Bank Charges - Banks Win!

never-in-doubt

Lokolo wrote: »

It won't though, because 90% of us in this board and S&I board have saved up enough salary to live off in case this does happen.

You cannot say 90% of you - lol, you'll actually find more people on the DFW boards than on here which suggests in fairness that the majority of people here are looking for help and not 'rich with savings'....

Also, you quote you've saved enough in case it does happen right? So your sig shows saving £15k + £8k - you think that will last long if you're out of work? Assuming you even had a spare £23k to spend of course?

It doesn't last long when you're jobhunting with nothing to do.....!

I think you guys get too highly strung up over something that really doesn't make sense to you.... debt is not something to be laughed at and can happen to anyone, given a set of circumstances that may affect your life....

Lokolo

never-in-doubt wrote: »

You cannot say 90% of you - lol, you'll actually find more people on the DFW boards than on here which suggests in fairness that the majority of people here are looking for help and not 'rich with savings'....

Also, you quote you've saved enough in case it does happen right? So your sig shows saving £15k + £8k - you think that will last long if you're out of work? Assuming you even had a spare £23k to spend of course?

It doesn't last long when you're jobhunting with nothing to do.....!

I think you guys get too highly strung up over something that really doesn't make sense to you.... debt is not something to be laughed at and can happen to anyone, given a set of circumstances that may affect your life....

I currently live off £600 a month.... I am pretty sure my £11k I actually have, would last me enough time for me to find a job, even if its working in McDs

Oh agreed, debt can sometimes come down on you like a ton of bricks, but most of the time its due to consumers spending more than they earn. If its due to ill health or along those lines, then its unfortunate really.

onlypaddy

Posted this in the other one so will do here too:

I don't agree with the ruling. While I agree that people who cant manage their account should be charged, the level of the fees is excessive. How can they cap credit card charges at £12 then rule that basically the same charge on bank accounts are different? If they were capped then that would improve things for everyone.

If this means that its an end to free banking so a better service for everyone is acheived, then so be it. I would rather see free banking end than banks consistently r@ping the poor into a never ending debt cycle.

After all, the banks provide us a service, we use that service so why shouldn't we pay for it? You wouldn't expect it from any other business so why from banks?

Before anyone asks, yes I am biased...I have a claim in from years ago. I didnt manage my account well, and I've learned my lesson. But I'd be happy to pay for a bank account and know that people aren't going through the hell that the bank subjected me to.

Lokolo

onlypaddy wrote: »

Posted this in the other one so will do here too:

I don't agree with the ruling. While I agree that people who cant manage their account should be charged, the level of the fees is excessive. How can they cap credit card charges at £12 then rule that basically the same charge on bank accounts are different? If they were capped then that would improve things for everyone.

If this means that its an end to free banking so a better service for everyone is acheived, then so be it. I would rather see free banking end than banks consistently r@ping the poor into a never ending debt cycle.

After all, the banks provide us a service, we use that service so why shouldn't we pay for it? You wouldn't expect it from any other business so why from banks?

Before anyone asks, yes I am biased...I have a claim in from years ago. I didnt manage my account well, and I've learned my lesson. But I'd be happy to pay for a bank account and know that people aren't going through the hell that the bank subjected me to.

I suspect you would feel the complete opposite if you looked after your account, never had been charged, and had a free bank account for 10 years having never paid a penny to the bank.

Also, ending free banking would not lead to a better overall service. It would be exactly the same but for a cost for those that have never had to pay charges.

Welcome to the 'we save before we spend' part of the board

bristolleedsfan

never-in-doubt wrote: »

you'll actually find more people on the DFW boards than on here which suggests in fairness that the majority of people here are looking for help and not 'rich with savings'....

Savers out number borrowers by 7/8-1

http://www.dailymail.co.uk/money/article-1138620/Latest-rate-cut-assault-savers.html

http://www.thefreelibrary.com/Give+savers+a+break.-a0193103255

PROLIANT

Also discussed here;

http://forums.moneysavingexpert.com/showthread.html?t=2103693&page=2

Rupert_Bear

Brilliant for the ones who were lucky enough to get charges refunded prior to the courts decision. However not so good for the people still waiting. The good news is we live in a compensation cultural and I am certain something else will come along to claim compensation for.

Martin was talking this morning on TV and was annoyed that the bank can just dip into our bank accounts and take these fees. However it is just as wrong to help yourself to the banks funds without permission.

PROLIANT

Rupert_Bear wrote: »

The good news is we live in a compensation cultural and I am certain something else will come along to claim compensation for.

Oh give it rest, it is people like you who need taking in hand and re-educating. :rolleyes:

System

I have been frequenting forums almost since the internet began and in every forum there is always a hard core of posters who will always stick up for the big guy against the little guy. IMHO it is self-righteous and pompous, but that is how some people are. It is highly likely that some of these people would have been in the Stasi had they lived in the GDR.

dickydonkin

I can understand some people being somewhat disappointed with the outcome, but I do believe it was the correct decision.

I have a reasonable authorised overdraft facility with my bank (Barclays) which is rarely used but I have in place for any unexpected or emergency expenses.

I always keep a minimal amount in my current accounts, however, the bank pay my bills, cash cheques, arrange my standing orders all without charge.

I use their internet banking with free online security if I require it and after 30 odd years with the bank, on the whole, I have had a very good service from them.

I cannot comprehend why people complain at excessive bank charges when many could have been avoided by better management of their finances.

If this decision had gone against the banks, I would then likely have to pay for all of the free services mentioned earlier plus other expenses such as being charged for taking MY money out of a cash machine all due to others financial mismanagement.

Although the Banks are not everyones favourite institutions at the moment, many would like to have seen them get their asses kicked, but the decision was the right one and common sense has prevailed.

Welcome to the 'we save before we spend' part of the board

Absolutely!