MSE News: OFT delivers 'flaccid' report on future of bank charges

WASHER

I never said I expect free banking, I would rather not pay for personal banking. Banks make money from overdraft charges amongst other things, selling insurance etc, they have done so for years, its nothing new.

The OFT are at fault here for giving false hope to many people.

Edit: I will say, I do think the OFT should have done more to help those who are struggling financially because of ill health or job losses, banks should show compassion to those people and suspend any charges on receipt of a Statement of affairs.

Equaliser123

mikeandrach wrote: »

calling someone a moron does not go against forum etiquette. it is not being rude, it is stating a fact. in my view, ILW is a moron based on the tone of his comments.
QUOTE]

Yes it is rude. They have a different view to ours. That's what happens when you live in a democracy.

[Deleted User]

esmerellda wrote: »

That should be introduced immediately.

As should the real time balances.

The technology and capability is there.

This stalling is just so the banks can find other ways to screw over vulnerable people before they lose excessive charging as an income stream.

Those 2 points alone along with being invoiced for the charges rather than automatically debited for them would squarely leave this at the customers doorstep and give them the necessary options and incentive to manage their money as best fit for their situation.

If only they would introduce the two you mention above and that I have added.

esmerellda

boomclart - absolutely agree with you - we put forward the billing idea to the OFT - they have ignored it,, I'll pm you a link to the report if you like ? see if it scans with what you were thinking. maybe we can try pushing it further with the FSB and government etc.

[Deleted User]

Es - please do, it would interesting to read.

esmerellda

Sent Look forward to hearing your views.

ILW

mikeandrach wrote: »

ILW, i completely agree. it is so incredibly simple to balance redundancy, unexpected car expenses, variable gas bills due to the cold winter, variable water bills due to being metered, unexpected expenses such as a boiler fault etc. how thick and stupid so many millions of people are to run to such a tigh budget. moron.

Your compalint was about getting charged for going 10p over your limit. I am sure with all that amount of expenditure you could have just deposited 10p into your account. And to be honest, if redundancy results in a 10p overdraft you aint doing too bad.

mikeandrach_2

it was a very hypothetical scenario, you seem to tar all chargees with the same brush in your statements so i was just pointing out how it could be from their perspective. bottom line is, what the hell justifies a charge of £10 let alone £35 for going overdrawn? if the banks don't want people to go overdrawn its simlple, don't honour the payment.

ILW

mikeandrach wrote: »

it was a very hypothetical scenario, you seem to tar all chargees with the same brush in your statements so i was just pointing out how it could be from their perspective. bottom line is, what the hell justifies a charge of £10 let alone £35 for going overdrawn? if the banks don't want people to go overdrawn its simlple, don't honour the payment.

Fair enough, I can see it is rather a lot, but thats what it is. Mypoint remains that if you are going over by "a bit" on a regular basis then other issues need addressing. If someone managed to run their car out of petrol causing it to break down on a regular basis you would probably think they were a bit daft for not leaving a little bit to spare in the tank, same goes for a bank account.

WASHER

Mikeandrach, you can't justify those charges, I for one never said you could, you, as I did on opening the bank account agreed to the T & C's of that particular bank.


I certainly didn't like giving them money for the charges and the failed Direct Debits, but at the end of the day, it was no one elses fault, I hadn't lost my job, no real hardship, only general overspending, I was meant to be responsible for my own actions and those irresponsible actions cost me money in charges, and I had to pay them.