MSE News: Banks to improve charges transparency

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Current account customers will be given much clearer information on the charges they can expect to pay after an agreement was reached between providers and the authorities. ..."

Read the full story:
Banks to improve charges transparency

simon_templar_2

Charges are clear already. The point is people dont want to be charged anything. They are not bothered about why they get charged but just want to have them refunded. Even if bank charges were capped at £5 people would still moan about them.

Nathan_Spleen

simon_templar wrote: »

Charges are clear already

If this was the case could you explain why the bank's representitive organisation has said, in response to the report, that ''banks were committed to making information clearer'' ?

exel1966

No matter how clear the banks are advised to make things wont make an iota of difference to those who choose to ignore the information provided, which a large percentage of those who mis-manage their accounts do.

Banks/Card companies spend hundreds of thousands annually mailing out T&C changes. Do most people bother to read them ? I suspect not !

Nathan_Spleen

Your'e probably right but that's hardly the point is it? If the BBA agrees that the charges need to be clearer then there is no doubt they do.

exel1966

Nathan_Spleen wrote: »

Your'e probably right but that's hardly the point is it? If the BBA agrees that the charges need to be clearer then there is no doubt they do.

I believe it's exactly the point. The bank's cannot preach/inform (no matter how clear) to those who just don't want to listen/bury their head in the sand. Some peole just want their cake and to be able to eat it - free banking/unlimted overdrafts/ NO charges etc.

They're not interested til it's too late and then feel hard done by and victimised. Taking responsibility, first and foremost lies in the hands of the account holders to accept they cannot spend what they don't have.

Nathan_Spleen

exel1966 wrote: »

I believe it's exactly the point.

I sorry it's not the point and you'd know it isn't if you practiced what you preached and actually read the OFT report http://www.oft.gov.uk/shared_oft/personal-current-accounts/OFT1123.pdf

The OFT have simply asked the banks to make their T&Cs clearer and the banks have agreed. What's the problem with that?

exel1966

Nathan_Spleen wrote: »

I sorry it's not the point and you'd know it isn't if you practiced what you preached and actually read the OFT report http://www.oft.gov.uk/shared_oft/personal-current-accounts/OFT1123.pdf

The OFT have simply asked the banks to make their T&Cs clearer and the banks have agreed. What's the problem with that?

I've already read it thanks so no need for the link. The T&C's are already perfectly clear. Break the rules, get charged !
The ONLY people who have problems with that are those who don't want to comply to them !

Fine, no problem, the banks are going to make them even clearer, but that won't stop the moaners and whingers still complaining that they're not clear enough ! No matter what the banks do/the OFT suggests, it still won't be enough for many !

Nathan_Spleen

exel1966 wrote: »

Some peole just want their cake and to be able to eat it - free banking/unlimted overdrafts/ NO charges etc.

Really? I don't suppose you could back this up with one example could you?

exel1966

I could, but I can't really be bothered TBH !

Nathan_Spleen

exel1966 wrote: »

I could, but I can't really be bothered TBH !