MSE News: Most expensive banks for unfair charges revealed

Why was the old charging system for Halifax used, when this is only valid for the next three weeks? After then, all your figures will completely change.

Surely you should be encouraging people to look at how much they are paying in the long term?

Halifax will shortly be at £0 for the first row and £150 for the second and third rows. But these figures include interest charged, so are not entirely comparable.

oakhouse13 wrote: »

Better late than never. The impact of new charges has been known since Which? pointed them out in March this year.

http://news.bbc.co.uk/1/hi/business/7969395.stm

http://www.dailymail.co.uk/news/article-1165584/Banks-accused-accounts-5-day-overdraft-charge.html

According to Which? we have the campaign against charges to thank for higher fees. It is open to debate therefore whether in the long run the campaign on behalf of those seeking to claim back charges will be a great consumer victory as the media unanimously keeps telling us, or the worst consumer victory in history.

Ermmm, no we have the banks increasing fees as their profits nose dived. They have normally made most money from interest foregone on current account ie low interest rates on current accounts but since they crashed and the recession took hold the rates have been at a historic low of 0.5% base rate.
If the campaign is successful then it will be a historic victory for fairness in this society which other countries already have. In fact we have a deficit in our society on financial fairness ie you wipe your feet on those who pay charges, partially for your free if in credit banking. You should be grateful that the banks' have allowed this for so long or upset that they acted unlawfully for so long without a challenge.

Agree with you on fairness. I do not want free banking that relies on charging others exhorbitant rates and making people's lives a misery. BUT you have given the keys to the village to the peasants so to speak and they have messed it up for everyone. There is moral hazard in mortgages, credit cards, savings, current accounts. There is absolutely no reason for me to agree a contract when I can become a peasant, take the bribes and shout my way out of any responsiblity.

You have not addressed my point that the penalty of taking a £100 bribe from a bank to open an account has been known since March. Why is this website only highlighting it now? It has advertsied both these accounts and made money from that endorsement. It is now campaigning through the media, on BBC Watchdog, for those who took the £100 not to have to pay the penalty. At some point, those of us who do not switch account ever will get to the point where we say no more. I guess I have reached that point now.

oakhouse13 wrote: »

Agree with you on fairness. I do not want free banking that relies on charging others exhorbitant rates and making people's lives a misery. BUT you have given the keys to the village to the peasants so to speak and they have messed it up for everyone. There is moral hazard in mortgages, credit cards, savings, current accounts. There is absolutely no reason for me to agree a contract when I can become a peasant, take the bribes and shout my way out of any responsiblity.
If the banks had a fair system of charging then we wouldn't even have a reclaims board. I wouldn't be coming back to you on this point and life would be peachy. However, under the Unfair Terms in Consumer Contracts Regulations 1999 enacting an EU directive(it was the EC then) from 1993 the banks have to treat customers fairly on the basic provisions within the contract. You do realise that many people trusted their bank to do this, right? That they never started an account with the intention of getting bank charges. In fact, a victory for consumers should, I hope, lead to a situation in which the advice we give here will be about financial education rather than RECLAIM RECLAIM RECLAIM.
You have not addressed my point that the penalty of taking a £100 bribe from a bank to open an account has been known since March. Why is this website only highlighting it now?
Have you email MSE site team and asked them since I don't know and I am not interested in £100 incentive(I think the word you was looking for)?
It has advertsied both these accounts and made money from that endorsement. It is now campaigning through the media, on BBC Watchdog, for those who took the £100 not to have to pay the penalty.
I don't know the legalities on this issue and I rarely watch BBC Watchdog so again, I can't answer you that question but I am sure the Budgetting and current account board may be able to do so.
At some point, those of us who do not switch account ever will get to the point where we say no more. I guess I have reached that point now.

I don't really think there is a need to have an incentive to join another bank because realistically, if we don't like our bank we get out of there if we can.