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'unfair Bank Charges'
orange26_2
Posts: 6 Forumite
I am very pleased to see all the success stories noted regarding claiming back 'unfair' bank charges. I would just like to know how a person manages to build up thousands upon thousands of pounds of bank charges in a period of 6 years. It isnt that hard to run a bank account is it? If you dont have money, dont spend it, if you dont have money, dont set up a direct debit, if there is no money in your account for direct debits and standing orders - cancel it. is it really that difficult? I have had a bank account for many many years and I have never ever had 1 single charge on my account, and its not very difficult. I just sit and wonder when will this nation start taking responsibility for their own actions. I wonder if we will start disputing service charges for tradesmen such as plumbers, electricians etc. Ask them to start proving that charges are justified at around £30 - £45 per hour. I wonder when this bandwagon will start its journey and all the travellers will jump on board. I feel very sorry for the future generation as its sad to see that no one appears to be responsible for anything any longer, and the blame game should be the most popular past time in this country - we are all very good at it thats for sure!! The people in this country that are very capable of running bank account and have never had charges on their accounts will probably be the ones to suffer in the end, due once again to the minority. We currently have free banking in this country, not so sure that will be the case for much longer. Funny how when we are all keen to open an account or apply for a loan or credit card we are happy to accept the terms and conditions clearly provided, which includes information relating to unpaid and over limit fees, but when a company actually enforces the terms then everyone has a problem with it. Everyone is fully aware of this from the word go, but still not willing to acknowlege any responsibility for going over your agreed limit or failed items on an account. Dont see much difference in walking into a sweet shop, checking the price of a chocolate bar, choosing to purchase that item, leaving the store, eating the chocolate bar and then overnight suddenly you decide hey no wait, I dont agree with this, going back to the shop and demanding a refund for the already eaten chocolate bar. Bizarre
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I am very pleased to see all the success stories noted regarding claiming back 'unfair' bank charges. I would just like to know how a person manages to build up thousands upon thousands of pounds of bank charges in a period of 6 years. It isnt that hard to run a bank account is it? If you dont have money, dont spend it, if you dont have money, dont set up a direct debit, if there is no money in your account for direct debits and standing orders - cancel it. is it really that difficult? I have had a bank account for many many years and I have never ever had 1 single charge on my account, and its not very difficult. I just sit and wonder when will this nation start taking responsibility for their own actions. I wonder if we will start disputing service charges for tradesmen such as plumbers, electricians etc. Ask them to start proving that charges are justified at around £30 - £45 per hour. I wonder when this bandwagon will start its journey and all the travellers will jump on board. I feel very sorry for the future generation as its sad to see that no one appears to be responsible for anything any longer, and the blame game should be the most popular past time in this country - we are all very good at it thats for sure!! The people in this country that are very capable of running bank account and have never had charges on their accounts will probably be the ones to suffer in the end, due once again to the minority. We currently have free banking in this country, not so sure that will be the case for much longer. Funny how when we are all keen to open an account or apply for a loan or credit card we are happy to accept the terms and conditions clearly provided, which includes information relating to unpaid and over limit fees, but when a company actually enforces the terms then everyone has a problem with it. Everyone is fully aware of this from the word go, but still not willing to acknowlege any responsibility for going over your agreed limit or failed items on an account. Dont see much difference in walking into a sweet shop, checking the price of a chocolate bar, choosing to purchase that item, leaving the store, eating the chocolate bar and then overnight suddenly you decide hey no wait, I dont agree with this, going back to the shop and demanding a refund for the already eaten chocolate bar. Bizarre
Well bully for you, you've obviously never had the misfortune to lose you job or been left by a partner (mind you with your attitude it would'nt suprise me)
These charges are not a true represntation of what it actually costs the bank, when people sign their [EMAIL="t's&c@s"]t's&c's[/EMAIL] they trust the bank that their charges are what it cost them not some made up figure, my bank dont even to me so it doent even cost them a stamp. Now because we've all been conned we dont trust the banks anymore. They reaped enough out of us with their big fat bonus's,l bet they have'nt had to pay those back after they got us into the currant financial mess. Now while you're entitled to you opinion, this forum is set up to help people in financial difficulty so if you have nothing helpful to say l suggest you go and do something else like count all your money in your never overdrawn bank account!0 -
I am very pleased to see all the success stories noted regarding claiming back 'unfair' bank charges.
Banks paid out when threatened. Have you read the Unfair Terms in Consumer Contract Regulations. Its fascinating.
I would just like to know how a person manages to build up thousands upon thousands of pounds of bank charges in a period of 6 years. It isnt that hard to run a bank account is it? Unforeseen circumstances, loss of a job, partner/spouse/ separation, mental health issues to name but a few.
If you dont have money, dont spend it, if you dont have money, dont set up a direct debit, if there is no money in your account for direct debits and standing orders - cancel it. is it really that difficult? It can be if they make a mistake and take more, it can be if you have difficulty understanding the basics or banking...
I have had a bank account for many many years and I have never ever had 1 single charge on my account, and its not very difficult. Nor have I but it doesn't mean I agree with the system in place(and I work for one of those institutions that do levy charges) I just sit and wonder when will this nation start taking responsibility for their own actions. Maybe if we as a financial institution took more responsibility for our actions and explained things in a clear manner we would not have people claiming charges back in their thousands. I wonder if we will start disputing service charges for tradesmen such as plumbers, electricians etc.They are not above the law. Ask them to start proving that charges are justified at around £30 - £45 per hour.Shoddy work or overcharging can be reported and cvil suits can be brought to court. I wonder when this bandwagon will start its journey and all the travellers will jump on board. I feel very sorry for the future generation as its sad to see that no one appears to be responsible for anything any longer, and the blame game should be the most popular past time in this country - we are all very good at it thats for sure!! The people in this country that are very capable of running bank account and have never had charges on their accounts will probably be the ones to suffer in the end, due once again to the minority. In the historic past everyone who had a bank account paid for it so why should it not revert back to that system of charging? We currently have free banking in this country(to quote the OFT test case "free if in CREDIT", not so sure that will be the case for much longer. Funny how when we are all keen to open an account or apply for a loan or credit card we are happy to accept the terms and conditions clearly provided, which includes information relating to unpaid and over limit fees, but when a company actually enforces the terms then everyone has a problem with it.6 years ago, no one was taught within the branches to tell the customer the pitfalls of not paying Direct Debits or Standing Orders or Cheques(it was probably assumed) Everyone is fully aware of this from the word go, but still not willing to acknowlege any responsibility for going over your agreed limit or failed items on an account. Dont see much difference in walking into a sweet shop, checking the price of a chocolate bar, choosing to purchase that item, leaving the store, eating the chocolate bar and then overnight suddenly you decide hey no wait, I dont agree with this, going back to the shop and demanding a refund for the already eaten chocolate bar. Bizarre(the example you have given is very bizarre.
Two examples, if a Direct Debit is taken incorrectly then the consumer has the recompense of the Direct Debit Guarantee Scheme, however, if the same item is bounced they are sent on a rat run around the houses for a refund.
Example 2: most banks state that a young persons account(11-16 years old) either cannot have direct debits or standing orders or cannot have an informal overdraft(or for this purposes over limit fees). Yet, there is the ability to prevent this from happening, and there is the ability to refund charges immediately at source on those accounts. The banks' however, charge the young person who may be ill informed due their age. THAT IS REALLY BIZARRE.
The shop tells them that they cannot have the chocolate bar then allows the child to eat the contents, to put forward your analogy. some would class that as theft. I would say it is an unlawful practice.0 -
I am very pleased to see all the success stories noted regarding claiming back 'unfair' bank charges. I would just like to know how a person manages to build up thousands upon thousands of pounds of bank charges in a period of 6 years. It isnt that hard to run a bank account is it? If you dont have money, dont spend it, if you dont have money, dont set up a direct debit, if there is no money in your account for direct debits and standing orders - cancel it. is it really that difficult? I have had a bank account for many many years and I have never ever had 1 single charge on my account, and its not very difficult. I just sit and wonder when will this nation start taking responsibility for their own actions. I wonder if we will start disputing service charges for tradesmen such as plumbers, electricians etc. Ask them to start proving that charges are justified at around £30 - £45 per hour. I wonder when this bandwagon will start its journey and all the travellers will jump on board. I feel very sorry for the future generation as its sad to see that no one appears to be responsible for anything any longer, and the blame game should be the most popular past time in this country - we are all very good at it thats for sure!! The people in this country that are very capable of running bank account and have never had charges on their accounts will probably be the ones to suffer in the end, due once again to the minority. We currently have free banking in this country, not so sure that will be the case for much longer. Funny how when we are all keen to open an account or apply for a loan or credit card we are happy to accept the terms and conditions clearly provided, which includes information relating to unpaid and over limit fees, but when a company actually enforces the terms then everyone has a problem with it. Everyone is fully aware of this from the word go, but still not willing to acknowlege any responsibility for going over your agreed limit or failed items on an account. Dont see much difference in walking into a sweet shop, checking the price of a chocolate bar, choosing to purchase that item, leaving the store, eating the chocolate bar and then overnight suddenly you decide hey no wait, I dont agree with this, going back to the shop and demanding a refund for the already eaten chocolate bar. Bizarre
Thankyou! I'm sixteen and I can run a bank account better than many of these people. I know obviously as a 16 year old situations will be different to yours but if I can manage to leave within my small budget, surely everybody else can? Charges are there for reason, because YOU have mis-used your account and I think the banks have every right to charge what they are. After-all you agreed to them hen signing up for the account.
Yes, sometimes unforeseen things can happen but you can't say that this is the norm.0 -
Charges are there for reason, because YOU have mis-used your account and I think the banks have every right to charge what they are. .
Groan.
It is impossible to ''mis-use'' your account. You cannot go overdrawn without the explicit permission and cooperation of your bank.
You might ''think'' banks have every right to charge what they want but both the High Court and the Office of Fair Trading - the authorities on the matter - think otherwise.0 -
Thankyou! I'm sixteen and I can run a bank account better than many of these people. I know obviously as a 16 year old situations will be different to yours but if I can manage to leave within my small budget, surely everybody else can? Charges are there for reason, because YOU have mis-used your account and I think the banks have every right to charge what they are. After-all you agreed to them hen signing up for the account.
Yes, sometimes unforeseen things can happen but you can't say that this is the norm.
When you've had a bit more life experience then come back and have your say. l just hope you never get any crap thrown at you during your life, as l've said before the negative comments dont help anyone.0 -
When you've had a bit more life experience then come back and have your say. l just hope you never get any crap thrown at you during your life,
Do you think i'm getting this from nowhere? There are plenty of people i know who have never been charged anything from their bank, because they know how to bank sensibly.as l've said before the negative comments dont help anyone.
Why have conversations on forums if you don't want anyone to counter your comments?0 -
Nathan_Spleen wrote: »It is impossible to ''mis-use'' your account. You cannot go overdrawn without the explicit permission and cooperation of your bank.
Banks are there to make money, what do you expect? You can ask for accounts with no planned or un-planned overdraft if you are unable to manage your account.0 -
We currently have free banking in this country,
I've got my head in my hands...''The OFT further estimates banks earned £8.3 billion in revenues from PCAs (Personal Current Accounts) in 2006. This is equivalent to £152 per active bank account and represents more revenue for the banks than savings and credit cards combined.''
http://www.oft.gov.uk/shared_oft/reports/financial_products/OFT1005.pdf
Also, During his submission to Justice Smith in the OFT v Banks test case hearing, lead QC for Nationwide, Geoffrey Vos, stated on the subject of the cost of personal current accounts: ''And what is the price? Well, my Lord, the price is broadly free for the credit customer, except of course we retain the difference between the interest rate that we give the credit customer and whatever commercial interest rate we are able to achieve on the money deposited, and that can be regarded as part of the price.''0
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