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Martin on Radio 5 this morning and the banks

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  • cogito
    cogito Posts: 4,898 Forumite
    To be fair to the banks, I once accidentally withdrew £1000 from my Barclays account rather than my Halifax account and this took me way over my £100 overdraft limit.

    Barclays wrote to me asking me to rectify the situation and said that there would be no charge unless it happened again in the next 12 months. I would have had no grounds for complaint if they had billed me.
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    misskool wrote: »
    Direct debit is the preferred method payment of choice. You get discounts and stuff from it. At the moment, we pay electricity, gas, council tax (all ESSENTIAL) via direct debit. And because we pay by direct debit, we get it cheaper. Why are the poor being asked to pay more for essential services? Electricity is much more expensive on a key.

    Perhaps people should be taught about personal finance first because giving them the bitter pill.

    One DD I will not use is credit card, due to the nature and variability it is very easy to forget an unusually large payment and be sent into the red :eek: It is easier to remember to pay it online at the same time each month
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    cogito wrote: »
    To be fair to the banks, I once accidentally withdrew £1000 from my Barclays account rather than my Halifax account and this took me way over my £100 overdraft limit.

    Barclays wrote to me asking me to rectify the situation and said that there would be no charge unless it happened again in the next 12 months. I would have had no grounds for complaint if they had billed me.

    That was then icon7.gif
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    kabayiri wrote: »

    Why can't the banks do the same? Accidentally going over your account limit for a few days over the year is not the same as persistent abuse of your overdraft limit.

    Don't be naive icon7.gif
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • carolt
    carolt Posts: 8,531 Forumite
    StevieJ wrote: »
    One DD I will not use is credit card, due to the nature and variability it is very easy to forget an unusually large payment and be sent into the red :eek: It is easier to remember to pay it online at the same time each month

    Yes, since I got caught out with them taking 2 DDs in 1 month, I cancelled the DD and prefer to pay myself each month.
  • olly300
    olly300 Posts: 14,738 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    StevieJ wrote: »
    Don't be naive icon7.gif

    Why is that naive?

    Two examples:

    Person x gets paid on the 1st of the month by the 20th of the month for the past 3 months they have been overdrawn. They have been a customer for 6 years including having a student account with the bank which was mainly overdrawn. The student overdraft was free.

    Person y gets paid on the 1st of the month. They have been with the bank for 16 years and have have no other debt apart from a mortgage with the bank. On 28th of last month they were suddenly overdrawn by £100 due to a direct debit from the bank's brand insurance coming out unexpectedly.

    Both people complain to the bank about overdraft charges. Now as a business who would you pay back?
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
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