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[MSE Lawrence]

This is the discussion to link on the back of Martin's 'Breaking The Bank Charges Court Case… what’s it really like.’ blog. Please read the blog first, as this discussion follows it.

Read Martin's 'The Bank Charges Court Case… what’s it really like.' Blog.

Click reply to discuss below.

[Edinburghlass]

Just incase Lawrence doesn't come back and link to Wendy's moment of fame, its here....

http://blog.moneysavingexpert.com/20...t-really-like/

[Alias_Omega]

Originally Posted by MSE Lawrence

Click reply to discuss below.

Where is the reply button.?

[bookworm1363]

However, I’m not sure I agree with his comment that the obvious way for banks to make a profit is through fees on overdrawn accounts.

Hmmm, they're really putting all their eggs in the "service" basket, aren't they? (well, not that they have much of a choice, of course!)

[marilyn]

Dont the banks make oodles of money just from taking a payment from an account on one day and that payment not appearing on the other account for three days? I do wages for five people each week - the money disappears from the firm's bank account on wednesday, but does not appear in the employees account until friday! Where is this money? Surely gaining interest for the banks?

[bargainhunter90]

I dont understand why HSBC charged me a few years ago (total charges) and I went into the bank one day to agree my first ever overdraft, gave me more than I expected but I didn't spend any extra then they just charge the interest. I'm claiming it back but doesn't make any sense. Why don't they look after their own customers than try and make money.

[Horsetan]

My very great fear is that if the banks lose, they will merely make use of the appeals process, thus prolonging the agony for affected customers. After all, the banks have the resources.

[lucky1667]

surely the service basket argument is irrelevant if the banking rules stipulate the bank charges can only equate to the costs incurred by banks... and not a profit making option..

i am not sure i understand the banks principle argument here can anyone explain??

[chillout_ice]

my biggest worry is the banks will get away with this due to the current financial turmoil thats going on,what with all the credit crunch and everything it wount help if all the major banks have to pay back the billions they have overcharged ppl,
i sincerly hope im wrong

[Tripledrop]

The big banks (like the big 4), aren't really feeling the credit crunch. Mainly affecting adverse lender, and those backed by the US

[W_s_n]

I don't understand their arguments..... but for some reason I can see it all going wrong for the banks.

[liddled]

We live in hope and pray for this case to end in our favour but I'm sure than banks will stretch this out.
I originally only cliamed for three years of charges as I thought I was being reasonable. My court case was stayed and I agreed to the stay with LTSB solictors if they froze my account and agreed not to charge me any more. The case was stayed however they did still charge me and now they are requesting my overdraft be repaid in full.. Does anyone have any suggestions or do you think I shouldapply for the stay to be removed.

I have now sent them another claim for the remaining three years.

[Doug Eckington]

Is it not time that we took matters into their own hands. Banks rely on their millions of customers for the funds that they invest. Why do we not start a conserted campaign to get all our friends and aquaintences to transfer their accounts and business to any of the smaller banks who will accept that these charges were unfair and repay them. They will then in turn, gain a significant amount of revenue from the people who transfer their funds.

Through the internet we can get a message through quite quickly to millions of people, so it is within our power to cause the big 4 a major headache. Barclays are still making these charges despite the court case.

People power is what we used to call it.

[Tripledrop]

never gonna happen, just look at the campaigns to stop people buying petrol from certain companies. Very few people would do it!

[Doug Eckington]

Originally Posted by liddled

We live in hope and pray for this case to end in our favour but I'm sure than banks will stretch this out.
I originally only cliamed for three years of charges as I thought I was being reasonable. My court case was stayed and I agreed to the stay with LTSB solictors if they froze my account and agreed not to charge me any more. The case was stayed however they did still charge me and now they are requesting my overdraft be repaid in full.. Does anyone have any suggestions or do you think I shouldapply for the stay to be removed.

I have now sent them another claim for the remaining three years.

I am not legally qualified, but it would be my opinion that if the stay was agreed on the basis that they would not make any further charges, them they have breached that agreement, and that you should proceed with your case and include the additional years. Good luck.

[Doug Eckington]

Originally Posted by Tripledrop

never gonna happen, just look at the campaigns to stop people buying petrol from certain companies. Very few people would do it!

That may be the case, but surrendering will only encourage them even more. I agree about the petrol, but l know at least 30 of my family and friends who are now boycotting Esso and BP. 30 x £15 per week = £450 lost revenue. At least l feel better!!

[Tripledrop]

Esso made $1 billion profit in the last 1/4 of last year. Don't think they really mind! I think it's unlikely to effect the banks either...

[christine666651823]

Hi there,just wondered if anyone can help me.I heard the other day,that the banks cannot take charges from your account whilst you are on benefits ie income support etc.Is this true ?.Lloyds btw.

[BritBrat]

Hi there,just wondered if anyone can help me.I heard the other day,that the banks cannot take charges from your account whilst you are on benefits ie income support etc.Is this true ?.Lloyds btw.

I think they can take money but cant take your benefit money that you need to live on.
(So if you are in debt all the money is benefit money)

Social Security Administration Act 1992
Miscellaneous
Certain benefit to be inalienable **

187- Subject to the provisions of this Act, every assignment of, or charge on-
(a)benefit as defined in section 122 of the Contributions and Benefits Act;
(b)any income-related benefit; or
(c)child benefit,
and every agreement to assign or charge such benefit shall be void; and, on the bancrupcy of the beneficiary, such benefit shall not pass to any trustee or other person acting on behalf of his creditors.

** inaliable = not to be forfeited.
------------------------------------------------
Basically they can't take you benefit money for overdrafts or debts, and if they have you can ask for it back !

SOURCE: http://forums.moneysavingexpert.com/....html?t=269424

Social Security Administration Act 1992 (c. 5)

You could open up another bank/post office account that has no debt and have your income support paid into that, then it would not be touched.

And Welcome to MSE, I hope you return to read the above.