Bank Charges - Banks Win!

oscar52

bendix wrote: »

Name another business that provides services for free.

CCCS, Payplan, CAB.

And to your point of why the beneficiary should suffer and my pint of milk arguement - cant the supermarket sell it to someone else?

If its a DD to a company, they usually charge you if its not paid anyway.

You have obviously never faced an emergency situation or come from a wealthy family where "money is no object"

oscar52

bendix wrote: »

If they look like they are going into debt, talk to the bank.

I tried that a few years ago when I realised there wasnt enough to cover a DD. The bank said they couldnt increase my overdraft by £50. They also said they couldnt stop the DD as it was too late. The DD took, and the bank charged me £90 in total - eventually increasing my (now unauthorised) overdraft by £110.

Could the bank have helped me - Probably. Did they want to - No.

Am sure other people have examples, so its not really worth the "well off" on this board bleating "ask for help" - in most cases it clealry falls on deaf ears.

vet8

bendix wrote: »

They forget a DD. Well, !!!!!!!! to that. If they are old enough to have a bank account they are old enough to be able to manage it like adults. If they look like they are going into debt, talk to the bank.

Great idea in theory, unfortunately it does not work that way. :eek:

Several years ago my OH had a job where he was paid by cheque. Yes, really a cheque every month. Over Christmas the firm should have paid him before the Christmas lay off, but did not. So he would not receive the cheque until they were back about the 2nd of January, then of course the cheque had to clear.

So knowing he had a stack of DDs coming out on the first banking day of the month he responsibly spoke to his bank and explained everything carefully and they said "S0d off!!"

They said that DDs are set up by the other end and all the bank can do is pay them or bounce them and even though we had warned them that the money would not have cleared in time they bounced every one of them. One, which was for only £10 bounced twice. :mad: That really annoyed me as he had about £100 in the account and could in fact have paid all the smaller DDs, but of course the bank tried to take the mortgage out first which was the biggest amount.

That bounced ,then all the others did and it a cost something like £30 each, then the littlest one bounced again so for a DD of £10 he was charged £60.

That is why people are up in arms about bank charges, it is not the principle of being charged it is the ridiculous amounts they charge and the way they seem to screw as much as they can out of the customers. These charges will of course rocket now.

oscar52

bendix wrote: »

Im going to set up a rival campaign, encouraging banks to increase fees for bad customers. I want to continue banking for free, and I want my holding of bank shares to increase in value.

So . . anyone for £100 for going overdrawn campaign?

Assume we adopt this "fantastic" business model.

Some customers (who get into difficulty for what reason pops in your head) get charged for a one off occurance. This debt then spirals, the bank sells it on for a pittance - the bank has to make this money back.

Would you like to guess who will pay it - thats right!! - you the "good" customer! (and all beacuse the bank wouldnt help originally)

oscar52

dzug1 wrote: »

No - you can avoid bank charges by not having a bank account - .

I think you will find only "dodgy" employers give a little brown envelope now. Just about everyone uses BACS.

oscar52

bendix wrote: »

I think this has legs.

I like the French idea of banning people from having cheques, but I'd go further.

Marshalsea Prison Redux anyone?

(cue lots of head scratching and 'huh?'s)

It was a "prison" for debtors, and the bank of the Thames. And its that kind of class divide that causes unrest. Perhaps you would like to go to one of the poorest housing estates in the country (pick one) and tell everone in a loud voice "all those with no money and debt should be thrown in prison) - Perhaps we should also move away from the flushing toilet and empty pans in the street.

maka_2

children, children im ever so glad that some of you find it funny that you have enough money each month to cover your bills however not everyone has the same life as you guys, i wont mention any names you know who you are. Its just a shame that you have to be so childish about it telling everyone how good you are at running your bank accounts. maybe you should just take a minute to think of the people who do struggle in life and with money and those people who have been laid off and are now getting charges each and every month through no fault of their own.
I dont beleive that common sense as come out of this at all, all it shows as another op as already said it show how weak our law system is, i also believe that the only reason the banks won is due to the recession.

Lokolo

maka wrote: »

children, children im ever so glad that some of you find it funny that you have enough money each month to cover your bills however not everyone has the same life as you guys, i wont mention any names you know who you are. Its just a shame that you have to be so childish about it telling everyone how good you are at running your bank accounts. maybe you should just take a minute to think of the people who do struggle in life and with money and those people who have been laid off and are now getting charges each and every month through no fault of their own.
I dont beleive that common sense as come out of this at all, all it shows as another op as already said it show how weak our law system is, i also believe that the only reason the banks won is due to the recession.

So all the people that are in huge debt wanting to claim back charges are the ones that have been 'laid off'?

Oh come on.

jem16

Lokolo wrote: »

And before I know? Well for starters I would get a 5 year fixed rate, so that gives me at least 5 years to prepare, knowing my rate will not change in that time. Good eh? Sensible? Mature would you say?

Go for it Lokolo - it's perfectly possible despite what has been said.

My son has just moved into his first home last weekend, so first time buyer. He saved up his 25% deposit and arranged a 5 year fixed deal with the Co-op at a rate of 4.99%. He could have got a capped tracker at less than this but wanted the security of knowing his mortgage payments for the next 5 years without watching what the rates were going to be and worrying.

maka_2

Lokolo wrote: »

So all the people that are in huge debt wanting to claim back charges are the ones that have been 'laid off'?

Oh come on.

did i say that?? i love the way you take what you want to hear/read from my post try taking you head out of !!!! for one second please. all im trying to say things happen to people that are beyond their control and they should not be paying through the nose for it. yes there should be some sort of penalty for those who do not manage the accounts correctly but £30 to £50 per failed payment is to high.
as of about 2 weeks ago i no longer use a bank i just dont trust them with my money.