MSE News: CONFIRMED - OFT gives up bank charges battle

orc_2

Gobbos gone.

In both senses of the expression.

nickmack

oldwiring wrote: »

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.

Since when have banks been concerned about 'embarrassing' their customers?

For regular payments/online transactions these could be automatically refused, but that wouldn't be a nice moneyspinner would it?

These fees have even been renamed and marketed as 'Informal Overdraft Requests' by various banks now, the premise being that when you present a transaction that would exceed an existing borrowing facility, you are making an overdraft request.

BOB_A_H

oldwiring wrote: »

But glad to know you've been up all night to work on your finances:D

It was the tired nature of your post that made me yawn. In bed early with a gorgeous girl, so not too worried about much else! Sorry too much detail. Go look up popcorn prices and make yourself usefull!

orc_2

The wiring chap has a problem with his circuitry.

I think its a DIY job.

orc_2

mark88man wrote: »

I think we probably agree - you were noting the "banks are innocent"/"debtors are stupid" tone that came across from OP. I was noting the "we were misled" "its not our fault" tone that following posters seemed to make.

the truth is somewhere in the middle we weren't all stupid/reckless, but equally some of us were entrapped/enticed

happy MSE xmas

A very happy christmas to you and yours!

Dan_Bailey

To the idea that a ruling in the OFTs favour would end free banking for us all - when has banking been free?

What about the inevitable tax increases we will all be paying in the near future due to the billions of government money used to bail out the banks? Somehow now the government do own large holdings in the banking industry I doubt we'll return to the days of ridiculous 5 billion plus announced profits. What about the thousands of freshly unemployed across the country, ultimately due to the various bad banking practices of the banking industry? The industry's greed has cost real people their jobs, their homes, their lives they have worked so hard for.

It appears the outcome of the case has been taken as a total let off by the banks, still charging the same fees, calling in baliffs to collect debts made up of nothing but bank charges, continuing the same as 3 years ago, despite the complaints of thousands, if not millions of their own customers. If this decision, and the rest of the case had have gone the OFTs way it would send out the message (though not as loud as some would like) - Sort your act out banks, your business effects real peoples lives in serious ways, you've screwed up and we've picked up the pieces, if your own customers wish to complain, their complaints shall be heard and dealt with fairly.

I think the industry needs to be told, it appears no one is big enough to do so.

gobbo

discoass wrote: »

and how do you work that out ?

if overdrafts are free or nearly free then people who manage their money well will have to pay charges to subsidise those overdrafts

gobbo

discoass wrote: »

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

only if you let it , again - manage your money and it won't apply to you

gobbo

apologies if somewho my answer was to the wrong person

chris1huk wrote: »

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.

orc wrote: »

I'm wrong- sorry, what have I got wrong?

I did not make a statement as you infer.

Who are "we" and "they"?

Can you please answer the questions I put to you, if you don't mind.

gobbo

orc wrote: »

Once challenged, the infrequent poster runs and hides.:rolleyes:

Interesting that he registered way back in 2005, which was at the start of the reclaim campaign, and has made so few posts, only to reappear after the SC and OFT decision.

He does however seem to be an expert on £10 freeview boxes and Belgian chocs from Lidl. Not interested in bank charges until recently.

usually too busy managing my finamces than to waste time on silly arguements, but having some time off over xmas , so felt like supporting the sensible posts on this forum