MSE News: OFT 'to drop' bank charges case

KimYeovil

Cue Nelson Muntz.

Another small victory for the poor and a slap in the face to the greedy and foolish. Anyone remember that idiot on You and Yours a while ago who was trying to claim £10,000!!!? Over six years that's nearly £140 per month! So much money coming in they couldn't be bothered to modify their behaviour to save £1600 per year.

BOB_A_H

KimYeovil wrote: »

Cue Nelson Muntz.

Another small victory for the poor and a slap in the face to the greedy and foolish. Anyone remember that idiot on You and Yours a while ago who was trying to claim £10,000!!!? Over six years that's nearly £140 per month! So much money coming in they couldn't be bothered to modify their behaviour to save £1600 per year.

What the hell has that to do with the fact that bank fees and charges do not reflect the cost to them.
That is what this whole campaign has been about! Why highlight one individual case among tens of thousands?

pingchris

if this is true about the oft which i hope it is not,it opens the flood gates for an even bigger rip off britain,the people will vote no confidence in the banks,no confidence in government,this is bad.

BAD MOVE,government and banks need the people on there side for them to exist,they think they own us,they dont,the banks may lose 500.000 customers over this but they have a plentifull supply of people to replace them,they just re-sorted the charge system so that its a flat system whereby it takes the cash at a slower rate but at the end of the month its still the same amount,instead of hitting you with a £39.00 charge they take it at a £1.00 a day etc etc,(please dont offer any charges lists i know what they are doing more or less)

they obviously dont need the accounts that are reclaiming bank charges,after all the government just gave them £260 billion pounds plus,they are flush with cash,they dont need us.
and if they are not flush with cash,my guess is they couldnt care less anyway,they always make sure they have plenty,with or without us.

at least some cash was retrieved,well done martin lewis and all that have put great efforts into this campaign

maybe it isnt over,im not sure what will happen now .

natweststaffmember

BOB_A_H wrote: »

KimYeovil wrote: »

Cue Nelson Muntz.

Another small victory for the poor and a slap in the face to the greedy and foolish. Anyone remember that idiot on You and Yours a while ago who was trying to claim £10,000!!!? Over six years that's nearly £140 per month! So much money coming in they couldn't be bothered to modify their behaviour to save £1600 per year.

What the hell has that to do with the fact that bank fees and charges do not reflect the cost to them. That is the penalty argument which is no longer a valid argument.
That is what this whole campaign has been about! Why highlight one individual case among tens of thousands?

The whole campaign has been about a fairer system as a whole. We are getting there but we aren't quite there yet.

Premier_2

They thought it was over ... it is now

(although some still don't want to believe it 'til the morning)

...Individuals can still pursue claims against their banks but to do so will be costly and if the OFT lawyers can't see a way forward it would take a brave person to try. The barrister, Daniel Barnett, believes this is now the end of the road for the outstanding claims....

Gorgeous_George

It seems to me that there may be more to this story than we will ever know (at least, not until the 30-year rule allows us to see the secret records). The banks need to re-capitalised. The general taxpayer has done his (or her) bit but refunding bank charges threatened to undo some of that work.

I consider many of life's costs to be unfair and widely publicised bank fees/penalties are no exception (although that wasn't my view when the case first started).

I believe the Courts would have come to a different verdict if it hadn't been for the Worldwide financial crisis. That is not how our Courts should operate.

GG

chillxxx

It will be interesting if the oft announce they continue their action what happens to the banks stock prices, as 7am is one hour before the markets open and this could potientially stick around in the headlines for a few hours.

MrLeeLee

chillxxx wrote: »

It will be interesting if the oft announce they continue their action what happens to the banks stock prices, as 7am is one hour before the markets open and this could potientially stick around in the headlines for a few hours.

I was always under the impression that any announcement from the OFT was going to be after the stock market closed, due to the effect it could have on the market.

No doubt it will give a huge lift to the stock market if the OFT in fact don't carry on with more cases, thus the reason they are announcing it at 7am just before Christmas I guess... Or maybe that's me just being cynical!

patman99

Right, now it's time to change tactics. Anyone fancy going for possitions as directors of the various banks/building societies?.

Once elected, they are are then free to re-write the rules on charges, and even start a program of refunds.

mackers8923

Nothing like getting kicked in the gut when you are already down is there?

If true. I'm not suprised because nothing ever goes the way of the people in this country nothing no matter who we vote for or follow it always goes tits up.