Why Reclaim Bank Charges

Cleany

Chrysalis wrote: »

do you not see a problem with the fact if you get declined money on an ATM there is no charge.
if you get declined using a debit card there is no charge.
yet if declined direct debit then this monstrous charge kicks in.

see the lack of consistency?

Yes I do. But charging structures are never consistant, and businesses have the right to set them as they please.

The cost of a first class airline ticket doesn't reflect the actual cost to the airline, indeed that actual cost is very difficult to quantify.

I can go to the Slug and Lettuce and pay full price for a meal for 2. However I could come on this website, find a link, print a voucher and pay half price (that's if the offer is still on). That's inconsistant but I wouldn't complain about it on here!

LaydeeNina

Justify £400 for the sake of being over by £12 and justify £1000 for the sake of being over by £6!!!! the first one was a tv license dd, that didn't even get paid but resulted in £400 and the second was because i topped up my phone whilst i had money in the bank but the money came out almost a week later and has since now built up to just over £1000 it is absolutely DISGUSTING!!!!!! I cannot abide the bank charging, and would much rather give my money to an alcoholic living on the streets than multi billion pound banks, for a service...WHAT SERVICE????!!!!!! the call centres can't speak english, the queues in branches are out of the doors, and they take ages to send things through the post!!!!!!!!!!! It makes me utterly sick!!!!

euronorris

Cleany wrote: »

But it's been about this and perhaps that's why it's failed.

I think that people should be encouraged to be responsible and sensible with their money, but in my opinion this campaign goes too far and therefore encourages many people who know very well that they should pay more attention to their short and long term finances to make it somebody elses problem, responsibilty, and cost.

I agree that people should be encouraged to be more sensible with their finances, but I do not think that exceptionally high bank charges achieves this.

If it did, then everyone who ever received a charge, should now be financially savvy, not have any debt and never incur a charge again.

Unfortunately, that is not the case, nor was it before the campaign started.

I think that other measures need to be employed in a variety of areas by different people.

The banks should be made to lend more responsibly (I know of cases where they have lent to people with mental disabilities and even dementia!). They should also call people in for meetings when it becomes clear that the level of debt is no longer manageable, discuss it with them and then agree a sensible repayment plan.

Bank charges reduced to a more reasonable amount. I believe that a lot of the banks have made significant changes already.

I think that there should be a lower limit imposed for the maximum amount of unsecured debt one person can accrue. ie, maximum 50% of their annual salary. Once reached, sorry, no more credit.

Financial education should be taught in every school. Even if it is only for one hour a week. That's one hour per week more than I ever got. I believe that plans for this are already in place.

I also think that a course for adults should be made available at local colleges etc.

Those are just a few ideas I have, but there is no quick fix or magic solution here. We should all take some responsibility in bringing our country out of such massive debt.

Remember, not everyone who manages their finances badly does so because they don't care. Some just don't know any better and need to be educated.

I took the MSE way, but to others it can seem overwhelming. Especially if maths isn't your strong point to begin with. Or if you're dyslexic for example, it must just feel impossible at times.

euronorris

Ah yes, that was the other thing:

I know some people are gonna hate this idea and I understand why, but I really think that you shouldn't be able to obtain credit via an online application.

How can you even ensure that said person has read the T&C's, let alone understood them? How can you ensure that they even have the capacity to understand what they're applying for.

Like I said, I don't expect that receive a warm welcome and I understand there are pro's and con's to both sides.

Cleany

euronorris wrote: »

I agree that people should be encouraged to be more sensible with their finances, but I do not think that exceptionally high bank charges achieves this.

Well that's debatable. Certainly lower bank charges wont to help.

euronorris wrote: »

If it did, then everyone who ever received a charge, should now be financially savvy, not have any debt and never incur a charge again.

Sorry but that's nonsense.

euronorris wrote: »

I think that other measures need to be employed in a variety of areas by different people.

The banks should be made to lend more responsibly (I know of cases where they have lent to people with mental disabilities and even dementia!). They should also call people in for meetings when it becomes clear that the level of debt is no longer manageable, discuss it with them and then agree a sensible repayment plan.

Bank charges reduced to a more reasonable amount. I believe that a lot of the banks have made significant changes already.

I think that there should be a lower limit imposed for the maximum amount of unsecured debt one person can accrue. ie, maximum 50% of their annual salary. Once reached, sorry, no more credit.

Financial education should be taught in every school. Even if it is only for one hour a week. That's one hour per week more than I ever got. I believe that plans for this are already in place.

I also think that a course for adults should be made available at local colleges etc.

Those are just a few ideas I have, but there is no quick fix or magic solution here. We should all take some responsibility in bringing our country out of such massive debt.

Remember, not everyone who manages their finances badly does so because they don't care. Some just don't know any better and need to be educated.

I took the MSE way, but to others it can seem overwhelming. Especially if maths isn't your strong point to begin with. Or if you're dyslexic for example, it must just feel impossible at times.

You're obviously wanting people to sort themselves out financially, and that's from your own experience, good stuff.

I hope that high charges do act as a deterrant to people overspending money that's not really theirs, because if they don't then that paints a pretty poor picture of a people who will do what pleases them no matter what the consequences. Surely the people who have suffered because of these charges have changed the way they use their bank accounts?

chipbeck

Cleany wrote: »

Well that's debatable. Certainly lower bank charges wont to help.



Sorry but that's nonsense.



You're obviously wanting people to sort themselves out financially, and that's from your own experience, good stuff.

I hope that high charges do act as a deterrant to people overspending money that's not really theirs, because if they don't then that paints a pretty poor picture of a people who will do what pleases them no matter what the consequences. Surely the people who have suffered because of these charges have changed the way they use their bank accounts?

Still missing the point Cleany. When you are in you are in. I've found it impossible to get out of. Initial High charges become constant High charges.

euronorris

Cleany wrote: »

Well that's debatable. Certainly lower bank charges wont to help. I disagree. I don't think that bank charges act as a deterrant to everyone. Otherwise there would not be repeat offenders



Sorry but that's nonsense. How so? Please explain.



You're obviously wanting people to sort themselves out financially, and that's from your own experience, good stuff.

I hope that high charges do act as a deterrant to people overspending money that's not really theirs, because if they don't then that paints a pretty poor picture of a people who will do what pleases them no matter what the consequences. Surely the people who have suffered because of these charges have changed the way they use their bank accounts?

I just used red to separate my comments from yours more clearly.

On your last point: Not everyone who has been charged, changes their outlook on their finances. It is not only those on low incomes who incur charges. I have seen plenty of examples of people on a higher income, who simply don't care and barely notice the charges because they can afford to 'swallow' the cost of them with little effect on them.

Then there are a proportion of people who get stuck in a cycle.

Then there are those lovely lil 'hanger's on' who subsidise their spending by using other people's money. Usually a bf or gf who is good at manipulating their partner. They don't actually even see the charge, let alone have to pay for it.

And then there are those who try, really, really try to get a grip on their finances but who struggle with it. They struggle to work with figures, they struggle to understand the financial products they sign up to etc etc.

I think that believing excessive charges will reform everyone's finances is naive to say the least.

Cleany

chipbeck wrote: »

Still missing the point Cleany. When you are in you are in. I've found it impossible to get out of. Initial High charges become constant High charges.

I agree that this situation is bad, charges piling on top of another. But like I said before perhaps that should be the focus of the campaign but it isn't.

chipbeck

Cleany wrote: »

I agree that this situation is bad, charges piling on top of another. But like I said before perhaps that should be the focus of the campaign but it isn't.

:beer: nice one!

euronorris

Cleany wrote: »

I agree that this situation is bad, charges piling on top of another. But like I said before perhaps that should be the focus of the campaign but it isn't.

Perhaps, but I still don't agree with banks imposing such a high charge.