MSE News: Bank charges: banks win test case appeal

Charlie94

mramra wrote: »

I'm not siding with the banks at all. I'm siding with me.

I think you just proved Plebs point!

Kirstenm1976

Knackered wrote: »

If you're not reclaiming you've no business here.

What a rude poster you are. Who made you the thread police?

ANYBODY is entitled to post here, regardless of their views.

danm

blahblahdoh wrote: »

I suppose a lot of people don't read the small print, or try to, then give up because its so long and tediously written. Or else they forget it after being with a bank for years without a problem. Or maybe they lose track of the constant unilateral changes being issued by one party to the contract. After all, ordinary people can't be expected to behave like forensic lawyers, and one bank is much like any other. Most people probably just assumed that a responsible longstanding institution wouldn't dream of alienating them by imposing unreasonable, escalating, extortionate charges and if they did, then the OFT, the courts and the government would protect them just as they do in every other industry.

i think you hit a wider nail on the head here. Unfortunately we have some pretty thick people in this country and they are willing to buy financial (and other) products they do not fully understand. Similar mess as mortgages/cheap credit. Theres nothing wrong with cheap credit. There is a huge amount wrong with given a 2nd mortgage to someone who uses it to park a range rover on the drive of their ex council house. Financial eduction is needed.

However, those who act like you describe an just assume, unfortunately pay the consequence.

To assume make an !!! out of U and ME

fatlad9

ahhh well, there goes the £2k in charges i was hoping would be coming back to me.

but (!) to be honest i'm of the opinion ive paid these charges, i'm sorting my finances out, and hopefully wont get too many more, so its not a big blow that the OFT lost the case.

i think if anything its going to make me look for a new bank account! one that has lower fee's if i do go into the red, and deffinately see about taking off the monthly fee i pay to have this daft hsbc + account. £12 a month i think.

i see there is a slight hope of something being sorted, but i guess if the OFT go down another route it will take 2+ years??



maybe its time employers offered wages in cash again, all my bills were paid over the counter in cash, and my money kept in an envelope in the sock drawyer!!

cappy1501

Myrrdin wrote: »

The banks run the country, not the politicians. That's why ultimately they get what they want.

I still think there may be mileage for reclaimers, if you read the small print in today's judgement. It may just take a while to put the legal argument together. And of course there is a political solution. All three main party leaders have put on record that they think the current charging structure is wrong.

If you want to really understand how the banking system works, read Promise to Pay: An Inquiry into the Modern Magic Called High Finance by R. McNair Wilson - written in the 1930s but still highly relevant!

"The few who understand the system will either be so interested from it's profits or so dependent on it's favors that there will be no opposition from that class." -- Rothschild Brothers of London, 1863

You will understand many banking practices after reading this.
A copy can be downloaded FREE but you will need to google it as I can't post links to sites yet!

Fab book!!!! & although it doesn't help us to change the ruling it can really provide an eye opening info that can educate us. Thanks for mentioning the book; it's an old treasure

RachelW1987

Stephenbw wrote: »

Why do people keep saying that this will affect the poor ?

The 'poor' people I know, pensioners and disabled people on small fixed incomes, are not affected by this as they don't overdraw.

My friends who complain about bank charges are working full time on higher than average salaries and simply choose to live beyond their means.

Some people haven't chose to live beyond thier means though. Some people have generally been screwed by the bank. I have paid our OD off and have my savings back but it still leaves a bitter taste in my mouth that when I needed help they wouldn't listen.

Its like talking to a brick wall though.

Kirstenm1976

ejmdkb wrote: »

Gutted... I was on for around £8k... all my own fault I know, but would have come in nice for my forthcoming wedding. Instead now - another loan I guess.

So hasn't being charged £8,000 taught you anything about managing your money? Can't you save for your wedding? You're still living outside your means!

colprimus

Putting petty why should I this and why should I that arguements aside for a moment...Is no-one else concerned that this appears to be very much a political decision, is no-one else concerned that this judgement smells off political interference and corruption, is no-one else concerned that the banks have far to much say in everything these days?

BritishBankers

Basically most of the people complaining sorry moaning will always do so as they go about life as a victim and always blame everyone else they forget its them that control their own life.

If you actually took a few minutes to sort out your finances and not spent money you don't have then maybe you wouldn't be here complaining that your not going to get your charges back.

I think the banks are more than right to charge people for not keeping to the T&C's at the end of the day its not a charity its a business.....

Charlie94

I'm dissapointed that some people are siding with the banks decision on this forum. If you believe that the charges were fair then I strongly disagree ( along with 2 other courts and I think the banks themselves) but you are entitiled to your opinion.

However I am amazed that people here actually belive the banks argument that there may possibly have been an end to free banking if overdraft charges were paid out and not allowed to continue. In the past you could not go over your overdraft if you reached it yet we still had free banking then.

Overdraft charges were only introduced as a way of making profit out of peoples mistakes or hardship. As I have said previously if the banks really are so concerned with people going over their limit then they should just stop people withdrawing when they reach that limit.

I think you are being naive if you believe banks would put an end to free banking if they had to pay back these charges and discontinue their fines. The banks argument is just a scare mongering tactic to garner support for their case. One that has sadly worked.