Bank Charges - Banks Win!

ahai1

I make sure that I have savings if the worst does happen. I am not perfect just someone who manages their money. It is something a lot of people sadly cannot do.

The decision today shows British justice at it's best and Martin can now go back to money saving rather than encourging people to get money for things which are their fault.

We have free banking for people who can manage their money.

Leg-end_2

simax wrote: »

Whilst I'm very "Meh" about the ruling, as I wouldn't have cared either way, I do wonder though if the likes of NatWest/RBS will now start to creep those recently reduced charges back up, safe in the knowledge they can charge what the hell they like?

Then people should vote with their virtual feet and go elsewhere. Lloyds have annoyed me recently (not charges, but one of their advisors annoyed me) so I have decided to switch most of my banking activities to alternative banks. They still process all of my bills and general payments and provide me with free banking. I just choose not to use their savings, credit cards etc.

mabski

Leg-end wrote: »

'Don't take this the worng way'.......

What an absolutely disgraceful post. To wish that upon someone that you do not know because you feel safe hiding on a forum. Forums are great for advice and information. Unfortunatley some people choose to make ridiculous comments from the safety of their PC. I would put considerable money on it that you would never make such comments in a face to face discussion with someone. Hang your head.

I agree with nid completely anyone who takes such an uncaring view of people in difficulty deserves to walk a mile in their shoes just to see what its really like .
id love to see most of you on benefits and living on a council estate for a few years . i bet you wouldnt be so self righteous then

abbeylover

Having just watched the news, I can say i'm over the moon with the ruling! Your fault for going overdrawn so take responsibilty for you actions! Would'nt it be great if the banks were now able to reclaim back the charges that were claimed :rotfl:he he he:rotfl:To say I will be laughing all the way to the BANK is understatment!!!!!

jambosans

I think Reclaims is going to implode.

http://forums.moneysavingexpert.com/showthread.html?t=2103589

That thread reads like Revelation.

glider3560

jambosans wrote: »

I think Reclaims is going to implode.

http://forums.moneysavingexpert.com/showthread.html?t=2103589

That thread reads like Revelation.

What surprises me is the number of brand new users who are posting in that thread.

Babbler

IF the banks HADNT won - we all would have lost - we may still do. As they will have started charging monthly fees for direct debits and for every withdrawl you make from a cash machine. For every transfer you make. For every cheque you cash. For anything banking related. They would need to regain the money elsewhere to top up their inflated bonuses.

Halifax has done this already by charging £2 (?) per day for overdraft.

jambosans

Babbler wrote: »

Halifax has done this already by charging £2 (?) per day for overdraft.

Arranged overdraft up to £2500 costs £1 per day; above this £2 per day; and an unarranged overdraft costs £5 per day. If charges cross-subsidise banking, I think this model is a fairer distribution of the charges - despite all those using authorised overdrafts suggesting contrary.

Kevin Mountford, head of banking at moneysupermarket.com was quoted in the Guardian:

In some cases those charges amount to hundreds of pounds for relatively small overdrafts, and there is concern that these charges fall on more vulnerable customers. The majority of us that don't use an unauthorised overdraft don't pay any charges for our current account banking...


We expect the OFT to continue to try and press for a system where the costs of running the current account system are spread more fairly across all customers. In truth banks have already started to respond to this. We expect this trend to continue and in return for fairer overdraft charges banks could introduce transaction fees or monthly and annual fees.

His statements pretty much sums up my opinion on the matter. If there's a cost, despite the fact I prefer free banking while in credit, if it were truly fair, it should be borne by all, not just the financially inept or unfortunate. That said, models like the one HBOS have adopted have advantages, the revenue from lending is more evenly spread and those in credit are not effected by additional cost (aside from loss in interest).

Snakeeyes21

mabski wrote: »

I agree with nid completely anyone who takes such an uncaring view of people in difficulty deserves to walk a mile in their shoes just to see what its really like .
id love to see most of you on benefits and living on a council estate for a few years . i bet you wouldnt be so self righteous then

been there and done that, you learn quickly not no spend what you havent got.

I really have no sympathy for people who get hit with charges, its not rocket science to not overspend, im sure if somebody living on £60 a week could avoid charges everybody can.

what I fail to grasp is those people who have amounted thousands of pounds of charges year after year,do they not learn? when i first started getting charges and ended up having to live off beans and noodles and sitting in the dark during the nights i got myself in order sharpish

Gareth56

Had the banks lost they would've spat their dummy out and there would've been a high probability of them ending free current account banking for everyone and possibly worse, thus everyone would've suffered.

Banks are there to screw (by whatever means) as much money as they can out of their customers they are not there to do there customers any favours at all. Sad I know but nevertheless a fact of life these days.

The banks ethos....Greed is good and rules.

Hopefully the government will amend the rules and regulations in favour of the OFT as (if I understand it correctly) it's the governments own legislation that the Supreme Court has applied in this case which turned out to favour the banks rather than the OFT.