MSE News: CONFIRMED - OFT gives up bank charges battle

oldwiring

I feel there is too much "pot, kettle, black" around.
Do all claimers deny that they have no blame to shoulder for being charged?
Are the banks solely the cause of every charge they take?

No, I do not like holier than thou attitudes, but to me it some users of the accusation may have adopted the same attitude,

And yes I did many years ago work for a bank, (cue for everyone's knife to come out:D), and people deserve to be charged and the amount needs to be enough for profits to be made, Some, I think may be unrealistic in what they think costs are. However, whatever the rates charged, I regret the loss of personal customer knowledge for "computer says", and I think the automatic application as events bring an account out of order is pernicious, limiting the customer's chance of getting back to credit..
The old way of reviewing to ward the end of a charging period and gibing notice was far more fair.

gobbo

hear hear , well said that man

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 to 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, on 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!

G_M

chrisharri wrote: »

Since when have we lived in a free society? We have to pay for everything! Nothing is free.
Surely people asking for their money back from banks is them taking responsability for their own actions?
I used to be in loads of debt. I now owe nothing thank goodness. However, I feel that the banks should repay me past bank charges. I don't need the money to get me out of a hole, as I'm not in one. The bank charges system just makes it harder for people to get out of debt. One month you owe a charge of £35, the next £70, so on and so forth.

Oh come on! Deliberately misinterpreting the word 'free' in this context only weakens your arguement!

Why do you feel the banks 'should' repay your past charges? You used their money, which they were kind enough to lend you, you paid it back plus the fees they charged and which you agreed to pay, and now you are debt-free. I applaud you for this.

And I have no objection to you you using the 'freedom' you have to ask them to repay the charges. I just don't see why they should! Or why you should expect them to.

Be glad you don't live in France, where bouncing a cheque or going overdrawn without approval is viewed very seriously. Your account is frozen and you'll not be able to open another. You are viewed as having spent someone else's money - theft!

gobbo

exactly right

gobbo

i wish this silly £35 for 29p overdrawn would stop being quoted , i doubt many people only overdraw by 29p and if a previosly good customer the bank would write it off in most cases anyway

orc_2

Anyone seen that electric stapler and a desk.

Failing that, the green triangles from Quality St will do.

gobbo

no we are the ones speaking on the side of reason and resposibility not the everything now and sod the consequences brigade

oldwiring

Chrysalis wrote: »

if they approve the request the overdraft is effectively authorised.

No, you still do not have an approved overdraft facility. It's more like a recognition that to bounce an item may be of substantial embarrassment to the customer.

discoass

gobbo wrote: »

i wish this silly £35 for 29p overdrawn would stop being quoted , i doubt many people only overdraw by 29p and if a previosly good customer the bank would write it off in most cases anyway

you`ve never fallen victim then ?

discoass

alexjohnson wrote: »

You see, you try and deal with the issues but sooner or later a member of MENSA always wades in and crushes you with the power of their argument.

and dont u forget it
havent u got a daily mail to read