MSE News: Bank charges result at 9.45am Wednesday

dmcallister1506

So, on another note, will the FSA now lift the freeze? If I receive a letter from my bank saying anything about the bank charge test case before the freeze is lifted, isn't this a breach?

Broken_hearted

People should not be having a go at Martin, reclaiming bank charges was not his idea he was only jumping on the bandwagon with everyone else. This is a good lesson for everyone consumer revenge is all well and good if done by a few, done in large numbers with no personal responsibility it only bites you back.

The_Hallowed_Way

atlastcommonsense wrote: »

AND FAILED :T:rotfl::T

Ooh. Harsh but fair.

phillh79

santiago7 wrote: »

So the UK will print out money to save the banks, but wont print out money to save the puplic???

pay back the unlawful charges and this WILL help the recession, people with debts will use the money to pay them off and people with no debts will spend!!

isnt this what the government want????

I was planning on using most of my claim to pay off my debts and then I would have more money each month to put back into the economy. Its a win win situation for the government if they make the banks pay us back.

beer_tins

Well, this isn't necessarily a disaster. The ruling says banks should be able to charge for people going into unauthorised overdrafts. That is fair enough, IMO. there is a cost to the banks, after all.

But what is not fair is the amount the banks are charging for customers to do so. the law says that these charges can not be punitive i.e. they must in some way reflect the cost to the bank of handling and administering this overdraft. There is still room for customers to argue that the charges they incurred were punitive and to try to claim back part of these charges.

On a side note, there is a proposed law in the USA to make banks give customers the choice of either being able to go into unauthorised overdraft (and incur charges to do so), or to block any payments which would take a customer into an unauthorised overdraft. seems like a pretty good idea to me.

mesotrons

What a selfish attitude. What you are saying is that as you have been lucky to never been caught out by the banks, you want people that have been, to keep subsidizing your banking. You want something for nothing, and you think that other people should pay it for you!

The_Hallowed_Way wrote: »

This is excellent news! This is a victory for those of us who manage our accounts properly and don't want to have to pay charges in order to pay for those who seem to want to treat the banks as a source of free money.

That's Martin Lewis's reputation hit for six as well. He'd built a whole career on this and it's now gone up in smoke.

jamespir

atlastcommonsense wrote: »

Yeah, OK then Brains, of course you have.:rolleyes:

So how much have you given to the banks over the time in charges ?

I must keep an eye on stock prices today as the banks are bound to increase, might make some cash on the back of this :beer:

my financial sitution has nothing to do with my brains its because at a time i was young and carless like most of us were/are



but youre smug attitude will hot you in the backside one day

dmg24

phillh79 wrote: »

Yes I thought about my statement and its my view. This is a forum for free speech and opinions.

As the famous quote by Lord Acton goes:

"Power tends to corrupt, and absolute power corrupts absolutely. Great men are always bad men."

So the Court of Appeal were not corrupt, because they agreed with your viewpoint?

The phrase 'sour grapes' springs to mind. It is sad that some people cannot be more grown up about this.

Felix_kentish

atlastcommonsense wrote: »

I suspect I do have more money than you , thats because I work for it and have worked out that if you sign a document saying we will charge you £35 for going overdrawn, then I dont go overdrawn and thus keep the £35

Simplez

And i suspect you'd be right cause I'm a student. Working hard towards a good job. I'm not just some slacker that expects everything to be done for me.
I just don't agree with how excessive they are. If it was the same as credit cards and capped at £12 I'd be happy.
And just so you know, i didn't sign that document. The banks changed their terms and conditions

Quanz2

I can understand how people can say that if you incur bank charges its you own fault and you should pay the charges. Yes people should be able to manage their money, but the whole banking system is designed to extract the most amount of money from those least able to pay. Its amazing how bank charges snowball. You have no money to pay your credit card direct debit the bank charges you circa £25, its represented you still dont have any money another £25, the credit card company then charge you £20 for missing a payment - so next time you get payed your £50 down, having to pay 2 months credit card bill, if you have this happening for several direct debits, its amazing how much you start to rake up in charges. My bank also applies a £5 a day exceeding overdraft charge, which the always debit to your account on the 23rd - as most people get paid either at the end or the first of the month this is a great way to generate money for the bank. If your struggling then chances are your not going to have any money in the bank, so the bank charges make you overdrawn for a least another 7 days. It makes me so depressed, I am trying so hard to keep my head above the water, but redundancy, soaring electricity, food bills, petrol all add to ones woes. Luckily I have a job now, but its a lot less money and its such a struggle.
I really dont think charges of £30 for going overdrawn are fair, any if you start to look at it from the point of view of an APR % to pay something - The banks are up there with the loan sharks.
Banks seem unwilling to pass on the low base rate onto mortgage holders, and they aint giving the money to savers. They want to be bailed out when the mess up - so do I, wish the government was as generous with me as they were with the banks.

Sorry am ranting!