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A bank under the control of a government can be sued by either a citizen or company, or both, for what is known as an act of fraud and has to be proved that the bank knowingly gave money or other items of value in any manner that was misleading, dishonest, unfair, or fraudulent.

The basic principle against which all banks are charged is “the bank shall not make any payment or loan to anybody whose name is unknown to said bank unless he/she has given to them such identification number as is stated in this section, with the knowledge of the said bank being communicated on or after the date hereof”.

This section is also referred to as a mandatory clause, it deals specifically with lending and banking laws or regulations set out under applicable legislation in England and Wales.

Bank statements are not required to mention who holds the account or the name of the person making the payment as long as they are legally active in the country in question (and may change at any time) under the terms and conditions of their accounts or contracts.

Only those persons listed are subject to the rules under Section 34 of the Banking Act 1966 (England and Wales), and only the banks listed are liable for prosecution for failure to comply with this provision, and if successful, the fine imposed is generally payable by the defendant to the victim to the extent of an amount equal to 20% of the total sum or value of the property or interest in, whichever is higher than 50%.

If you are planning to open an account or borrow money from a bank but need advice or assistance on how best to do so, contact us. For some advice regarding your individual situation please visit our help page.

Contact details

Name Alex Davies ID Number Email address Phone number DWP-Bank of Scotland 9 Tayside Road Edinburgh W2 0AU Tel + 44 20 7031 4666 Fax number 844 756 5155 Fax code 23242531 Mobile email Address Dr Samantha MacFarlane DMJ Finance & Accounting Services Manager Business Unit Banking P.C.W. The Postcode Company Limited J. St Leonards Close Lincs 1 ABG 015 6H9

How much does a bank loan cost?

At the beginning of March 2020, the financial markets were experiencing one of its worst stretches ever due to COVID-19 but despite the economic turmoil many banks managed to survive.

Banks normally have a fixed rate system where borrowers pay a small lump sum agreed upon by the bank, and lenders take home a percentage of the funds borrowed from the borrower. This means they would like to see more customers investing in themselves and taking part in their own finances. However, as lockdowns began to lift across most parts of society many consumers pulled back from their investments. And as a result it led to a shortage of loans and a lack of funding for many different businesses. It meant that banks had to lend a huge amount of money, giving up their usual fee income which in turn led to fewer customers borrowing – a phenomenon nicknamed collateral damage. In response, banks increased their normal rates. But as this happened, the market experienced a dramatic fall in prices and overpriced assets because there wasn't enough cash flowing through the banks. In addition to this, companies have been forced to shut down or come to a standstill due to the disruption to supply chains caused by Covid-19.

The UK Banking Report 2021 shows that around £3.6 trillion in net sales were lost worldwide in the year to September 2021, but the impact of pandemic has been felt most heavily by large business lenders, who usually deal in products and services such as mortgage loans, insurance and wealth management products. As a result, consumers have withdrawn from these banks and instead turned to alternative sources of information to find out the price of products and financial services, all with no guarantee on future payments. Due to this, large business lenders are now struggling and are even closing branches and laying off staff at times. Other lenders have seen similar problems with their customers withdrawing. So whilst we have seen a drop of consumer confidence over recent months, this hasn't always lasted for longer periods and some lenders have simply stopped dealing with customers.

What should I know before paying a bank loan?

This may seem obvious in comparison to other forms of credit, but some people don't understand why they should wait a few days or even weeks to speak to a bank about a payment plan after agreeing to a bank loan. Many may not realise just how much debt they might end up having with such a small deposit. Below we break things down:

The bank will use all the money deposited for the first three years to repay the loan, plus interest for the interest, but you will only be paid the full balance of the loan upon completion of the term. You will then only be legally obliged to pay 50% of the bank's outstanding balance within six months, or face additional penalties. After this period, the bank could charge you up to 100% APR for non-payment, meaning you could have to pay it in advance each month. If your loan is too high, you can pay a penalty with the whole sum being seized.

It is worth noting that many bank loans are variable, meaning that the interest rate changes according to the size of your deposit. When your payment isn't due until the next month (or you have missed a payment), the bank charges you extra penalty fees. Some banks are charging clients 3% APR for every £1 that goes into a bank account, meaning that if you miss a payment with a bank, you could end up paying much more than you originally agreed to. They have also recently introduced a minimum principal requirement, meaning that at no extra risk will the bank require you to repay the entire amount you put in.

What happens if I don't repay my loans?

If you don't repay within 90 days, your bank will cancel your account and issue you a statement saying that the account does not want to be used by the bank again. There will be a new 'default' statement in place and you will have to apply for a new bank account in order to withdraw funds. Since lenders usually do not allow customers to keep their bank account open with another bank, you will have to go to another bank immediately and start all over again.

What can I do if someone gives me bad advice?

You can claim a refund, damages, compensation, and cancellation of your contract. It is important that you are very clear about the terms and conditions of your loan agreement. If you are not sure about something, such as interest, you can ask a bank employee and if the bank won't give you any reassurance that your payment will be guaranteed you will have to get a lawyer. Banks often use lawyers for this reason and they often hire top notch legal teams. They may also offer some form of goodwill program where the bank can reward customers who stick the following year by keeping the same phone number.