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MSE News: Packaged account complaints rising - act now if you're being ripped off
Former_MSE_Helen
Posts: 2,382 Forumite
"Complaints about packaged accounts are on the rise and the majority are being upheld in favour of consumers..."
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Packaged account complaints rising - act now if you're being ripped off
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Packaged account complaints rising - act now if you're being ripped off
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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& then people groan and moan with the changes to all the banks charges for overdrafts etc.
At the end of the day, I don't think it's right for people to be 'ripped off', however, the banks will win ultimately and they will claw the money back one way or another.
There will be no free banking soon.
Due to the amount of money they have had to give back, they will want to get the money back in one way or another.0 -
This is the next 'thing' after bank charges and PPI. The phone calls have already started.0
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Consumerist wrote: »Truth to be told, there never has been
Truth be told there always has been, you just have to read what you're signing up to!0 -
I'm sure the rest of the banking lobby on this site will be along to agree with you shortly.Money-Saving-King wrote: »Truth be told there always has been, you just have to read what you're signing up to!
Warning: In the kingdom of the blind, the one-eyed man is king.
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Consumerist wrote: »Truth to be told, there never has been.
When I look at my bank account's terms and conditions, it says: "there is no fee to use this account". It sounds free to me!0 -
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Consumerist wrote: »Oh how predictable that comment was. There will be more to come, I'm sure.
I thought you'd be expecting it, couldn't resist!
On a serious note, I know and appreciate that free banking is the result of some people paying overdraft charges, and that if no one had an overdraft the banks would probably charge for everyday banking.
I do oppose to your suggestion that not everyone pays their fair share though. Is it fair that people who borrow money should pay interest on it? If the answer is yes, then the idea of overdraft charges is justified (the amount is a different question altogether).
P.S. I am not part of a banking lobby. I'm a student.0 -
I agree it is fair that people who "borrow" money should pay interest on it but what effective rate of "interest" is being charged if one includes daily charges, default fees, returned-payment fees and the like?. . I do oppose to your suggestion that not everyone pays their fair share though. Is it fair that people who borrow money should pay interest on it? If the answer is yes, then the idea of overdraft charges is justified (the amount is a different question altogether).
In my view this is nothing more than an ambush by the banks.
Those of us in the know and who don't pay for our banking services are ok but what about the others?
It's not as though we are free, realistically, to turn our backs on the banking system because both government and employers alike require us to use the banks whether we like it or not. It is virtually impossible, these days, to function financially without the accursed banks. The banks know it and greedily take full advantage of it.
The sooner this "free banking" lie is permanently expunged the better, in my view.
I don't expect much support from the "I'm all right, Jack" fraternity on MSE but I'll keep having my say, all the same.
Here's to the permanent demise of so-called "free banking" :beer:Warning: In the kingdom of the blind, the one-eyed man is king.
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