High fees?


#222

At least he went with the lawyer… :wink:


#223

Although for 20 quid i would hope the Starling office printer would get a new cartridge. My certified statement was free so i certainly wouldn’t complain, but the paper was thinner than ASDA smart price value stuff and the toner had clearly seen better days. As i said, for a freebie no complaints at all, in fact i said how impressed i was, but if i’d got that after handing over twenty quid there would have been much ranting.


#224

I believe that was my point


#225

It was indeed :slight_smile: sorry


#226

Here’s hoping with the advent of ‘Open Banking’ you will in the future be able to share the details of your bank statements without needing to print and certify. Just a question of how quickly this permeates into standard practice with other lenders / institutions I guess?


#227

In case you lose/otherwise give-up possession of your own card?

There’s a few things Starling can be blamed for, but loss/theft of one’s card (and the prudent advice to carry a back up) isn’t one of them!


#228

The issue isn’t just the postal cost, it’s all the other manual intervention that’s required to deliver a replacement card abroad.

A card needs to be produced (at one of the card centres), extracted manually from the process and sent to the recipient, wherever they may be.

When sending via the Royal Mail (USO) once the item leaves the UK it is subject to the handling of external national postal services (as an example items can take up to 1 month to arrive in Russia, 3 months in Mexico and 6 weeks in Australia). So for people who need a replacement card ASAP RM probably isn’t the answer. Parcel compare shows the cheapest delivery commercial parcel service to Russia as £25.91 and that will take 5 days. That’s already a big chunk of the £60.

If Starling were to offer this service for free, the rest of us, somehow, would need to cover the costs (that’s how the old banks do it, e.g by charging at ATM’s abroad to act as a little insurance / profit fund to enable them to do such things for ‘free’, only it’s not, as we’d have all paid for the service every time we used an ATM abroad , starling don’t charge for ATM use.)

If you feel you really need the backup, why not just take an emergency Debit card from a FX provider? The cards are free / £10ish, last 3 years, and can be loaded via the app / web.

If you really needed a replacement card, hadn’t planned at all for any such eventuality, and couldn’t fathom a way of funding yourself until you returned home, £60 seems like a bargin to me.


#229

Hi Dan, I discussed this recently with Starling and there is a better way around this. Once you report your card as lost or stolen, it takes about 24hrs to generate a new card number before it is physically sent out in the post. Once there is a new number and that data is sent to your Starling app, you can them simply link the new card to Apple Pay therefore giving you the option to be back up and running very quickly using either your phone or Apple Watch if you have one to pay for things. Obviously not having the physical card could be an issue for some people but for someone like me who rarely uses cash these days it would work perfectly . Hope that helps


#230

Cheers @Brian_Benjamin, I think that’s exactly what I’d do if I ever find myself in that situation :+1:t2:


#231

Personally, I would claim either an emergency card replacement or emergency cash advance using either MasterCard, Visa, or Amex. But I only spend on a credit card. If I needed a debit card, I’d contact another bank.


#232

@anne the Home Office requires certified statements. I learned that the hard way when working on our family’s visa. I use Starling as my main bank however since we didn’t have any statements other than ones I could print out I had to use our backup bank since they had a branch we could go into and get that done for free.


#233

How are so many people justifying £20 for a statement? It’s just a printed bit of paper sent potentially recorded delivery. At most this should cost the price of delivery IF it’s anything other than standard post.

The cost to starling or any bank doing this is negligible and is just a basic service they should offer thier customers. To slap such a high price tag on something that is required by a lot of places like mortgage applications is down right exploitative.

Starling is great for sure but the amount of apathy or support for this is crazy imo. There are other ways for them to make money without holding there customers to ransom


#234

It’s a certified copy, not just a printed bit of paper. Anyone can download statements from the app and print them out as they are standard PDF files, but they won’t be accepted by any organisation that requires legally certified copy. You’re paying for that, along with the cost of producing and posting them out securely.


#235

Maybe because we don’t pay a non-sterling cash fee of 2.75% plus an additional 2% of the transaction value in fees for ATM withdrawals abroad.

There’s one reason right there.

The Post Office charge you £10.50 for you to deliver it to them for certification. £20 is not exploitative.

Exploitative is charing you £8 per day for going into an unauthorised overdraft (up to £80 a month). Or charging you £8 for an unpaid transaction. Or £6 for using your authorised overdraft above your interest free amount and still charging interest on-top as well.

What do you want? Starling to give you everything for free, or pennies? Every single example I have given, Starling don’t charge for (with the exception of interest). They don’t charge for an unpaid transaction, they don’t charge you a flat fee of £6 for using your agreed overdraft PLUS interest (they only charge the interest). They don’t charge you £8 a day for going into an unauthorised overdraft.

Yet one of the largest banks in the UK by current account market share does this. But it’s OK because they also provide certified copies of statements for free?

But they’re not free. Legacy banks take the hit because they can afford it. Because they’ve made a stack load of cash from charging you or your fellow customers exploitative fees over the years.


#236

One of the largest challenger banks does it for free and does not impose any of those other charges though, so there are examples on all sides. Besides, I’m sure there is an acceptable amount to charge, but given the response £20 clearly is not it.


#237

Who is that? Out of interest.

Monzo charge 50p a day for unauthorised overdrafts beyond -£20.

They also charge 3% of the transaction value for any cash withdrawal beyond £200 in a rolling 30-day period.


#238

There’s a few ways you can look at the overdraft fee: Starling charge 15%, so I would be charged less if I used it less (assuming its over £20), however Monzo cap fees at £15.50 so if I’m a higher overdraft user it will be cheaper. You can argue which is better, and I would say Starling for the everyday user, but it’s not a clear cut one is cheaper than the other for all cases.

I’ll grant that for foreign ATM withdrawals Starling has the better proposition. But purchases are free for both and can’t see a huge proportion of people withdrawing large sums of money abroad every month, not to the point where it earns enough money to absorb other costs. I am willing to be proven wrong though.

Which is all beside the point for a customer who doesn’t have an overdraft and doesn’t travel often, which I suspect is a fairly high proportion of the population. The fees are the same day to day, on the surface anyway, except they’ll be hit a £20 fee for a certified statement from Starling where they could get this free from Monzo or one of the other banks (even on a Basic Bank Account, which aren’t big earners).


#239

Starling is cheaper. Monzo is not cheaper, even with the cap. Far from it in fact. I’m not sure why you think it is. You can have a play with Monzo’s own overdraft calculator if you like.

Even at higher amounts, Starling is cheaper.
If I use £1,000 overdraft in a 31 day month with Starling; it’ll cost £11.94
If I use £1,000 overdraft in a 31 day month with Monzo; it’ll cost £15.50.

(Do Monzo offer £1,001+ overdrafts? Their calculator doesn’t, so I assume they don’t?)

Just to point out if I use a £21 overdraft with Monzo for 31 days it’ll cost £15.50 too. £15.50 to borrow £21 for 31 days, even Wonga would feel embarrassed at that!

At Starling, £21 overdraft for 31 days would cost 25p.

You can argue which is better if you like, though on interest rates, charges and overdrafts - it’s Starling. By some measure. I’ve no idea why you’d think that Monzo capping fees would be cheaper. At £1,000 it’s equivalent to 19.85%. At £500 it’s equivalent to 43.25%. And at 3am I cannot be bothered to work out the rate for a mere £21 overdraft - but it can be described as exploitative.

Yet a certified statement , requiring human intervention and therefore meaning Starling have to pay someone to do it is exploitative at £20 per request (not per statement btw). But Monzo charing £15.50 for a 31 day loan of £21 is fine? Because they offer free certified statements?

:exploding_head:


#240

I admit, it is only cheaper at around £1500 for a month or more, so if they don’t offer over £1000 then I am wrong. I’m also happy to admit Starling is clearly better cost wise overall with the overdraft.

I actually complete disagree with fixed charges, and don’t see the point in using an overdraft with Monzo at 50p/day. I don’t plan on using it and would absolutely challenge them on these charges.

But as I stated, overdrafts and spending abroad are ‘add-on’ services that some people won’t use. For a person who does not use these, Starling are charging more fees than competitors, and even traditional banks (such as the certified statement fee).


#241

I agree; there will undoubtedly be customers who didn’t pay with their legacy bank, who now need to pay.

This isn’t aimed at anyone, but are my musings.

Certified statements at legacy banks are subsidised by account, punitive and extortionate fees. Starling don’t have account, punitive and extortionate fees. So where does the money come from to pay someone to actually ‘certify’ it?

Should Peter in Ipswich, who works 68 hours a week but us struggling again this month be slapped with a load of fees to help fund Sophie and Mike’s certified statements they need to get their £200,000 mortgage? No. Or should Sophie and Mike pay for it themselves?

We’re all so used to getting things for free, that we don’t actually realise it costs money and that money has to come from somewhere. Where is it coming from with Starling?

People can argue the cost is negligible, it just isn’t.

It’s the most financially vulnerable that subsidise banking for the rest.

The big UK banks made £2,300,000,000 last year from overdraft and unauthorised overdraft fees alone. £2.3 billion.

£20 for a statement, or a few statements (as it’s £20 per request) is not exploitative or extortionate.

It’s just most of the people who are in a position to need one have, unknowingly been subsidised by the same people that the tin of beans they gave to the food bank went to - if you don’t believe this statement is true then I suggest you look about volunteering at your local CAB; seeing the people who can’t feed themselves because NatWest has plopped another £80 in fees this month for going 1p overdrawn - which goes to pay staff and shareholders.