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The bank Intelligent Finance (IF) has just sent me a letter telling me in effect that I am a mug for continuing to bank with them. IF was a pioneer of internet banking, but was never really embraced by its original owners Bank of Scotland, still less by Halifax, and not at all by Lloyds.

As a result, its innovative approach was whittled down rather than being enhanced.

The letter tells me that the reduction in the rate of interest on my account is due to a ruling of the European Commission.

That is nonsense. There were other options,

Lloyds could have boosted Intelligent Finance in order to sell it off at a healthy price. Instead they chose to run it into the ground. The letter suggested I should switch to TSB. Far be it for me to suggest where the heads of
Intelligent Finance may be
heading next.

Hamish Dewar

Craiglockhart Grove


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