MSE News: Bank charges: banks win test case appeal

glider3560

What I think is disgusting, is that people think they can steal the bank's money without their permission. As an analogy, I would compare going into an unauthorised overdraft as walking into a shop, removing something from the shelf and walking out without paying. You wouldn't get away with "I don't have much money" in the shop, so why should the bank be the same? Most people on these boards are on low incomes but learn to live within their means and not steal the bank's money.

People seem to have got into their heads that it is alright to steal the bank's money without any consequences. It is not and should certainly be made illegal.

If you didn't agree with the charges, then why did you open the bank account?

Before someone says that the banks have stolen taxpayers money, they haven't. In case anyone doesn't realise, the government didn't just hand over money to the banks, but instead bought shares in the banks. This means that when the banks become more profitable again, the government will receive income in the form of dividends from the bank.

Today's decision is an excellent one and I hope that the "free banking" model will continue.

leanne.x.

Was hoping for a different turn out today...think the court is so so wrong!! the banks make millions a year out of us!!

After applying for hardship on my halifax account days after having a house fire and them saying that my circumstances hadnt changed...!!!!!!!! am going the avenue of f.o.s but to be honest they take there time and are not really much help...looks like its down to us the consumers to get back OUR money as we have in the pass bailed the bank out of s**t!!

[Deleted User]

This is the key paragraph;

If the Court allows this appeal the outcome may cause great disappointment and
indeed dismay to a very large number of bank customers who feel that they have been
subjected to unfairly high charges in respect of unauthorised overdrafts. But this decision
is not the end of the matter, as Lord Phillips explains in his judgment. Moreover Ministers
and Parliament may wish to consider the matter further. They decided, in an era of socalled
“light-touch” regulation, to transpose the Directive as it stood rather than to confer
the higher degree of consumer protection afforded by the national laws of some other
member states. Parliament may wish to consider whether to revisit that decision.

berkshirelady

Someone has suggested we close our accounts and move elsewhere. I would dearly like to be able to do this, but when I've been trying to pay off 2 OD's which despite all the payments keep getting bigger because the bank arbitrarily lowers the OD limits, applies interest which busts those limits and then applies penalty charges, I'm going round in circles. I owe £600 more on these accounts than I did a year ago and haven't made a single withdrawal from either in 15 months. I have a complaint in with FoS about this but the bank tells me I can't close the accounts until they're at zero balance or in credit. So - in the absence of a fairy god mother with ££££'s, what can I do?

I like the idea of a mass queue at local branches to ask for charges back, in person. Peaceful direct action, and easy to organise via mobile phones, facebook, twitter etc. I'm free this Saturday morning!

euronorris

A lot of you on here who are always in credit and think this a good thing. Think again. Charges do not have to be fair........cue charges for anything and everything. Including your standard banking.

This is not a good thing for you either!

gailey_2

Well I heared news on wright stuffa nd logged on to see here.
we as family really struggling latly got 10week old baby and toddler, xmas on way.
my hubbys helpful bank charged him £150 last month for going overdrawn which put us in worse position.
I dont believe it costs that much for 2 unpaid direct debits.

my bank tried to screw me but went into branch with 2screaming kids think they refunded on that occasion to get rid of me although was their fault in this instance not mine.

Lloyds charge me £15 for gping overdrwan then 15quid per day so £100 in a week!

Im gutted as Barclays owe me 2grand +was going to try and claim under hardship rules as knew it was on hold.
barclays brought in reserve fees as crafty way to charge more over a year ago.
I have paid £800 to barclays this year in charges they get my child benefit money until my accounts back within od limit.
only went over limit due to spiralling trap of charges being added not me spending!

I use my paypal top up card like a bank account.
can only spend whats on it
can transfer my ebay paypal money onto it and use it to pay bills online or over phone, use it for shopping ect.
but downside is cost £4.95 per year annual fee, £2 each time withdraw cash from machine and 31 to top up in shop and its owned by rbs but ist been real lifeline since having it means i can access money faster than bank transfer and that I have money to live on as money that goes into current account got swallowed up in cahrges you start to wonder whats the point some days.

food for thourght though

office of fair trading said unfair but ruling unfairly disagrees.

my point is the charges are not proportonate and unfair to people who do go od(does it really cost £35 for bounced cheque?) if the charges wre lower and fairer and capped by government not up to each bank then people would not quibble so much.
I too find i appalling that if they had lost they would then claim charges for people in credit thats also wrong its robbing peter to pay paul.

I understand those who are in credit and have had charges would be worried and angry at end to free banking as media keeps playing out.

Hubby says the state would not allow banks to lose as they in bad finacial way at the moment and its due to recession that case is lost.

I dont understand why we cant appeal to european court as supreme courts fairly new addition to uk judicial system anyway used to be high court then appeal in european court.

So fed up of uk and banks they win every time.

Tozer

Big_Daft_Lad wrote: »

Anyway, I've got a case already won in Northampton but with payment stayed pending the outcome of this ruling. Any ideas on the way forwards on that one? Yes, I've got a horrible feeling too!

Clearly, you will now lose it.

rambi-bambo

This is not acceptable!

MASS PROTEST TIME ???

FuzzyMoose

SailorSam wrote: »

If the decision had gone against the banks they would have looked for other ways to recoup their lost revenue, it would have probably been the end of free banking for the majority who live within their means.

I agree, this is a great decision for everyone who is able to manage their finances and not dip into an unauthorized overdraft.

I have managed it so far - and was sick at the prospect of having to start support the reckless now with monthly fees for accounts, cash machine charges or transaction charges if the banks had lots this case.

At the end of the day, people need to take responsibility for their own actions and spending habits

I realize that this post will probably cause the majority of MSEers to hate me but I have always felt that Martin's bank charge crusade was short sighted. Yes charges might have been refunded in the short term but in the longer term the fallout would have cost us ALL a lot more.

postmanpat68

the law is an *$$ !!!!!!!!!!!!!.