My bank made a profit from me - how do I reclaim it?

michaels

My bank pay me a pitance in interest and then lend out my money to others at much higher rates and make a profit on this above what it costs them to send me monthly statements etc. Tis information rather than being clearly explained to me in advance is not even hidden in the small print of the terms and conditions.

It is clearly unfair that a big company should be making a profit from my business. Please advise me on how I can reclaim this money.

YorkshireBoy

You're not ghost-writing for 'The Boss' are you? (Because the title of this thread reminds me of his 'Call to boycott NatWest' thread).

Anyway, before this thread gets pulled for being too inflammatory...

michaels wrote:

Please advise me on how I can reclaim this money.

Certainly not. 8.71% of my pension fund is invested in UK banking.

regularsaver1

michels - this can't be something you have just thought of - this happens

you just got to look for more interest in your bank account

a bank is a business

Mikeyorks

michaels wrote:

and then lend out my money to others at much higher rates

Did you think they kept it under a mattress? But they'll be happy you take it out and keep it under yours, if that makes you morally content.

Most people you deal with 'make a profit from your business'? It's a fairly key economic plank.

kenshaz

Why not move to another bank,Halifax have a high interest paying current account,and they are currently targeting business customers

gazza975526570

Gazza and my thoughts - i think i will start a Business. At ,my forethought will be the financial interests of my customers. What i will do is pay those that provide me with little income a vast amount of money. I will also pay anyone who struggles with money an incredible amount of interest. In fact i will do this to such an extend that i will not make a profit.

People will love me but will i make a profit and thus be able to continue my Business...........................

wake up, a Bank is a Business and therefore out to make a profit. And so they should.

Tim_L

Unless they do something unlawful, in which case customers are legally entitled to take them to court.

Which is what is happening currently with the reclamation of unlawful charges. Characterising this as an attack on profit is either just plain silly, or demonstrating a profound level of ignorance.

You are perfectly free in this country to allow yourself to be ripped off if you so desire. You are welcome to choose dreadful products from your bank to make more profit if you wish, though most people would think this was foolish. But if you are ripped off unlawfully you can generally claim your money back.

The business analogy here if you want one is that someone starts a business that sells substandard goods for profit and then points to a t&c clause saying refunds are not permitted under any circumstances. The company is making a profit but acting unlawfully - would you ignore it or take action?

Wyndham

Tim_L wrote:

The business analogy here if you want one is that someone starts a business that sells substandard goods for profit and then points to a t&c clause saying refunds are not permitted under any circumstances. The company is making a profit but acting unlawfully - would you ignore it or take action?

Are you suggesting your bank account is substandard? :rotfl:

Tim_L

No, I am suggesting that the hypothetical company is profiting by doing something unlawful and then attempting to invoke a spurious clause in their t&c.

Just as the banks are.

damo101

I don't get the point of the post, if you're trying to claim money back from the bank who had made a profit off you will you be claiming off all the shops and pubs you go to as well?

Damo

YorkshireBoy

damo101 wrote:

I don't get the point of the post, if you're trying to claim money back from the bank who had made a profit off you will you be claiming off all the shops and pubs you go to as well?

Damo

The post was made with more than a little irony , following a discussion last night on the reclaiming of unlawful charges from banks.

It'll be clearer if you read the recent "why I have no sympathy" thread first.