MSE News: CONFIRMED - OFT gives up bank charges battle

straddie

Excellent news, hopefully bringing to an end the ceaseless whining of those who are incapable of managing their finances (oh look, a pig just flew past my window!) and rather than accepting responsibility for their mistakes, choose instead to point the finger of blame at anybody other than themselves.

marcharrison1979

musical_norwich wrote: »

This is actually very good news. I am delighted!

Why should those who knew what the bank charges were, but carried on spending money that wasn't theirs, be rewarded retrospectively for their behaviour by the courts?

This country is going to the dogs due people spending money that wasn't theirs in the first place: banks, consumers and the government. This judgement is a first sign of a return to common sense and normality.

On the one hand this site encourages being thrifty and living within your means, one the other it believes that the thriftless should be rewarded for their irresponsibility. You can't have it both ways as the courts have said!

Yet again I am dumbfounded with the fact that people miss the point. What you say is all very true, I agree with you 100%. What people are fighting for is a fairer system, that's all buddy. A £35 per day charge for being 29p overdrawn is hardly fair, even the most ignorant of use can surely see that, personally I think a £35 per day "FINE" is unfair for being £2000 pounds overdrawn! people would be musch better off using a credit card to pay off their overdraft and the fact that the banks offer no support or advice to help these people avoid further charges just proves what a cash cow this system is for the banks. The banks simply want this to happen, they even bank on it happening, thats why they have devised a system that works for them. I call for overdrafts to be banned, I bet the banks would have serious reservations about that happening. Thanks to Martin and the Team for trying for justice but it seems that in this world you have to pay for justice in cash, just ask the footballers you hear about drink driving who end up with a slap on the wrist and one Mr O. J. Simpson. Everyone is out to look after their own interests, even the lawyers and law lords who obviously loved every penny of this case and will be sick to hear this is the end, a lot of rich people have gotten richer out of this campaign, the poorer people have just gotten a whole lot poorer.

withabix

This will disappoint many MSEers.

I wonder how long it will be before banks start reclaiming the refunds paid out to date, or getting court judgements reversed....

chris1huk

anyone else fed up with these "your own fault you should take the responsibilty" posts.. do these people come here just to wind everyone up?

withabix

chris1huk wrote: »

anyone else fed up with these "your own fault you should take the responsibilty" posts.. do these people come here just to wind everyone up?

So you think that it's unfair for the balance of opinion to be allowed on forums?

Perhaps the posts moaning that this decision is unfair should be banned??

chris1huk

I thought they couldnt reclaim refunds they've already given out?

The only good thing to come out of this, is the banks know they have given away a load of money they need not have.
Banks should at least give the account holder the option of whether they want to allow their account to go overdrawn or not.

dunstonh

Good decision. I know that won't be fashionable with those on this forum but there has to be some common sense in that you cant borrow money that isnt yours for free.

Whilst I do think the charges are high, the banks have mostly revised their charges now to be fairer (although some actually pay more under the new charges than the old). However, there has to be a consequence to unauthorised overdrafts to put people off from doing it.

A big problem now may be all those that paid up front fees to claims companies. We know the cashflow on many claims companies is not great and they were built on a pyramid scheme. With a major potential source of income removed and they now having to return some/all of the up front fee, will they have the money available to do that or will they go into administration like some have already?

chris1huk

withabix wrote: »

So you think that it's unfair for the balance of opinion to be allowed on forums?

Perhaps the posts moaning that this decision is unfair should be banned??

I think it's unfair for people to judge me and others without knowing our situations..
This forum is about reclaiming bank charges.. whats the point of coming here if you are only going to try to wind people up?

Surely that would be like me joining an x factor forum and saying how rubbish it is etc.. theres no point to it

A good post by dunstonh there.. offering good points.. although he isnt for the reclaiming, he isn't judging anyone.

iolanthe07

not charges that exasperate debt

!!!!!! does this mean? Did you mean 'exacerbate'? Great to see that Mrs Malaprop is still alive and kicking!

LilacPixie

I am disappointed. I have no bank charges so it's not that the OFT decision affects me personally but I do feel the OFT has failed consumers probably to protect the banks themselves. The OFT should be impartial and acting for consumers and not bowing to government pressure which IMO it has.

Banks are majorly government owned and the share prices would of took a huge hit today if the OFT were continuing.