MSE News: Banks to improve charges transparency

simon_templar_2

Nathan_Spleen wrote: »

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

This site is full of them. CAG only contains them.

opinions4u

MSE_Guy wrote: »

"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. ..."

It's all window dressing. The banks are quite happy to do this because most customers who pay charges will continue paying charges.

Good PR for minimum cost.

simon_templar wrote: »

Charges are clear already.

In most cases it couldn't really get clearer than "stay in credit and it won't cost you a penny". If people had the sense to follow that ...

Nathan_Spleen wrote: »

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'' ?

Because it's absolutely no skin off the banks' noses to reword terms and conditions. Good PR that won't see a single customer change the way they bank. Some providers even have "Clear English Standard" (the old crystal mark) attached to their T&Cs confirming the ease of reading.

If individuals took responsbility for managing their finances better then they would easily avoid charges. Much more use than agreements between OFT and banks to change the wording of page 32 subsection 3 and make it read better.

Nathan_Spleen

opinions4u wrote: »

Because it's absolutely no skin off the banks' noses to reword terms and conditions. Good PR that won't see a single customer change the way they bank. Some providers even have "Clear English Standard" (the old crystal mark) attached to their T&Cs confirming the ease of reading.

If individuals took responsbility for managing their finances better then they would easily avoid charges. Much more use than agreements between OFT and banks to change the wording of page 32 subsection 3 and make it read better.

Clearly you speak in ignorance. Where in the MSE news report or the OFT report does it mention rewording the T&Cs? It has nothing whatsoever to do with changing the wording in T&Cs but has everything to do with providing additional and ongoing information in an effort to encourage competition in the PCA market.

Nathan_Spleen

simon_templar wrote: »

This site is full of them. CAG only contains them.

In that case you shouldn't have any trouble in providing one example of someone who fits the criteria.

Having an opinion is fine but it's worth nothing if it's not based on at least a modicum of fact.

opinions4u

Nathan_Spleen wrote: »

Clearly you speak in ignorance.

I assure you I don't. Clearly you are ignorant though.

Where in the MSE news report or the OFT report does it mention rewording the T&Cs?

Bank charges are by definition an extension to T&Cs.

It ... has everything to do with providing additional and ongoing information in an effort to encourage competition in the PCA market.

And that's fine. My point remains the same though. Those who regularly incur charges and operate beyond their overdrafts will continue to struggle to switch because no bank is stupid enough to want them. Those who don't understand the fairly simple concepts of bank charges will continue to run their accounts in ignorance and the massive growth in current account switching that has been seen since 2001 will remain unaltered by this initiative.

simon_templar_2

Nathan_Spleen wrote: »

In that case you shouldn't have any trouble in providing one example of someone who fits the criteria.

Having an opinion is fine but it's worth nothing if it's not based on at least a modicum of fact.

The guy raving about a truck act on another thread is one example but i really cant be arsed playing with you on thread linking, sorry.

Nathan_Spleen

simon_templar wrote: »

The guy raving about a truck act on another thread is one example but i really cant be arsed playing with you on thread linking, sorry.

Without wanting to labour the point please identify anything the OP stated or even inferred on his thread that he believes that :

1) Banking should be free

2) Overdrafts should be unlimited

3) There should be NO charges

If, as I suspect, you are unable to then please have the humility to accept that you are wrong.