MSE News: Bank charges: banks win test case appeal

Stephenbw

euronorris wrote: »

As I am sure you are aware, I was referring to charges levied on unauthorised overdrafts. There were no such charges as there was no such thing as an unauthorised overdraft. I don't understand why there is now?

How far back are you going?

I was regularly paying charges for being overdrawn 35 years ago.

euronorris

No I haven't. But I never claimed that every retiree was in that situation either.

I also never stated that bank charges would be the only cause.

However, I do know someone who was in this position before. My Grandmother. It was only because of our intervention that the situation was resolved and we decided she should live with us instead. But not everyone even has relatives that they can rely on for help and support. If it can happen to one, it can happen to others.

nellyboy

ollski wrote: »

I didn't take their money, they paid it out without my permission on a direct debit which apparantly goes out around a certain time of the month whenever somebody can be bothered to request it. If they would have told me there was a request for it I could have said "don't bother, I'll sort it myself". I wonder if the banks will invest some of these billions they are saving in an online system to tell you of pending transactions to help customers prevent incurring charges....I won't hold my breath!

this is exactly it. OR the fact that they dont pay the direct debit and then charge you for not paying it anyway!!

i have gone over my authorised overdraft and i, as any normal person, accept that i will pay a charge. the thing is its the AMOUNT of the charge that people are upset with.

a fair and reasonable charge yes....one that makes 2 times profit (interest and extortionate fee) NO.

is there any account that is any different to any other at any bank, really, no i dont think so....if so please send me the link so i can change!!

the interest at a slightly higher rate, yes
a fee for doings so, yes, set at a fair and resonable rate/amount!

euronorris

Premier wrote: »

The world is a different place now. Cheques (some supported by cheque guarantee cards), debit cards, direct debits, etc.

But you still have a choice. You can take good financial care and not incur unauthorised overdraft fees by not spending money you don't have, or you can simply deal with cash by withdrawing such money over the counter like in the old days if that is what you prefer.

No one has said they shouldn't have to pay a fee. Just that it should be fair and/or proportionate. Which it isn't currently.

And not all fees incurred are the fault of the customer.

Premier_2

euronorris wrote: »

No one has said they shouldn't have to pay a fee. Just that it should be fair and/or proportionate. Which it isn't currently.

And not all fees incurred are the fault of the customer.

Tell it to the Judge .... :rotfl:

Paul_J

superdood wrote: »

Oh my lord there's so much cr*p on here

Yes, well, you're posting here so can't disagree with that.

euronorris

Premier wrote: »

Tell it to the Judge .... :rotfl:

I don't need to. I'm not claiming anything back.

I was fortunate enough and lucky enough to get myself back on a track after a slip up. Others are not so fortunate.

If they only had 5 GBP 'spare' in their budget to start with, make a mistake, and then get charged. Please tell me how said person is supposed to pay back a 35 GBP fine plus interest the next month?? They can't, so it happens again and again and there is no reasonable solution offered by the bank as that same person is then refused an arranged overdraft due to affordability!!! Tell me, please, how this person can now get back in the black. I really am open to ideas.

If, however, the charge had been 5 GBP,well then they'd pay and make d amn sure it doesn't happen again!

Premier_2

Stephenbw wrote: »

How far back are you going?

I was regularly paying charges for being overdrawn 35 years ago.

You need to go back a bit further than that.

The first cheque guarantee cards were introduced in '65.

(not saying that was the first time you could get an unauthorised overdraft, but they certainly existed then)

addzone

I can't help but feel the whole bank charges campaign has backfired big style. Like a lot of people I am deflated by the decision. I didn't have very much to claim back but a few extra quid for the holidays would have been good. The test case has also had wider ramifications. Most lenders are changing their charging policy. My £2k overdraft was costing me £9.30 per month in interest. Now my new account terms and conditions charge me £1.00 everyday for being overdrawn. For me this now means I am paying three times as much per year for the same facility. Not only will I not get my refund of charges I will be worse off in terms of charges. I thought the whole point of this crusade was to send a message to all these greedy bankers. I bet most of them now have their feet up laughing at us all.

gordikin

The people who spent money they didn't have in the bank have lost...makes sense to me to be honest. If you've not got it, don't spend it! We have no control over retail mark ups in any other sector, other than voting with our feet...why should banks be any different?