The future of banking on the back of reclaiming Discussion Area

Hereward

I based my views of the basic bank accounts on what is currently available, hence they appear very similar. Where I envisage the major changes is the number of "free" current accounts to drop to zero, I expect all current accounts to have a minimum income threshold, average balance requirement or some sort of fee. These accounts are currently the "premium" accounts today, but I expect them to become standard as the older accounts are phased out.

As more and more people reclaim their bank charges, the banks, as a way of fighting back, will close their existing accounts. This would force people to open new accounts with other banks, but they will be limited to a basic bank account, as I outlined earlier, of one of the new standard (current premium) accounts; therefore, the banks will try to maintain their income levels through different avenues.

sabelu

I 'm on this one and have had a reply from Halifax listing the charges and asking me to ring them if I intend to refer to Moneyclaim.
Lloyds TSB have acknowledged my letter and are in the process of sending a list of the charges and Citibank are saying they will forward the charge information on receipt of a cheque for £10.
How does this compare with others experiences, any tips?

oldwiring

sabelu wrote:

I 'm on this one and have had a reply from Halifax listing the charges and asking me to ring them if I intend to refer to Moneyclaim.
Lloyds TSB have acknowledged my letter and are in the process of sending a list of the charges and Citibank are saying they will forward the charge information on receipt of a cheque for £10.
How does this compare with others experiences, any tips?

Hello sabelu. Have you not posted this to the wrong thread? This one specifially deals with the future of banking and not present processes for vharge recovery.

polajoo

Chrysalis wrote:

...banks only will lend you money if you prove you dont actually need it. If banks were to auto apply a temp overdraft so payments were cleared then the customer wouldnt have a nasty fee and the temp overdraft would have to be removed within say a month.

Sorry, have to disagree with you there. While I agree it's a nice soundbite, it's not always true. On a number of occasions I have phoned up the Halifax and said "I've got a DD/card payment/SO coming out tomorrow and, as you can see, there's nowt in my account. Can you increase my overdraft until the end of the month for me please?" and, as long as you're nice over the phone and ask politely, they granted my request 100% of the time.

But look at it this way: your mate, who you know is skint and has a spending problem, asks to borrow some money. Your other mate, who you know is flush and has money coming out of his ears, wants to borrow some dosh from you. Which one would you trust with your money?

Chrysalis

Its not down to trust if a mate asked me for cash in hard times and I could afford it I would lend it him and not expect it back, but not everyone is me.

With the bank your bank may do that but I wish mine did, last time I rang for a temp increase in overdraft they just said to me no computer says no.

oldwiring

Chrysalis wrote:

Its not down to trust if a mate asked me for cash in hard times and I could afford it I would lend it him and not expect it back, but not everyone is me.

With the bank your bank may do that but I wish mine did, last time I rang for a temp increase in overdraft they just said to me no computer says no.

About the mate you make a worthy point, but behinf it lies something, that is he is your mate. He wouls not be your mate, unless you could trust him and there is a bond between you. Because of that trust, even though you would not expect repayment, you know that his honour will encorage him to reapy at some time, could be in the distant future, or that he will retun you goodness in some other way. Extend it beyond a mate to a stranger and the element of trust or a bond does not exist. Giving under such conditions is an act of altruism.

Any commercial enterprise cannot sucessfully exist on altrusism; it has to generate profit to reward its owners, shareholders, partners, pay its workers etc. Lending will only be undertaken if there is a reasonable prospect of a return. It cannot be any other way.

As to the reply you got - the computer says no- I do not feel at ease with replies like that, because ther is no personal reasoning about the particularity of a case. n the distance of the past I ahve known of managers making a decision tinged with altruism- possibly because they knew a failure could be absorbed in the good lending they did. However I think we must recognise that there are some, who, by their actions in the past or their situation, are bad risks , and have to be refused.

Commerciality does not preclude altruism, but I'd suggest it maybe targeted into charitable contributions out of profits made. IMO that is the proper way to conduct affairs. I will not debate, if enough is done by such means.

westable

check out my claim http://www.consumeractiongroup.co.uk/forum/royal-bank-scotland-bank/12075-west-rbs-5.html

interesting

windchest

M_Thomson wrote:

Err, yes, lots of banks currently pay up to 5% interest on current accounts.


No it doesn't cost £30, most banks charge around £12 for this. Not sure where you got the £30 from??!

Natwest charge £38.00 !!!!

M_Thomson

windchest wrote:

Natwest charge £38.00 !!!!

From the Natwest Website:

Obtaining a special cheque clearance £15

Where did you get the £38 from?

Paul_Herring

M_Thomson wrote:

From the Natwest Website:

Obtaining a special cheque clearance £15

Where did you get the £38 from?

Maybe this.... http://www.natwest.com/personal02.asp?id=PERSONAL/DAY_TO_DAY/CURRENT_ACCOUNTS/RATES_CHARGES#fees

Natwest wrote:

Unauthorised transaction - Unpaid
If you go overdrawn beyond your agreed overdraft amount, we may return your cheques unpaid, or be unable to pay a Standing Order or Direct Debit

Unpaid fees are applied at the time the transaction is not paid or taken from your account

£38 per item