Bank charges test case latest: bank given leave to appeal

babydoll79

The banks know they are in the wrong, just delaying the inevitable....my bank (Abbey) have already stopped charging for going over your overdraft limit....its only a matter of time before they are made to down tools and hand over the money

carlos1973

IMO that's a consumer friendly move by Abbey. A scary thought however, if banks stop charging for exceeding overdrafts, bounced cheques, missed direct debits etc, what will they do instead?
We could end up with a three strikes and you're out type of policy. Bank account services withdrawn, overdrafts called in, debit cards stopped, in short a basic bank account wether you like it or not.

bengal-stripe

carlos1973 wrote: »

We could end up with a three strikes and you're out type of policy.

Would certainly keep the punters better in line than the current mess:
"I don't care if they charge me, I just claim it back!"

The realisation that one is to be hanged in the morning concentrates the mind wonderfully.
Samuel Johnson (1709 - 1784)

marcharrison1979

carlos1973 wrote: »

IMO that's a consumer friendly move by Abbey. A scary thought however, if banks stop charging for exceeding overdrafts, bounced cheques, missed direct debits etc, what will they do instead?
We could end up with a three strikes and you're out type of policy. Bank account services withdrawn, overdrafts called in, debit cards stopped, in short a basic bank account wether you like it or not.

Never gonna happen buddy, people will just keep moving from bank to bank, just like they do with credit card debt. As soon as the 0% deal is over, they move on. There is far too much competition out there for consumers to worry about having their bank account services withdrawn, there will always be another bank lying in wait, just dying to get them on board. The consumer has all the power and this is how it should be.

Nathan_Spleen

marcharrison1979 wrote: »

Never gonna happen buddy, people will just keep moving from bank to bank, just like they do with credit card debt. As soon as the 0% deal is over, they move on. There is far too much competition out there for consumers to worry about having their bank account services withdrawn, there will always be another bank lying in wait, just dying to get them on board. The consumer has all the power and this is how it should be.

I'm afraid you're entirely wrong. There is no virtually no competition in the personal current account market. I suggest you read the OFT PCA Market Study: http://www.oft.gov.uk/advice_and_resources/resource_base/market-studies/current/personal/pca/

carlos1973

marcharrison1979 wrote: »

Never gonna happen buddy, people will just keep moving from bank to bank, just like they do with credit card debt. As soon as the 0% deal is over, they move on. There is far too much competition out there for consumers to worry about having their bank account services withdrawn, there will always be another bank lying in wait, just dying to get them on board. The consumer has all the power and this is how it should be.

Have you tried moving a bank account? I can't speak for anyone else, but personally I'm not willing to go through it again. I have only moved due to my current claim and the amount of DD's & SO's and the fact that I have my Salary, Healthcare payments, Dividends and Tax Credits paid in, the number of hurdles I had to jump through is ridiculous. Switching creditcards is easy.
Quite simply the two do not compare.

Mark7799

marcharrison1979 wrote: »

Never gonna happen buddy, people will just keep moving from bank to bank, just like they do with credit card debt. As soon as the 0% deal is over, they move on. There is far too much competition out there for consumers to worry about having their bank account services withdrawn, there will always be another bank lying in wait, just dying to get them on board. The consumer has all the power and this is how it should be.

Assuming the new banks were happy to take them on after they'd done their credit checks.

marcharrison1979

Nathan_Spleen wrote: »

I'm afraid you're entirely wrong. There is no virtually no competition in the personal current account market. I suggest you read the OFT PCA Market Study: http://www.oft.gov.uk/advice_and_resources/resource_base/market-studies/current/personal/pca/

Then why are some banks willing to pay around £100 to attract new customers?

marcharrison1979

carlos1973 wrote: »

Have you tried moving a bank account? I can't speak for anyone else, but personally I'm not willing to go through it again. I have only moved due to my current claim and the amount of DD's & SO's and the fact that I have my Salary, Healthcare payments, Dividends and Tax Credits paid in, the number of hurdles I had to jump through is ridiculous. Switching creditcards is easy.
Quite simply the two do not compare.

Yeah i've done it a couple of times. It wasn't that much hard work, it was just a matter of making a few phone calls to the companies I had dd's and standing order arrangements with. Most banks will actually give you enough credit straight away to help you switch over and are very helpful with making the process as easy as possible. The last bank i changed to (Halifax) actually called all the companies involved and managed the changeover for me, it was easy!

marcharrison1979

Don't mean to sound funny but i suspect a few of you guys actually work for the banks don't you?