Massive victory for Bank Charge reclaiming News Article Discussion

jopwo_87

Can anyone explain in Laymans terms what this all means. Im very confused.

battyboimatt

My only worry with all this reclaiming is it will only cause a already unstable finanical market to further fail, I mean we as tax payers already own big stakes in banks and if they have to repay billions of pounds who is going tol bail them out, "Us", many banks are now adopting not a charge but a fee, ie the halfix who now charge £1 a day when you use the overdraft, so some people will lose out, i know im going to get flamed here but I have never had a charge on any of the banks I have been with, because I can budget my money effectly, it is only through poor mismanagment of money that people get charges, and that DD's are bounced, in the long run it is only us that will suffer, banking will not become free, banks will not want to lend and more and more of them will be end up nationalised, my thoughts and I dont want to upset anyone so ill stop now

satelliteone

Tozer vbmenu_register("postmenu_19190071", true); wrote "I think a lot of people should take more responsibility in respect of bank charges"

We have! and taken them to court as "unfair charges" and won

Thanks to MSE! martin L and the squad

Your point is Mr Tozer?

satelliteone

Yes try again Robo21!!!... dont stop hounding them, its your money that they have taken.

Champnos

And on it goes, court rules in favour of the public yet no end in sight. Lets hope OFT speed up and House of Lords rule the only way they can.

One point to note, the taxpayers own large shares of most of the banks now, so i guess they will be refunding us with the money the taxpayer has already lent them! So we are just getting back our own money, whats the point in arguing? They will just tell the government they need more cash and they will pay up!

Frank_T_Boris

The only way banks can levy charges against all consumers is in exchange for a service, i.e. Plus services e.t.c.

The issue I have with the whole banking industry is that you are forced to have a bank account, whether you like it or not, you are unable to provide yourself shelter, be it through renting or owning without one as this is a pre-requisite for either option, therefor it is inevitable that there are going to be issues with a percentage of people having a bank account, such is the law of averages, however to profit from these individuals by worsening their situation is a morally corrupt business practice. Had the banks been transparent about their charges, i.e. "It costs us exactly £2.50 a time to sort out your mess" then this issue would never have arisen.

For anyone that is in the fortunate position of never having incurred a charge for a banking mistake then I congratulate you, however I would prefer not to personally pay for your free banking in the first instance through my mistakes.

The other point being that if you were in a shop and didnt have enough money for the goods you wanted then the shop wouldnt sell them to you, they would find it hard to justify knocking off the money you were short then later charging you £35 for the service then demanding the original sale value? Or have I got the wrong end of the stick?

battyboimatt

Im sure it must be more than £2.50, I mean yes the computer may decline it automatically because you have no funds, but then I would have to get someone to check because yes computers make mistakes as well so thats staff wages, then electricity for the lights, pc usage, then if i have to write to you I have to factor the cost of paper, ink, maintance of printers, envelopes, postage, or if i have to call, cost of a call, staff time, line rental, it goes on, im sure the real price is more than £2.50, dont get me wrong probably not as high as £35 but still you have to give them leaway over £2.50

rag31

Well I didn't know that there were two different kinds of house of lords, so I have learned something new today.

Unfortunately I have incurred charges in the past as the alternative was "no food tonight kids", not because of irresponsible spending but because of the fact that I was not paid a living wage. Things have changed with wftc and so on, so that I have only incurred one charge in the last two years when I was unfortunately too ill to keep an eye on my bank account and went £2 over - yes the charges were ridiculous.

I would have no qualms about paying for my banking, not a problem, I pay for every other service and if it meant that when I accidentally went overdrawn I only had to pay a fair amount and the same for all the millions of other poor people on miniscule incomes or facing sudden financial difficulties then I personally wouldn't mind. Unlike some, rather well paid by the sound of it, posters.

chris_spackman

Are ALL the Banks covered . I am with Abbey and have not seen anything about them as i wish to put a claim in this weekend. I also have an account which is overdrawn. Will they close the account and send it to a debt collection company.

Also one thing i have thought of is:

If the OFT are to decide the outcome of this and with the banks seeking to appeal if a bank was to close an overdrawn account and get the debt collection company on your back can you ask the collection company to hold the action as you are in the process of taking the bank to court? Could you also appeal if the Bank mark your credit file?

borgbaiter

battyboimatt wrote: »

Im sure it must be more than £2.50, I mean yes the computer may decline it automatically because you have no funds, but then I would have to get someone to check because yes computers make mistakes as well so thats staff wages, then electricity for the lights, pc usage, then if i have to write to you I have to factor the cost of paper, ink, maintance of printers, envelopes, postage, or if i have to call, cost of a call, staff time, line rental, it goes on, im sure the real price is more than £2.50, dont get me wrong probably not as high as £35 but still you have to give them leaway over £2.50

most of what your listing are standard business overheads. £2.50 is more than generous.

chris_spackman wrote: »

Are ALL the Banks covered . I am with Abbey and have not seen anything about them as i wish to put a claim in this weekend. I also have an account which is overdrawn. Will they close the account and send it to a debt collection company.

Also one thing i have thought of is:

If the OFT are to decide the outcome of this and with the banks seeking to appeal if a bank was to close an overdrawn account and get the debt collection company on your back can you ask the collection company to hold the action as you are in the process of taking the bank to court? Could you also appeal if the Bank mark your credit file?

Abbey are covered by the court case. under the terms of the waiver they cannot close your account or pass it to dept collections as its in dispute. the credit file issue would only be relevent if your whole debt is made up of bank charges. if they attempt to do any of the above complain to the FOS.

Borgbaiter