MSE News: CONFIRMED - OFT gives up bank charges battle

UncleJaysus

marcharrison1979 wrote: »

Right, which bank shall we start with first? I'm up for downing the Halifax? i currently bank with them so it's easy for me to start withdrawing my wage every month, otherwise I'm happy to shift my account to whoever we target. If we can get a few 100,000 people withdrawing funds simultaneously we can flatten the !!!!!!!s. 500,000 x £1500 = £750 Million that should do it.
How do we start this? we'll need a facebook page obviously, could we start a forum to help organise things on here?

I think in order to do this, we'd need a common goal. It's not really enough to just put a page on Facebook for the sake of just wanting to f**k up the banking system - we'd need to have some ideal resolution.

Personally, I'd be all for campaigning to get unauthorised overdrafts removed entirely. Why should anyone be able to spend what they don't have or haven't previously agreed to borrow?

Maybe an additional 'demand' would be that the banks do the right thing and give people their money back.

Thoughts?

kittiej

Yes you can be longterm unemployed and look after your money, but newly unemployed can be different.


Unless you are fortunate enough to have a stash bunged away, you will inevitably struggle.

I was never in debt when I was on benefits many years ago, but then credit wasn't available to me and neither were bank accounts. Everything was cash back then.

But I know for certain that if I lost my job I would fail to meet my obligations and that's how it is for many of us, and that's why I plan to be debt free in 3 years.

mramra

A sensible decision, applauded by the majority of people.

Can the mods now close down the 'Reclaim Bank and Credit Card Charges' board as it is no longer relevant. Thanks.

UncleJaysus

alexjohnson wrote: »

Come the revolution there will be free plumbers! Free locksmiths! Free funeral directors! Free private healthcare! And eveyone will be given a huge puffa jacket to wear at all times so if they fall down they won't hurt themselves! To the barricades, comrades!

*slow clap*

alexjohnson wrote: »

And they don't. Whether or not you think they are fair - and don't worry, I know that you don't - one thing that has never been at issue is that fees are fully disclosed. You might not like them but this is not "swindling".

Yes it is. The charges are across the board and the methods used in order to fully realise the potential of these charges has been well documented. You're acting deliberately naive as so to avoid the truth, for the sake of winning an argument.

alexjohnson wrote: »

Yes, it always comes down to this, doesn't it. You can almost sense the hope. Unfortunately for your thesis, a number of us have a pretty good idea what we're talking about. Yes, shock! You can be unemployed and look after your money! Gasp! Poor people in basic life competence shocker!

But again you intentionally miss the point and attempt to turn this into an argument about people's behaviour. It's not about how people are - it's about how easy it has been made for people to make bad situations worse by simply not paying attention. Banks get a hold of you and they don't let go. Whether or not some people have been foolish to get into that position in the first place does not change the fact that the banking policies and practises are wrong. Only a person benfitting from this would claim otherwise.

marcharrison1979

alexjohnson - is clearly just protecting his own interests at the detriment of fairness and justice for others. So so very sad. People like him are at the root of this problem, there are legitimate and fair ways for banks to make money (and they do make money by these means) but to improve on existing profits and make the shareholders happy with year on year growth, there is pressure there to bend the rules and they have clearly allowed any morals to die, so that they can get a pat on the !!!!! from the boss.

BOB_A_H

UncleJaysus wrote: »

Irrelevant. People shouldn't be exploited because they're not very good with their finances.

You can argue all you like about people being at fault, but at the end of the day, the banks make money off people's misery.

And as for the fallout if the OFT had won? Not the point. The point is, the banks shouldn't be swindling those who live hand-to-mouth each month. Simple.

Anyone who disagrees is someone who hasn't been in a tough financial position. Lucky for them, and they should keep hoping they don't suffer hardship, as they're in for a harsh reality check if they think avoiding financial ruin is as easy as just keeping an eye on your bank account.

While not disagreeing with you in any shape or form, there are more than banks that profit from other peoples misery. DCA's, Sub prime mortgage lenders and private bailliffs. I posted a thread on DFW titled T.V's (mistake) about bailliffs profiting from others misery and not ONE person took me on.
There is NOBODY out there who hates banks or bankers more than me but I think other scum deserve our wrath as well.

mustrum_ridcully

kittiej wrote: »

So Ridicully, what will happen to your friends if they lose their less than national average income, or the benefits system cocks up?

Not unpleasant for everyone, just for some

As I said if it through no fault of their own, they should be fully compenstated by the party at fault - not necessarily the bank. If BT charge too much on a DD or take it out too early they should pay for any overdraft charges (unfortunately DD doesn't require this)!

These people I really do have sympathy for, but I'm very sure they are in the minority, most people (myself included) get an overdraft charge because they didn't manage their finances. Sadly over the past decade I've found people to be less and less willing to accept responsibility for their own actions.

UncleJaysus

Don't get me started on bailiffs... they are the worst kind of people.

But, one battle at a time...

BOB_A_H

Besides, if we have a poll and don't like the answer we can always have another poll until we get the answer we want (a bit like the Irish EU referendum).

I vote for Barclays.

GG

Does that mean we set out to f##k Barclays, or we all move to Barclays to f##k all the rest?

Gorgeous_George

discoass wrote: »

i have 2 agree here ...i mean my wifes work payed her wages last thursday into the bank .today(tuesday) it showed in my account .unfortunatly yesterday a dd 4 £17 and a £5 card transaction came out .meaning i will probably get a 50 quid charge of which i am most grateful. if this charge stops me from trying to use MY money that the bank has but wont release then im all for it .... next month i hope the bank keep MY money for another 5 days making me incure more charges ..:beer:

Hi discoass

I suggest that you contact you the company who present the DD and ask them to change the date that they present the DD to your bank.

My pay is paid in on the last working day of the month and arrives at my account at 00:01 (just after midnight) on the morning of the last working day. I don't know if my employer sends the payment early but you could either:

1. ask for an authorised overdraft of one pay packet.

2. get used to the idea that the money takes 3 days to clear.

or

3. change banks to one that uses Faster Payments.

and

4. phone you bank and ask them if they can waive the charges that YOU incurred due to YOUR oversight. (Going in all guns blazing will not get them on your side - it's called negotiation)

Good luck.

GG