MSE News: Bank charges: banks win test case appeal

Premier_2

mr.brightside87 wrote: »

...I'm massively in debt with the bank but I managed my finances. Just because sky took a payment out early (a week early may I add!) then my financial clout went balls up and I have got no way out of it.

So do not think everyone who has gone overdrawn mis manages their money because it doesn't

Was that by Direct Debit?

Paul_J

Yes, I'm very pleased that I'm not going to be penalised and have to pay banking fee's to subsidise those who don't stick to their banks rules. A wise decision.

blahblahdoh

danm wrote: »

i think you hit a wider nail on the head here. Unfortunately we have some pretty thick people in this country and they are willing to buy financial (and other) products they do not fully understand. Similar mess as mortgages/cheap credit. Theres nothing wrong with cheap credit. There is a huge amount wrong with given a 2nd mortgage to someone who uses it to park a range rover on the drive of their ex council house. Financial eduction is needed.

However, those who act like you describe an just assume, unfortunately pay the consequence.

To assume make an !!! out of U and ME

My response to your question was really just about banks. I don't know how you get from my comments to "thick people", I believe they apply to everyone. It is not unreasonable to assume banks will treat you fairly, or at least it shouldn't be. It is not unreasonable to expect the OFT to resolve cases of blatant unfairness. I think many older people probably expect to be hit with a punitive £25 fee when they go into the red: thats the way it used to be. Nowadays fees escalate alarmingly if the amount is not paid immediately. Since you have most likely gone into the red accidentally, by the time you find out, even if its just a few days, you can easily be facing a fee of £100 or more. Why? It's not like buying a washing machine where you have a choice - all banks are more or less the same, and you can't really not have one. It's hard to see it as anything other than extortion. Try applying it in any other area: speeding fines, for example? And when the banks make mistakes or breach their agreements, there appears to be no charge.

mr.brightside87

Premier wrote: »

Was that by Direct Debit?

Yup. Then I arranged at the bank to cancel the debit (which I had sorted with sky) and the nice polite woman on the phone said it would be sorted. Next month, another charge and 2 lots of subscription on top of the original charge.

Yes, I'm very pleased that I'm not going to be penalised and have to pay banking fee's to subsidise those who don't stick to their banks rules. A wise decision.

Re arrange the words:

SOAPBOX OFF GET YOUR

If you stayed in the black, you would be able to afford it. Instead now, those in the red will STAY in the red with no hope of getting out.

It's a null argument that and, unfortunatley, the supreme court fell for it.

You're telling me you couldn't afford a small fee every month? Come off it!

staffie1

Paul_J wrote: »

Yes, I'm very pleased that I'm not going to be penalised and have to pay banking fee's to subsidise those who don't stick to their banks rules. A wise decision.

Have the banks stated they are not going to impose account fees on everyone to run their accounts? Last I heard on the news at lunchtime was a commentator saying they probably won't, but personally I don't believe today's ruling will make any difference to that..?

gordikin

gooner72 wrote: »

Thanks for the reply. For the record everyone i got money back for were happy to give me £200 - £800 for a return of £1000 - £16000. It wasn't just one letter per person, the disabled lady who had over £15000 returned, needed me to get the money from 5 separate banks.Please ask yourself this If someone offered you £10000 of your money back from the bank and asked for £1000 only on a no win/no fee basis, what would you do? My friends are over £140 000 better off and between 30 of them the have given me £7000. To date not one of my friends has asked for my charge back, if this changes i will let you know

Personally I'd point them in the right direction of doing it for themselves for free...and therefore I'd not be preying on the vulnerable. Do you really charge your friends 20%? YOU make Bankers look good!

MillaJoJo

mramra wrote: »

This is a good decision for the majority of people who believe in budgeting and careful management of their finances. This could have ended with everyone facing annual/monthly charges for their current accounts. Thankfully, common sense prevailed. :T

Yes, and so far it looks like it's ended with a few having to cover the cost of free banking for all.

If free banking is riding solely on the fact that there are some people getting charged, then what would happen if everyone was as perfect at managing their money as you? Who would pay for your free banking then?

Premier_2

mr.brightside87 wrote: »

Yup. Then I arranged at the bank to cancel the debit (which I had sorted with sky) and the nice polite woman on the phone said it would be sorted. Next month, another charge and 2 lots of subscription on top of the original charge....

You should have demanded the money was repaid immediately by the paying bank under the terms of the DD guarantee.

Furthermore you should have told the bank that you wished to make a claim for consequential loss (i,e, bank charges that arose).
Depending on whether the bank or sky were to blame, depends on who would ultimately pay this.
Whosever was to blame, the bank would refund you the consequential losses too...but not immediately. You would have to wait for the outcome of any indemity claim.

vaughan80

I fully accept the responsibility that it is MY fault that I became overdrawn in the first place (by just 5 pence). However, the majority of my charges were "repeats"... charging me because the initial charge put me further in an unauthorised overdraft by charging. I was charged 5 times in one month because of the first charge. I'm not the only one who has experienced this domino effect with charging. That I feel is unfair. It took me months to scrape myself out of that debt - reclaiming the bank charges was just a glimmer of hope.
I did the smart thing and moved bank in the end (I was with shabby abbey).

For me and many others, the loss of this case is not that we have lost out, but just the cold hard fact that it proves the public mean NOTHING.

Just remember: The government have already used OUR tax to bail these !!!!!!!s out, they will not reciprocate because it would ruin the majority of them overnight.

I would love to be paid in cash and stick it all under the mattress. We need a revolution people, and for a short while, it looked like we might have had one. :mad:

Tom1234

Paul_J wrote: »

Yes, I'm very pleased that I'm not going to be penalised and have to pay banking fee's to subsidise those who don't stick to their banks rules. A wise decision.

Yet you expect those others to subsidise you?

Pot. Kettle. Black.