words. You should read all of my previous comments and see the future. Cheers Tim
Trust a bank to provide a service.
😂 write them a cheque!?? Awesome!
This is another beta test. One day the REAL one will happen.
They also tell their customers via text message (No Letter or anything, just a text) to use the Post Office to get or pay in cash after closing Local and Town based Branches. I don't even know where my nearest Cash branch is anymore because every local branch including the one in My Town Center has been closed and the Town center main branch has been closed and replaced with a small digital query only one set out in the outskirts that I can't even find and is a struggle to access physically.
I see that Barclays has managed to withdraw my business account monthly fee today, so nothing else has been paid but this has. Unbelievable.
I will never have a bank account with Barclays, I've actively boycotted them since my teens, due to them financing South African Apartheid State.
It's impossible to bank with a clean conscience. It's like having three buckets of manure in front of you and asking do I want to put my hands in the horse manure, the cow manure or the pig manure?
Well done Tim, just heard it on the, er ..News
I've been with barclays for may years but not for very much longer!
Me too and I agree
How terrible. I'm not sure other banks are much better however. What are our MPs doing about this?
That's ok, as soon as I can I will withdraw all of my funds and investments in anything to do with Barclay's. And I'll spend the rest of my life telling others what a disgrace they are. They won't notice my withdrawal but I encourage all others to reconsider their banking.
Good God this is truly shocking im dumbfounded 😮
The simple answer to Barclays is when it’s solved everyone closing their Accounts there are better Banks out there this will wipe Hundreds of Millions off their share price
The only problem i have is that a payment yesterday went through but my bank said declined , they said don't pay it again. Worked fine for everything else. 7:50
No secret the intent is no retail banks. It seems the Hegelian Dialectic for this is: Make customers so fed up that they'll welcome in the replacement (cbdc)
To wholly rely upon a single institution, a single plastic card, or a single app on a phone is just dumb. You cannot plan for or legislate against stupidity.
All ways keep my money under the mattress only pay with cash.
TfL and the Lab services covering South West London WERE the subject of data attack with disruption going on for months !
Dear lord, prof. Whatever next? People stepping in when the IT system trips over its tie? I'll almost lay odds that somebody decided to put in a software release - exactly on the wrong date. A last-minute patch? Oh, and while we're at it there's this we've been wanting to put into prod. We'll test it later...
Where's the FCSA in all this?
FCA are a failed regulator in denial of their cowardly incompetence. They do not engage properly with regulated firms, preferring to sit in their offices in internal meetings devising more and more complex rules coining words and phrases of their own rather than those used in the industry. Their fee funded budget has grown year on year to an enormous drain on UK economy.
Welcome to the 21st century everybody.
If I were a Barclays customer I might be thinking about reducing my footprint in their bank if not just leaving them entirely.
They should be out of business by the end of the week 😂 this is a great thing.
Well holy shit, for one day at least we could all pretend to be rich and not pay our taxes
The mattress is back.✌️❤️
Always keep cash at home never really on banks to run smoothly 😊
I bet that pootin is working on IT banking in the uk to bugger the system
Trust. Ah yes..... Good old trust.
What is going on here, country is on the edge of oblivion.
I've been locked out of my money. I had to buy groceries by credit card. I await resumption of service so I can return my money affairs to normal.
Change banks asap is my advice.
Cash is King and digital is being pushed onto people for everything
This sounds like some thing that might happen in the 1800's, you need to have your money with multiple banks because if one of them goes broke, you don't lose all your money. Now it is have several accounts to make it easier to change banks when they screw you over.
Privatize profits; socialize costs
plus ca change
With many online company's it's, a nightmare when you have a problem trying to speak to a real person email & chat system just don't understand your problem.
Likely no one to read your letter
With a certain ironic smile, I remember that when I was a lad, bank services were down at weekends, every weekend, and down after 4:30 pm every weekday. We had to plan ahead.
Karl Marx is laughing his bollocks off .....
Sounds like a database problem. Worst case :Backups will need to be restored, its a major, complex and risky process that means outages, with luck your money will still be there. my advice, keep a few hundred in cash in your wallet.
Where is this happening because I have just and by just I mean 10 minutes ago been to Sainsburys and Co-op and used by Barclays app to purchase stuff, worked fine in Costas and Waitrose yesterday.
You are absolutely right, Professor Tim, it seems to me that the huge switchover to almost wholly internet banking, and even business trading, was a massive mistake, of course, it might have seemed like a great idea a few years ago. However, as time has gone on, weaknesses, and vulnerabilities have become glaringly apparent, and as you pointed out, the whole system of internet banking is undoubtedly a target for cyberattacks during a time of international crisis.
NB. I will just add that I also think that discontinuing of the copper wire landlines was also stupid from the point of view of extreme emergencies, and more especially from the point of view of National Security. The mobile cellphone network, especially outside of the major cities, is often poor, frequently intermittent, or can easily be disabled by a severe weather event.
I'm sorry, they told struggling families to contact foodbanks? They do know that thanks to the media saying it was too easy to use foodbanks you have to have a referral in order to use them now, either from your Doctor, a support worker or a housing officer (if you have either of those) you can't just turn up nor phone ahead
You present as though the banks care about us. Make no mistakes they don't
I'd like to visit my local branch, but it's now 15 miles away. It used to be 3.
That close ! Mines 25 and the one after that is 54
They should open there Banks especially in a crisis outrageous
Iv been caught up in this! Not only the inability to check my 2023-2024 bank statements when doing my tax return yesterday but also I can't access my bank account. Fortunately most of my customers pay in cash so iv been able to get by the old fashioned way
Convert it all into Amazon vouchers? 😉
@goodlookinouthomie1757 lol I think I'll stick with my bank of england vouchers for now 😅
Also: Barclays have closed 78% of their branches in the last ten years. The nearest branch is miles away. The ATMs work during banking hours but not otherwise. I can only conclude that they are deliberately switched off.
Close your accounts.
Hope theirs are not too many people who need to buy gas or electric on a prepaid meter!
My Barclaycard failed on Friday - its ok I have cash in my wallet and other credit/debit cards so life goes on but this response from Barclays to customers in distress is a joke. Banks closing branches, going on line and having sparsely populated "help" lines is something in line with the debacle in water companies but goes under the radar protected by other scandals - Labour lost an election because they bailed out banks on the verge of collapse because they realised the effect of ATM's being empty of cash and branches closing in 2008. It is potentially worse today when the damage could be disastrous.
Clearly didn't affect everyone. I'm with Barclays, no problems at all the last 48h.
Curious to know why only some people were badly affected but others not at all.
Are there different levels of customer?
Are we graded?
Am I better than others?
Am I worse than some?
Do Barclays have a 'pleb scale' for good service?
"Do Barclays have a 'pleb scale' for good service?" NatWest do, from what I heard they grade their customers as fruit, I was definitely down as a lemon!
Have they gone bust or not?
No
@ thank you. I missed the previous video.
Formular , we call it baby milk in England.
I’ve had a Barclays account for 35 years and this is the first major failure. I’m not excusing this, it’s crap service, when you consider the profits of this company and all the other banks for that matter. No backup, hopeless.
gold is way forward
The CEO and board of directors will still receive their six figure bonuses no doubt, probably a higher bonus than last year because of the catestrophic incompetence
Just wait until Blair through Starmer, introduces the central banking digital currency!!
Thanks Tim...Hopefully this fiver will reach you (as a fellow Barclays customer!!)
Hi Tim as a child of the 70s and a cynical technaphobe I always rely on cash as much as possible..I dont use the Barclays "app" as i know that hackers and theives are always one step ahead of any banks security...Old fashioned? Maybe! Inconvenient? Probably....But the less time a bank can keep hold of my money the better!!!
Also the January payday is the most desperate and welcome of the year for most people...Being after Christmas AND often after a 6 week month,,,,😢😢😢😢😢is
There does seem to be a lot of glitches these days....
Another thoroughly good video Professor. I just wonder where we can go from here with any degree of prudence regarding alternative to the established banking institutions? I'm with Starling , which has never had a single branch. It's not been perfect by any means but it seems to me that we've been experiencing a boom in alternative online banking options, the question is, where exactly is our money truly safe?
Buy bullion. Any precious metal
All by design, a tester? Or a distraction from the March in London ?
the former MD of RBS fred goodwin still gets an annual £500,000 state paid pension
Jesus... Every pensioner who lives on my street combined won't get that over the rest of their lives.
@@goodlookinouthomie1757 he stole it from them.
Likely to have been hacked.
Soon
Use the Billy the Kid method to get really fast service from your local Bank