We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Realy do not - understand- bank charges
Comments
-
Why is it unfair
....
It isn't
As all those who spent £30+ saying it was will shortly discover."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
The charges are unfair by law because they are disproportionate to the costs incurred by the banks.0
-
Geedoubleu wrote: »we customers could choose a better bank that doesn't charge such fees.
Everyone (well certainly everyone that has a conventional bank account)has the choice of a bank account that doesn't occur fees - the vast majority of people don't bother to get one though.0 -
-
They are deemed unfair as due to consumer law you are not allowed to charge someone a penalty and make a profit out of it. So the charges are in the T&Cs as an agreement and that is what they are a charge for a service, not a penalty.
Look at letting agents, they charge upto £30 for a letter or phonecall to you if you miss your rent, are they allowed? Why not, it's in the T&Cs of the contract, yet if it was a penalty clause they wouldn't be allowed to charge so much.
I have friends whom would go out on Sat night (not being paid till the Monday) and say "Well I've no money left, but if I take out £50 the bank will charge me £35, so I'm just paying £35 for a night out" and then they'd take the cash out and pay the charges - a large minority of people would do this I believe.
End of day, unless you are in severe hardship you shouldn't be charged. If you live within your means and only buy essential items and not spend loads on bdays, xmas, sky etc then you should be fine.
I've been charged once for going over my CC limit, as thought I had more than I did, but that's it and I've lived on £800 per month every month on all my rent, bills etc and still get by. I just don't have sky, expensive bb, expensive mobile contracts, buy expensive gifts as I can't afford it. I could go out a blow my OD and CC limit and get charged, but why bother?!?0 -
voiceofreason wrote: »But in law, they've been found to be entirely fair - correct?
Just checking.
Absolutely, 100% incorrect actually.
The law hasn't stated they are fair, or even unfair. The judgement simply meant that the OFT aren't allowed to examine if they are fair or unfair on the route they took. The lords stated that going via another route, they may well actually be proven to be unfair.0 -
Err....no!voiceofreason wrote: »But in law, they've been found to be entirely fair - correct?
Just checking.
Whatever gave you that idea?"One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
Which will probably take a few more years legal wrangling....The lords stated that going via another route, they may well actually be proven to be unfair.
In the meantime, it'll probably make quite a few lawyers very rich indeed and keep the judges in a lifestyle to which they have become adjusted to, at least until they retire. :rolleyes:"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
I have friends whom would go out on Sat night (not being paid till the Monday) and say "Well I've no money left, but if I take out £50 the bank will charge me £35, so I'm just paying £35 for a night out" and then they'd take the cash out and pay the charges - a large minority of people would do this I believe.
Er, putting everything else to one side for a moment, but I assume that your friends don't understand basic mathematics if that is the conclusion that they drew.
Did you try to correct them and help them understand that, actually, the true cost of their night out had increased by 35 quid, giving a total of 85 quid?February wins: Theatre tickets0 -
Which will probably take a few more years legal wrangling.
In the meantime, it'll probably make quite a few lawyers very rich indeed and keep the judges in a lifestyle to which they have become adjusted to, at least until they retire. :rolleyes:
I'm not sure the powers that be in this country would let it drag on another 2 and a half years. A certain someone will be desperate for votes soon 0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards