MSE News: Bank charges: banks win test case appeal

Pammy

addzone wrote: »

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.

Excellent post. Thats it, we are all worse off. This whole thing is a complete mess.

nellyboy

it is not someone elses money. this is exactly it. its the fact that they dont pay the direct debit and then charge you for not paying it anyway!!
or charge you for going into overdraft when you are "unauthorised".
TBH they have made me go overdrawn without MY authority to make me become unauthorised!!!

i have gone over my authorised overdraft, in error and, 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

nellyboy

nellyboy wrote: »

it is not someone elses money. this is exactly it. its the fact that they dont pay the direct debit and then charge you for not paying it anyway!!
or charge you for going into overdraft when you are "unauthorised".
TBH they have made me go overdrawn without MY authority to make me become unauthorised!!!

i have gone over my authorised overdraft, in error and, 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

also, what is an unauthorised overdraft? surely if it is unauthorised, it shouldnt happen. i defo wouldnt want to go that way but i have and the recurring charges have mounted up!

thats the problem......

i had an example the other day where i have changed accounts. i now pay my wages into one account and that then puts a stasnding order over to where my bills come from.

i had some girl at halifax(!!) tell me that the money had taken 5 days to move from my halifax account to my lloyds account (i get paid on the last working day of the month, so got paid on fri 30th last month), because the computer system could not accept payments out before the end of the month as feb only has 28 days and as such all payments went out on the last DAY of the month!, this would then transfer to the next working day as the last day fell on a weekend!! i thought computers only understood numbers not days!

does anyone know if i can get my wages paid into a foreign account without any comebacks?

nellyboy

from the CAG forum:

NEW ROUTE FOR CHARGES CLAIMS



After further consideration of today's judgement, we consider that the door is now open for claims to be made under sections 5 and 8 of the UTCCR 1999.

We believe that the Charges term within your bank contract will not be binding under Regulation 8 as Regulation 5 points to terms being unfair if they are not individually negotiated if the cause a significant imbalance in the rights and obligations of the parties to the detriment of the consumer. Once it is established that the term violates Regulation 5, then Regulation 8 negates that term and so the banks will be liable to return all charges.

Over the next couple of days new templates will be drawn up, but the most important thing is that claims are not allowed to be closed. If your bank notifies you that your claim has been closed please let us know.

Further details will be posted as things develop, including details of what to do next if your claim is already in the system.

crispy_chris

I dont even think the amount is unfair, what I don't like is the way that a single charge can spiral out of control extremely rapidly.

A £30 charge is okay in my opinion, its a rap on the knuckles effectively telling you not to do it again. But then to whack another £28 on top of that? And woe betide you if you made multiple small transactions under the shop-floor limit, it'll be £30 for each of those as well.

And hey not everyone that works for a bank is a bad guy!

nellyboy

wheres natweststaffmember when we need pearls of wisdom!?!

nellyboy

crispy_chris wrote: »

I dont even think the amount is unfair, what I don't like is the way that a single charge can spiral out of control extremely rapidly.

A £30 charge is okay in my opinion, its a rap on the knuckles effectively telling you not to do it again. But then to whack another £28 on top of that? And woe betide you if you made multiple small transactions under the shop-floor limit, it'll be £30 for each of those as well.

And hey not everyone that works for a bank is a bad guy!

TBH, it isnt the majority of those at the coal face, we all know that.....

but there are some little hitlers, who like to hide on the end of a phone!!

Charlie94

alexjohnson wrote: »

Yes, and you lost.

and how exactly are you contributing to the discussion here. At least make a comment on my post!

smothy

My problems came when my wife was made redundant...several times in the rundown of manufacturing in this country. Managed to keep it all together until the banks and thier cohorts decided to make it interesting for me. My wages went in on a certain day each month, so I tried to arrange all my DD for a day or so later, just in case of any glitches in the system. So the people I had arrangements with decided to start making thier requests at different times, usually prior to my wage going in. I complained to my bank about this, they said they were powerless to do anything...the customer could request and take money as and when they wanted. So I had to fall back on the DD refund scheme, that took 5-6 weeks for each item queried. In the meantime, the whole cycle repeated itself. Charge after charge after charge. Then I lost my job and it just escelated.

If I had been able to set up SO for a fixed amount on a fixed date, then I feel I could have avoided these charges, of which I'm not proud, but this facility isn't available anymore seemingly.

Fully expect some holier than thou, look at me I'm perfect, !!!!!! to tell me what an imbecile I am and unfit to even have a bank account.

nellyboy

smothy wrote: »

My problems came when my wife was made redundant...several times in the rundown of manufacturing in this country. Managed to keep it all together until the banks and thier cohorts decided to make it interesting for me. My wages went in on a certain day each month, so I tried to arrange all my DD for a day or so later, just in case of any glitches in the system. So the people I had arrangements with decided to start making thier requests at different times, usually prior to my wage going in. I complained to my bank about this, they said they were powerless to do anything...the customer could request and take money as and when they wanted. So I had to fall back on the DD refund scheme, that took 5-6 weeks for each item queried. In the meantime, the whole cycle repeated itself. Charge after charge after charge. Then I lost my job and it just escelated.

If I had been able to set up SO for a fixed amount on a fixed date, then I feel I could have avoided these charges, of which I'm not proud, but this facility isn't available anymore seemingly.

Fully expect some holier than thou, look at me I'm perfect, !!!!!! to tell me what an imbecile I am and unfit to even have a bank account.

and when you do set up a standing order, and the money that you expect to be in your account on a certain day isnt there, see how much of a charge it is for refusing a standing order!!




oooh, dont worry the "in credit brigade" will be along soon ( Q? why are they called trolls?)

but there will be a change soon to fee paid banking and a move away from the free banking model.....it just wont be viable very soon.