MSE News: CONFIRMED - OFT gives up bank charges battle

noh

moo_cow wrote: »

And how do you give them notice? You have to keep trekking into town!

Telephone?

moo_cow

well said kittiej !

moo_cow

doesn't work like that i'm afraid noh. and as we only have a tiny sub branch and not a main branch it does actually make a difference. My husband actually had the same problem with the Halifax when we lived in another town.

But that's another arguement entirely. I don't want a bank account and why the hell should i be forced into having one?

noh

kittiej wrote: »

It is wrong because they hide the true cost - which could be £2 or it could be £32- who knows till they admit what the real cost is.

It's quite acceptable for an individual to know exactly how much the banks are making out of them.


The banks should not be making money by extorting it from customers.

They have plenty of ways to make money and the bank charges is a scam just as the PPI rip-offs were and still are.

The costs are not hidden.
Every bank is obliged to publish their fees.

noh

moo_cow wrote: »

doesn't work like that i'm afraid noh. and as we only have a tiny sub branch and not a main branch it does actually make a difference.

They don't have a phone then?

kittiej

The banks have had it too good for too long and it has to be curbed.

They publish how much the fee will be and not the true cost to them and that is the problem

[Deleted User]

natweststaffmember wrote: »

gobbo wrote: »

I don't agree with you. I think we should have a system in which you have to either opt in or opt out of overdraft services. If that means that payments are declined at a supermarket in front of busy shoppers then so be it but if you want to opt into overdraft services then you are charged for it. You cannot have high charges for consideration of whether to pay or not pay an item. I think a lot of posters are looking at the wrong issue, ie the amount of the charges or what the charges have resulted from. The charges are levied for consideration of whether to pay, not pay or grant an excess on the account. One consideration not to pay could lead to another consideration as to whether to grant an excess on the account which could render the contractual provision unlawful because there is no choice for the consumer themselves. Personally, I think any overdraft perhaps could or should be costed ie similar to a business account, an overdraft arrangement fee paid annually or a set fee per month for "overdraft services".

There also needs to be a massive change in the way transactions are processed and displayed to the customer, they need to be live and instant... bank machines which provide the most accesible balance information have got to be bang on when ever you use them.

These are massive changes but if we are going to pay for a service then we as customers must demand we are given a credible one for our money because at present being fed old information that puts you at risk of mis managing your money is simply not good enough.

noh

kittiej wrote: »

The banks have had it too good for too long and it has to be curbed.

They publish how much the fee will be and not the true cost to them and that is the problem

When you buy an item at a supermarket do they tell you the true cost to them?

If you use the services of a plumber does he tell you the true cost to him?

Why do you believe banks should be different?

kittiej

That is very true boomclart.

I despair with the Coop sometimes because I have to guess what's in my account.

And noh, don't misunderstand me, I don't mind the banks making a legitimate profit out of us. I have no problem with paying for my banking or paying for an OD facility, but when they want both an account fee and silly amounts in charges then I think they need pulling up.

moo_cow

They don't have a phone then?


Why should I have to phone and go through umpteen security checks, divulging personal information and do this every month? you tell me, WHY? why do I have to do this? WHY do I have to have a bank account? why can't I handle MY money MY way. They didn't earn it. It's not theirs. And by the way, what about a couple of months ago when we couldn't get any money at all as Nationwide systems had gone down (just like their internet banking frequently does) and my husband's salary was 'lost' for 24 hours? what about the abbey customers going through the same thing now? why do we have to have bank accounts full of incompetance and inconveniance?