MSE News: CONFIRMED - OFT gives up bank charges battle

gobbo

orc wrote: »

Is that the royal we?

Who exactly are you speaking on behalf of?

Do you understand debt?

Do you understand how the banks make money out of it?

Do you have the ability to provide answers to my questions?

understand it very well

only spend what you've got

don't expect free overdrafts that are subsidised by the sensible

gobbo

discoass wrote: »

but if you went 29p overdrawn again the next monthyou wouldnt get it back

if you do it more than once or twice then it plainly is your own fault not just an error

discoass

gobbo wrote: »

understand it very well

only spend what you've got

don't expect free overdrafts that are subsidised by the sensible

you understand about 10% of it im afraid

gobbo

discoass wrote: »

and what exactly are you subsidising ?

free overdrafts

gobbo

discoass wrote: »

you understand about 10% of it im afraid

now who's assuming things ?

discoass

gobbo wrote: »

free overdrafts

and how do you work that out ?

MikeyH

withabix wrote: »

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....

They wont. Most of the payments were made out of court as "goodwill gestures" and therefore cant be reversed.

chrisharri

G_M wrote: »

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!

Well when I got into debt I was 18, in my first job. Virtually every time I went in to my bank they offered me another type of credit/debt. Either a credit card, loan, overdraft. They were very irresponsable. I remember one banking adviser saying to me " all your friends will be getting loans in uni, this is just the same except you'll be able to pay it off ". I think the banks have taken advantage of people like myself, and there are millions of people like me. They have used my naivety to their advantage.
The banks must have realised years ago that the bank charges system wasn't fair, because why else would they have paid out nearly a billion pounds prior to the test case in 2007?
I think the banks should pay me back because the bank charges i recieved were disproportionate to the amount of unauthorised overdraft, I had no prior warning to recieving the charges, the charges then got me more charges. My finances spiralled out of control. If we are a banks customer, then they should try to help, not hinder.

discoass

gobbo wrote: »

now who's assuming things ?

I`m assuming it based on yr "if u dont have the money" argument

what about late payment fees(often by a day due to 3-5 day clearance)
what about DD refusals-£charged
What about paying a DD when insufficent funds -£charged
Increasing OD to cover -charged

etc...

the system is set up to trip you up

oldwiring

discoass wrote: »

a 500 pound interest free overdraft eh ,well whats their unautherised OD fee

Some what irrelevant unless you intend to go over or cannot control yourself not to exceed it, isn't it?;)