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MSE News: CONFIRMED - OFT gives up bank charges battle
Comments
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ORIGINALLY POSTED BY GOBBO
'Agreed , charges must be fair , and in return customers have to be fair , so banks don't overcharge , and customers don't overdraw , help for people in real need who have done all they can to manage their money , and high charges for those who can't be bothered.'
Natweststaffmember, just to clarify. I wasn't agreeing with the comment. I just said it was a fair comment. Meaning that gobbo was entitled to his opinion. It wasn't a nasty comment so I say fair comment.
To be honest I agree with an awful lot of what you say. There are still quite a lot of things I don't understand as I don't work within the finance industry, which is where people like you come in to clarify some of the jargon for us.
Thanks for that by the way.
I guess like most people, having been through the mill with this, I feel I just don't want a bank account anymore. I don't want direct debits or standing orders or debit cards or ATM cards. I want MY money in MY hand and to pay for everything with notes and coins instead of swiped on plastic or queuing up at ATM's to get money out or setting up dreaded direct debits. I hate them. I hate the whole banking system. But as we appear to be stuck with it, I want a fairer system as we all do.0 -
ORIGINALLY POSTED BY GOBBO
'Agreed , charges must be fair , and in return customers have to be fair , so banks don't overcharge , and customers don't overdraw , help for people in real need who have done all they can to manage their money , and high charges for those who can't be bothered.'
Natweststaffmember, just to clarify. I wasn't agreeing with the comment. I just said it was a fair comment. Meaning that gobbo was entitled to his opinion. It wasn't a nasty comment so I say fair comment.
To be honest I agree with an awful lot of what you say. There are still quite a lot of things I don't understand as I don't work within the finance industry, which is where people like you come in to clarify some of the jargon for us.
Thanks for that by the way.
I guess like most people, having been through the mill with this, I feel I just don't want a bank account anymore. I don't want direct debits or standing orders or debit cards or ATM cards. I want MY money in MY hand and to pay for everything with notes and coins instead of swiped on plastic or queuing up at ATM's to get money out or setting up dreaded direct debits. I hate them. I hate the whole banking system. But as we appear to be stuck with it, I want a fairer system as we all do.
If people want to get their wages in cash simply draw them straight out of the bank when they arrive there and then pay for your spending in cash , although you may have problems with some companies charging you more for cash.0 -
£35 a pop to return unpaid? come on!
My sentiments exactly moo cow and this is one of the issues I shall be taking up with Barclays.
They decided the amounts without consulting the customer so how do we know what's fair?
If Barclays came back and said well actually it costs £20 I think it's only fair that they return the £15 but until they actually come clean then who's to know?
The up side is that the banks have reduced the amounts they charge so they didn't need to be charging so much in the first place did they?
If they took only the amount needed to cover their costs re unauthorised OD and items unpaid then I don't think there could be any argument but if they take more just to make a profit then that is wrong and needs challenging.
I will still ask for a full refund until they tell me the true cost, but I'm not an unreasonable person and would negotiate no probs once they come clean.Karma - the consequences of ones acts."It's OK to falter otherwise how will you know what success feels like?"1 debt v 100 days £20000 -
Well there's a slight problem with that for us gobbo. We live 5 miles away from our bank (nationwide) and they will only let us draw £500 per day from the branch. Also, it still doesn't stop bank errors as said in one of my earlier posts. So there are still headaches to be had from actually having an account. Also we are stuck in this cycle of certain companies only accepting direct debits/standing orders. And again the general public are abused by having to pay more for certain cash payments. ie: £4.50 payment processing fee from the likes of BT. More for electricity and gas payments if you're not paying through the bank. It's all unfair. How much longer before any kind of cash payments are phased out altogether? Enter greedy banks.................0
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If they took only the amount needed to cover their costs re unauthorised OD and items unpaid then I don't think there could be any argument but if they take more just to make a profit then that is wrong and needs challenging.
Can you explain why you think that is wrong?
As as been said many tmes befor banks are running a bussiness and exist to make a profit.0 -
my sentiments exactly kittiej !0
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Yes, banks may be running to make a profit but through charges is disgraceful It's effectively 'clamping' your account just like all those illegal wheel clampers out there. And what with all the miss selling going on, ie mortgages, ppi, pensions, endowments etc etc. It just shows that they will stop at nothing to get their hands on anyone's cash by whatever means. which is why I choose not to go down the business side of this arguement.0
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Well there's a slight problem with that for us gobbo. We live 5 miles away from our bank (nationwide) and they will only let us draw £500 per day from the branch. Also, it still doesn't stop bank errors as said in one of my earlier posts. So there are still headaches to be had from actually having an account. Also we are stuck in this cycle of certain companies only accepting direct debits/standing orders. And again the general public are abused by having to pay more for certain cash payments. ie: £4.50 payment processing fee from the likes of BT. More for electricity and gas payments if you're not paying through the bank. It's all unfair. How much longer before any kind of cash payments are phased out altogether? Enter greedy banks.................
Personally I prefer not to use cash and draw out less than £500 a year.
Nationwide will allow you to draw any amount of cash (as long as you have it!) with prior notice.0 -
And how do you give them notice? You have to keep trekking into town!0
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It is wrong because they hide the true cost - which could be £2 or it could be £32- who knows till they admit what the real cost is.
It's quite acceptable for an individual to know exactly how much the banks are making out of them.
The banks should not be making money by extorting it from customers.
They have plenty of ways to make money and the bank charges is a scam just as the PPI rip-offs were and still are.Karma - the consequences of ones acts."It's OK to falter otherwise how will you know what success feels like?"1 debt v 100 days £20000
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