MSE News: Bank charges: banks win test case appeal

Stephenbw

eurows wrote: »

Any other country and they would of been on the streets protesting at the banks and the way they seem to be shafting everyone.

No, they wouldn't, because:

A) In many countries the banking regulations are far more proscriptive and the fees far higher than those in the UK.
The vast majority of UK residents are not affected by this judgement.

eurows wrote: »

And for all those that are posting that they are glad. I am absolutely sick of paying for your free banking. Those with money that don't get charged for errors etc are riding on the back of the poorer. The sooner you have to pay for your banking the better. Pay as you go system is fine with me. Other countries have this system. We have a class system as always. The rich stuffing the poor.

You don't pay for my banking; I pay for my own with the profit the bank makes from my balance and savings and the fees it charges retailers when I use my credit card.

The_White_Horse

dirtydavey wrote: »

Its all very well for you to come on here and say things like this. But millions of people are not able to manage there cash as well as you.

Why are you here, to brag? Or to take enjoy other people misfortune. Why?

A minute ago you where banging on about bugets, now you are not. I was living to my means. I was bugeting just fine. Then I was wacked with massive charges for one mistake (not checking my vodaphone bill, I know I was fuc*ing dumb to trust they would not sharft me from behind, but they did.) Then it spirals. And thats the problem here. Banks are getting people into massive problems, to make a quick buck.

if you checked your bills, you would not be in this problem. this is your fault - not the banks. check your bills. check how much you have in your account. I do, at least twice a day. i was hit with one charge about 7 years ago - purely because i thought i had about 40 quid more than i did. It was my fault. what can you do? check check and check again.

kayleighb1985

angelflower wrote: »

Thanks for your post....I absolutely agree.

Lets just be a bit more empathetic to the people who are currently at the bottom rung of that process. Who have recognised an issue and are trying their hardest to fight their way out of it and get to the position where they can have a float etc. I incurred a lot of my charges whilst at the bottom of this process which just makes the journey that much harder.

its really nice to know im not the only one!!!
im 24 got landed with a tone of debt cheapest loan i got has me paying nearly £400 a month... i try not to use my credit cards but i had to use it for a emergency flight which wasnt cheap.. im proud to say ive paid offf my credit cars and cut them up..
trying every money saving expert tip to make my montly outgoing payments cheaper which isnt easy..

if it wasnt for this site i would be in ALOT of debt

so thanks money saving expert

MillaJoJo

simonp wrote: »

I'm obviously in the minority here but I'm glad of this decision.

No-one will win - if the banks lost they would just end free banking and we'd ALL have to pay for it.

As someone who hasn't paid a bank charge since being at uni in the 90's, I'm more than happy with my bank

If you go overdrawn without permission, you pay the fine! Simple!

Sorry - don't shout at me! I'm a big Martin Lewis fan but have always been against this campaign.

Hilarious.

So we've established the banks need to make profit right? You've just stated that you are quite happy letting those of us who do pay charges to pay for you to have free banking.

If you could please establish your view on what would happen if everyone did live within their means. No charges, no profit, no free banking.

So really you WANT people to live above their means, so long as it means they get charged and you don't have to pay, all to keep the banks in grotesque amounts of profit?

You can't have it both ways.

ailsajayne29

itsgazza wrote: »

All major banks have a basic bank account that does not allow you to go overdrawn, therefore no bank charges.

Dont start complaining though when you do your weekly shop at tesco if your bank decline your purchases because you dont have enough money in your account!!!

yep youre right, they do, however they will still if ''they'' deem it necessary make payments that take you into an unplanned od that you are then charged £39 pounds for, I once asked lloyds to ckarify how they made a decision between bouncing a dd and charging me for that and paying it and charging my for unplanned od...... this was because they bounced a car ins dd of £50 for me when i had £49.95 in my acc (and had funds in other accs to cover it) and between paying a dd to sky (that was taken early by sky... which cannot be classed in anyway as my fault) and charging me for that too....

We cannot win... as ive said many times before things change.... and if you are in a position that you have never had to incur charges or had financial problems pray that during the coming worse months you dont loose your job or any of your other income because trust me the gov dont want to help or support you and your bank certainly wont!!!! I got into a bad situation following a break up and having to change jobs for a lower paid job to ensure i didnt end up on the dole, taking from a situation i could have got out of if the bank had even just put a waiver on charges on my acc for two months, they didnt, kept charging more and more ridiculous amounts and ive ended up with any credit i did have on a debt management plan. I did have a lot of debt previously but i could repay this and to be honest im still not entirely sure why i was even offered that level of credit! So if you have never incurred a charge please dont judge or comment on situations that you dont understand....

we are all willing to pay charges if we have done wrong... but manageable ones... I really cannot see how halifax could justify charging me £39 for a returned payment when they didnt even send me a letter to say id been charged.... what was that charge for? the labour cost of the computer system? I would happily pay a charge of £5 or so if IVE made a mistake..... we must also take into account the fact that other companies will take money before due dates and extra payments so again we incur charges that should be repaid by the offending company who almost never refund your charge.......

im sorry i keep repeating myself about this but i really think that perhaps a little sympathy for thos of us on here who are trying to sort out money problems out and make things better without continually borrowing and incurring charges...... and if you are still in doubt read some of the debt free diaries..... everyones situtation is diff!

catinahat_2

Am absolutely devastated! Having been charged over £5,000 in bank charges over the six year period between 2001-'07 (whilst on disability/state benefits) I was on the final hurdle of reclaiming my charges through hardship. For the first time in years, really felt I might be seeing light at the end of the tunnel and perhaps, yes, maybe I might be able to get some of my charges back. My last letter from the bank hinted at the possibility by saying if I provided proof of my benefits and rent/bill arrears etc they /may be able to help my financial situ.
I've sent every bit of correspondance to them via royal mail special delivery at a cost of 4.95 each time.
There's no way I'm going to get one penny back now from the £5,134 charges I've been forced to pay without little warning or anything.
Feels like the only glimmer of hope has been washed away in one fell swoop! As a single parent with a lifelong disability and now no hope of any redress in the injustices we as banking consumers have endured, christmas and indeed the future, are looking very bleak.
I can't imagine that any of the banks with cases pending like mine, or the millions on hold, are going to do 'the right thing'. Maybe they'll loan me enough to buy a one way ticket to beachy head! (at exorbitant interest rates of course!).

Where now? It seems to me that this incredulous ruling is based little upon the legalities of 'fairness' or 'justice', but more on the 'ramifications of the banks having to redress the out and out thievery they've gottten away with for years... and the current economic climate. After all, with the 'recession', credit crunch etc, its they who hold the power to raising the economy from the doldrums (in my opinion), therefore, I think this ruliung in many respects was inevitable and very much, political.

Once again, the little guy gets crushed. Is there any hope left for us who have fought for so hard for so long, to get anything back? Any advice or suggestions welcome. Very much in despair as this was my only hope. Thanks in advance everyone. Cat

neverdespairgirl

ste_coxy wrote: »

i am well shocked!

i think a lot of dirty back handers have been going on behind the scenes!!!

I think that's an outrageous thing to say.

superdood

philatio wrote: »

I love it how the scenario of the jobless, single parent who can't find 50p for the gas meter or feed the 5 kids.. is the one everybody is spouting here.

Wake up!

99% of the people fighting these charges are paid a decent wage.. spend it all on beer, fags, DVDs and clubbing and then expect to be able to spend money they don't have.. for free.. until the next pay day.

Whether the charges are 'fair' or not is irrelevant. The banks clearly publish their charges and fees. You sign up for an account so you agree to those fees. End of.

And no.. I'm not a banker (!).. I just have the basic intelligence to be able to manage my own finances.

Oh this is so funny :rotfl: I am having a great time reading all of the ignorant cr*p on here. Seriously, keep them coming, I'm gonna be laughing for days about how thick you are, and better, how intellegent you think you are :rotfl:
Seriously, the tears are running down my cheeks, stop making me laugh :rotfl:
Yes, we are all lying about being poor :rotfl:rofl

mramra

dirtydavey wrote: »

Its all very well for you to come on here and say things like this. But millions of people are not able to manage there cash as well as you.

Why are you here, to brag? Or to take enjoy other people misfortune. Why?

A minute ago you where banging on about bugets, now you are not. I was living to my means. I was bugeting just fine. Then I was wacked with massive charges for one mistake (not checking my vodaphone bill, I know I was fuc*ing dumb to trust they would not sharft me from behind, but they did.) Then it spirals. And thats the problem here. Banks are getting people into massive problems, to make a quick buck.

You made a mistake, you paid for it, hopefully you won't repeat the mistake again. End of.

PACGU

Can you imagine the smug look on the faces of all involved in the banking industry today? You can pick them out in a crowd Im sure, from Bonus Buddies right down to the misguided tellers who are in reality nothing more than unwitting pawns.
-All that is left to do now is to abandon the current system altogether -everyone join or form a credit union style facility (Martin?) and leave the old establishment to their own devices.
-I have already withdrawn from 'standard' models in many aspects of my life and feel more in control and 'safer' in many ways. It is a very liberating feeling indeed and one I recommend to you all.
Do yourselves a favour and seriously consider it.