MSE News: Bank charges fighting on: a new legal argument

Sol00

mramra wrote: »

MillaJoJo racks up £200 in charges each month. How can that be described as unexpected?

It may not be unexpected, but if you get a charge of £38 per D/D missed and say you missed 2 on 1 month for a particular reason, that would mean you get a charge of £76. If you're on a low income and you still have the same outgoings the following month, you are likely to be out of pocket again and be in a vicious cycle of unfair and untransparent charging.

But hey, as long as they keep the accounts free for those that can afford it eh?

Sol00

Penalty_charges wrote: »

www.Penaltycharges.co.uk Is very pleased to confirm that we have joined forces with Money Saving Expert, Legal Beagles and the Consumer Action Group.
In a joint campaign against unlawful bank charges, Money Saving Expert has paid for Ray Cox 'QC' to draft the new Particulars of claim (POC) for all forums, which should be available for members to use within 10 days.

We stress that all sites are now working as one to bring Justice to all consumers who have been the victim(s) of Unlawful bank charges

Warm regards

Stephen Hone

It's good to see that the fight is still going on, albeit, along a different route.

DAYTIMETVH8R

Okay, I haven't read every post because quite frankly I've had enough with this whole bank charges thing but it provoked me to see ML shouting his worthless opinion at a news camera on Wednesday and so here I am. When someone uses an unplanned o/d they are taking money that DOESN'T BELONG TO THEM! Why shouldn't there be a charge? If people kept a close eye on their bank accounts then they'd have more of a clue, it isn't even difficult. Banks also have specialised units to assist people in financial difficulties. Take Lloyds TSB for example.
Internet Banking: FREE
SMS service: FREE
Telephone banking: STANDARD 0845 call charge (free from some landlines)
Mobile Banking: £2.50 PCM
Cash Machines: FREE
Monthly Statements: FREE

I mean come on, you can have a bank account for nothing, zilch, £0. All that they ask is that people remember how much they've got in there and how much they've spent. Twist it any way you want. You've tried to spend more than you have earned. You're leading a small minority of those who can't keep track of their own money into a fight that could result in the rest of the country - who can add up and take away without messing it up - to be charged for what is at the moment free banking. Yes the banks profit out of it. And if one bank said "okay, no more charges" I'm confident that this option would seem attractive to the masses. But let me put this question to you: in the middle of a recession, would you want to be with a bank that was only profiting fractionally - if at all - comapared to its rivals? Plus how would banks make the money back? Everytime someone loses a debit card, or has it stolen. Do you want to pay for a new one? I wonder what the banks will charge? £2? £5? Who knows. What about savings accounts? Do you want to pay for those too? And then that'll be the next complaint from the public: "The banks are screwing us for every penny we've got." Friends, please don't direct your complaints to Lloyds, HSBC, Barclays, Halifax, FSA, FOS or any other reputable financial organisation.

Penalty_charges

One must ask do you work for a bank or the BBA. ML is simply doing what is just and fair, I for one am glad he joined in on this campaign (that i started) as I expect thousands are. maybe you would like or just enjoy the fact that everyone else is having to pay for your bank account(s).

Gladly the majority although accepted do not want to pay for their bank accounts, also agree that making the people on low incomes,
i.e in some cases people who are struggling to pay for life's essentials, pay for them is not fair and/or just.

it simply called having morals, something ML has.

unkle

Don't waste your breath DTTVH8R, the something for nothing brigade will never see our side just like we can never see theirs.

One's thing for sure though, the face of banking will change. It's going to be much harder to get a bank account when all of this is finally settled. Imagine the scenario;

Dear Mr Banker, you can no longer charge those who bounce, go over their overdraft or limit etc etc.

Mr Banker says 'fine, i won't give them an account then'. Other bankers will set up 'special accounts' and charge another way.

It's coming............

Sol00

unkle wrote: »

Don't waste your breath DTTVH8R, the something for nothing brigade will never see our side just like we can never see theirs.

One's thing for sure though, the face of banking will change. It's going to be much harder to get a bank account when all of this is finally settled. Imagine the scenario;

Dear Mr Banker, you can no longer charge those who bounce, go over their overdraft or limit etc etc.

Mr Banker says 'fine, i won't give them an account then'. Other bankers will set up 'special accounts' and charge another way.

It's coming............

No one is saying 'you can no longer charge those who bounce, go over their overdraft or limit etc etc', what we are saying is that the amount of charge for some of these mistakes are completely unjust and unfair.

I don't like people generalising everyone, it's very narrow minded to say that everyone who gets bank charges deliberately mismanages their accounts.

LizzieS_2

Sol00 wrote: »

But hey, as long as they keep the accounts free for those that can afford it eh?

This is how the Supreme Court explained how banks financed free banking:

20% of people fall into charges while 80% do not

Income from the 20% of people is 30% of total income, while income from the other 80% of people is 50% of total (there was no explanation as to where the other 20% of income came from).

20% of the people paid charges and interest, but obviously used more services.

80% had lower interest applied to their accounts - that is where the 50% income from that group comes from.

kazza1000

This is my 1st time posting so forgive me if I get it wrong or in the wrong place!

I just want to say thank you Martin and keep going! For me, it is not so much about the money(although that would be more helpful than I am able to explain), but it is about being given the opportunity to fight back! - My husband died a few years ago and 12 months later because of circumstances way outside my control I had to walk away from the very successful business we ran together. I had 2 young children to look after as well as dealing with my grief and the sudden and obvious (to the banks) lack of income. It has only been in the last few months that I have realised just how much my bank etc has been taking advanatage of my family - from account charges to credit card charges to claims I made on PPI and insurance policies following my husbands death which would not pay out.
Martin, you guys and all the other campaigners like you are doing an amazing job, you have given me the strength and opportunity to have my say, whether I get any money back or not and that opportunity alone is worth a million pounds of self respect to me when neither the banks nor the government cares.

And to all the people who would try to put down me for wanting banks to treat everyone equally I can only hope that you and your children will never go through what we have. I would happily pay for my banking if it was fair.

To the banks, I would say, bring it on!! They may be good at putting out press statements, intimidating letters etc but they know they are doing the wrong thing and one of these days it will catch up on them in a big way.

I am so pleased that we have Martin and people like him on our side and maybe my kids will be able to live in a different financial world.

mum2one

MrLeeLee wrote: »

This is great great news.

I'm not sure how 'together' all these Consumer Groups have been during the OFT case up until now, but now with these all totally on the same side, it's superb news for everyone.

Totally agree with you, all the forces together may find another way into the situation,

Sol00

kazza1000 wrote: »

I just want to say thank you Martin and keep going.

I second that.