MSE News: Bank charges: banks win test case appeal

LilMissM

krisskross wrote: »

It will apply to everyone and I would think the payouts on hardship grounds will cease.

It would be discriminatory if some people were exempt.

So there is no point in contacting the bank and asking them to cancel the upcoming charges on my account? What I mean is, is it a waste of time asking the bank to cancel a set of bank charges? Are they allowed to cancel them at their discretion? x

Marsdendean

Its pathetic. Can other companies take money direct from your accounts NO.

It was bound to happen since the goverment has bailed the banks out, and banks warning if it does happen people will have to pay more for their banks.

I have £1600 tied up in bank charges, and as a family we have no money left at the end of any week, and are finding life hard. There goes £1600 which could of paid for my 2 credit cards

Pammy

From the outset I have seen people debate the rights and wrongs of the bank charges but money aside who regulates the process to which the banks actually take charges?

My situation was one where I was told I had a very serious illness, as a result my life was turned on its head for a while. Going over a pound or two for a period of time resulted in massive lump sum of charges. I knew when this money came out all my direct debits would hit resulting in further charges.

I literally begged Abbey National not to take the money out in one go, eventually talking to their head office. Nobody was willing to help, my circumstances were not taken into consideration, infact they were rather cold about it.

As a result of the money coming out I was sent on a downward spiral if debt, more charges hitting every month.

If it had been anyone else that was owed money legally I am able nnegociate a pay back solution. But not in this case, they were able to do what they wanted to and I had no say.

Todays ruling for me wasnt about the money, it was about the banks power of doing what they want. They were happy for me to spiral into debt, it meant they could get more money out of my situation.

Is the message now that this is acceptable?

euronorris

krisskross wrote: »

Yes you will have to manage without gas and electricity if you haven't allowed enough of your income to pay for what you use. Or do you suggest we allow everyone to use as much energy as they want without concerning themselves about paying for it?

It is not that long ago that the supply was cut off if you didn't pay your bill. At least that doesn't happen now, a prepayment meter is installed.

The people I feel sorry for in this reclaiming fiasco are the folks that were convinced that this was their money and that they would get it back plus interest. This firmly held conviction has been encouraged by sites like this. The very odd poster who suggested that the banks might win the case has been at best ignored and sometimes abused.

So an elderly person struggling to meet their basic costs should just forgo their gas and elec completely....even during winter? Don't be silly!

Paul_J

Pendle_Gazza wrote: »

Is that the same Martin who went ridiculously quiet for weeks when plenty of people were panicking after the collapse of the Icelandic banks? He does a fair job, but I think some of you hold a somewhat inflated view of him TBH.

What, not the same one who advised everyone to FIX FIX FIX their energy prices last year ahead of the huge 40% rises which, strangely, didn't occur?????

Paul_J

2_litre wrote: »

Did you vote for Thatcher ?

No, but I've benefitted from her policies.

ollski

G_M wrote: »

Hooray! If the banks had lost, they'd have started charging fees just for running a current account, hitting innnocent consumers who look after their budgets.

It doesn't matter if the banks won or lost you will still be paying fees to bank shortly, do you seriously think there will be any sort of loyalty towards customers who have kept a good budget?, you are cash cows along with the rest of us. What are you going to do when they decide to rob you, as they will, it's not as if you can choose a better service provider.

Stephenbw

euronorris wrote: »

So an elderly person struggling to meet their basic costs should just forgo their gas and elec completely....even during winter? Don't be silly!

Don't be silly; elderly people are paid £125 each specifically for their winter fuel bills.

Doc_N

Pendle_Gazza wrote: »

Is that the same Martin who went ridiculously quiet for weeks when plenty of people were panicking after the collapse of the Icelandic banks? He does a fair job, but I think some of you hold a somewhat inflated view of him TBH.

Very much agreed. He does a decent enough job, most of the time, but it doubtless pays him very handsomely - this website alone must bring in a huge amount.

The hero worship is out of place though. He can - and does - make errors of judgment, and this looks like one of them. It's wasted a vast amount of money on both sides, put free banking for millions at risk, and now the banks will be wanting to get their costs back. And where do you think they'll get it from?

This was always a ridiculous cause. If you take someone else's money without their permission, you should expect to pay a penalty for doing it. I wonder how Saint Martin would feel if someone dipped into his account and 'borrowed' a few quid without telling him.

Premier_2

Marsdendean wrote: »

Its pathetic. Can other companies take money direct from your accounts NO..

I think you'll find the answer to that one is, once you agreed a suitable contract with them, YES

You agreed such a contract when you agreed to an account with your bank.