Stampgate: The Conclusion

Yes, today is the day that the new stamp price rise hits, so if you didn't follow the crafty actions that some other people were taking, making a pre-emptory hoard of stamps, then it's a 60p charge from now on for First Class.

In percentage terms the price increase has been a hefty one, though upon stepping back one might remind oneself that it's only an extra 14p. But criticism of the rise points out that this increase will be hitting those who are already financially vulnerable. The people who tend to send more letters and postcards are the older generation, not consumed by email, and these people are often already in the pensioner low-income bracket.

Mr Duncan-Jordan, from the National Pensioners Convention, said that older people - often with an income of less than £10,500 - needed to look at every penny they spent, even if it was a small amount.

Source: BBC News

The Royal Mail presses that the rise was necessary, with the average family only spending about 50p a week on mail services now. In order to maintain the six-day delivery routine, something had to give.

Don’t Make These Banking Mistakes

Think back to your banking habits over the years. Have you ever made any of these common banking blunders? Here are a few mistakes to avoid when you are interacting with your bank on a day to day basis:

Not Bothering to Look at Your Bank Statement

One of the habits that you should get into is opening up your bank statement in paper or online and reviewing it every month. It only takes a few minutes, but if you don’t do this you could miss fraudulent charges, accidental overdrafts, mistakes or other issues. If you don’t catch these errors it might become too late to resolve them.

Being Careless With Your Bank Details

Unfortunately there are a lot of unscrupulous people in the world who, upon given the opportunity, would be more than happy to steal your money. Don’t give them the chance! Leaving bank statements and deposit slips behind leaves you open to becoming a target of identity theft. Make sure that you shred your sensitivebank documents or rip them up before you throw them away.

Using the Same Bank for All Service

If you are looking for a mortgage or a small business loan, you don’t necessarily have to use the same bank that you have your savings account at. Feel free to look around for alternatives which might give you a better offer. This allows you to review the terms of many different banks and choose the one which offers the best deal for you.

Paying Fees When You Don’t Need To

Do you pay monthly fees on your bank account? They might not seem like much, but these little fees can add up over time and really be worth something substantial. You might find that if you do a bit of shopping around you can find a new bank account which offers all of the same features for fewer fees. Do some comparisons between all of the banks in your area to see what you can find.

 
Not Forming a Relationship with Your Bank

If you take the time to get to know the employees at your local bank and let them know you, you will receive much better service than if they just know you by your account number. Make an effort to chat with your banker and let them know your personal needs for your money. You can even call them to get their professional advice on financial matters.

These are just a few of the common banking mistakes that many customers make. By avoiding these mistakes you can make your banking experience safer, more beneficial and more enjoyable.

Stampgate: The Story Continues

This blog recently reported the forthcoming price hike in the cost of stamps.

The story continues today with news that the Royal Mail will be limiting the amount of stamps bought by other retailers to sell in their own shops. This is to protect the revenue the Royal Mail is due to receive from the price increase.

The move, says the service, is to ensure the continuation of the six day delivery -- which is said to have been suffering for some time.

Stamps will be seeing a 30% and a 39% increase, the highest to hit stamps, taking the current First- and Second-class prices from 46p and 36p to 60p and 50p respectively.

The price rise has caused a buying rush by customers as they seek to stockpile stamps before the higher costs hit. This means that some retailers are almost running out and are unable to purchase more from Royal Mail due to new limits.

The service says that they is more than adequate supply across the country, though, including 11,500 post offices that sell stamps.