For various reasons over the past few years I have been living in a cash world – I either have the money for a payment – or I don't. This is both good and bad: I haven't overextended myself, but it also means that I have not leveraged, taken advantage of any potential equity I have built up or the like. I'm not anti-debt – certain types of debt can be enabling, not disabling. More on that another time. I am currently thinking through the next few decades of life, and exploring options.
One of which is whether to take on a mortgage. It's been many many years since I engaged with banks in any way other than to deposit or withdraw money. And having started the process, the phrase that comes to mind is: "Can't see the wood for the trees".
I filled in various forms. Many email attachments and sightings of original documents later, I had an actual meeting with a representative. All documents, supporting documents, and any and everything related were presented, verified, copied, you name it.
I then got emails requesting yet more documents – I had explained that I'd be travelling and would not be able to oblige until I was back.
I then stopped answering phone calls from the bank, or bothering to reply to the "reminder" emails that it started sending out – obviously oblivious to what I had actually written in my reply.
The day I got back, I ventured to answer a call coming through from the bank. A woman was on the line asking if she could verify some information. "Sure," I said, "go ahead" – thinking she would be asking a select three questions or so.
Seven questions in, I asked the person on the line if this was simply verifying who I am – in order to ask me something of a private nature, or disclose certain sensitive information to me – otherwise could she please explain exactly the purpose of what she was doing.
She explained that she just needed to "verify information", and kept going with the slew of questions. It dawned on me that she was simply reading off the form that I had filled in, under the beady eye of her colleague, who had verified, checked, prodded and generally made sure that all the information they needed was definitely there – and real, and original, and so on.
So I pointed out that I'd had face time with a colleague of hers – and he had seen all the original documents, has copies; we had gone over all this information, and had verified and reverified it then.
She then asked me whether he had seen my passport. I said surely she should be asking her colleague – not me – after all, I could claim he had, when he hadn't. By this point I was both thoroughly bored and conscious of time ticking by – time that could be put to good use – earning the money that would grease the wheels of my life, and the bank's coffers should I become a client.
The caller obviously had never had anyone ask what she was doing, why, and whether it made any sense. After all, my guess is that most people she calls are so desperate for a loan of sorts that they'd jump through whatever hoop was presented to have money released and available to them.
Let's think about this word "procedure".
Yes, there need to be systems and checks and balances in place.
But we also need to take a step back and see if it makes sense. In fact, how about exercising common sense at all times and occasionally manually overriding the nitty gritty – sometimes disabling process, in favour of actually getting things done in a timely, relatively pain-free manner?
The actual word we should be looking at is "compliance" – the reason this process is what it is.
Things have changed since the global financial crisis. The overriding aim is for history not to repeat itself (I have news for you: it will). And with this in mind, thousands of pages have been drafted for the world's banking community to adhere to in the name of compliance. How many people do you think have actually read the paperwork?
What we'll be told is that "bad" banks that don't want to invest in compliance will no longer be allowed to operate – and that we're all safer for it.
But here's a different view: What this means is that smaller banks that cannot afford to adhere to the new regulations will either go bust or be swallowed up by larger banks.
Large banks will pump resources into the ever-growing compliance department, and you and I will pay the price.
Overregulation means less return for banks, and more expensive banking for us.
The irony is that the quest to avoid another credit crunch is bringing about more people working in silos, which is how the credit crunch came about in the first place.
Here's to taking a step back, joining the dots, and making life a tad simpler. Now you must excuse me, there are some documents I must find …
Nima Abu Wardeh is the founder of the personal finance website cashy.me. You can reach her at nima@cashy.me
Follow us on Twitter @TheNationalPF
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
MEDIEVIL%20(1998)
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SPECS
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U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
The five pillars of Islam
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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