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

mikeandrach_2

you are completely right. have never run out of fuel, but i am pretty sure, that if i did, bp would only charge me for the replacement fuel i put in, not say ooooh sorry sir, you ran out 3 miles away, so we are charging you for an extra 35 litres. i agree my finances were/are a mess, i agree many other people are, but the banks have no right to withdraw cash from our bank accounts. say what you like about reading t's and c's etc, maybe if they were simple and one page, as oppose to complex with references to clause 4.i.2.3.4 etc etc people would actually bother to read them.

i appreciate there are 2 sides to every story. however, if the banks are relying on this income, they are clearly a: lending irresposnisbly, and b, designed to keep people in the snowball of charges.

esmerellda

http://www.legalbeagles.info/forums/showthread.php?t=22145
HSBC welcomes OFT PCA study and extends range of accounts

sorry cant find the PR publicly (when someone does you can ditch this post if you like)

AuntiePug

"This really is beyond the pale, even with a near nationalised banking sector, no one will take them on – why?"


Govan Law Centre are taking them on, aren't they?

In Court 11th June if I recall correctly.

More will follow, surely?

bengal-stripe

mikeandrach wrote: »

calling someone a moron does not go against forum etiquette. it is not being rude, it is stating a fact.

mo·ron

1. A stupid person; a dolt.
2. Psychology A person of mild mental retardation having a mental age of from 7 to 12 years and generally having communication and social skills enabling some degree of academic or vocational education. The term belongs to a classification system no longer in use and is now considered offensive.

http://www.thefreedictionary.com/moron

If it is considered offensive, than it is rude.

mikeandrach_2

some people have too much time on their hands i feel. and check your grammar.

blackanchorage

Maybe the prudent people (who can keep their accounts significantly in credit) like the overcharging since it results in their getting free banking.

The alternative is to charge a reasonable fee for going overdrawn, and also a monthly fee to run the current account.

Regards

Equaliser123

mikeandrach wrote: »

some people have too much time on their hands i feel. and check your grammar.

No. To be honest, some people (myself included) don't like rudeness. Particularly when it is because someone has a differing opinion.

What would have been impressive is if you had accepted the point and apologised.

confused90

ILW wrote: »

The money could have been better spent running a series of press and TV adverts with the message that "money is a serious matter" and people need to take responsibility for their dealings with financial organisations. It astounds me the amount of posts on this forum with quotes such as "I didn't read the small print, but who does?"

ILW your comment above does make me laugh, it is such arrogant patronising and pompus bullsh1t it is actually funny.

For a start banks are in no position to preech to us taxpayers about handling our finances while at the same time taking our tax money to keep their arrogant and incompatent backsides off the dole cue due to their own financial "mistakes".

But what particularly makes me chuckle is the comment about not reading the "small print".

i'm assuming that if you are making such an arrogant statement that you are well versed on the details of your own banking agreement, so i'll ask you the same question i asked a rather pompus woman from my bank when she made a similar comment to me......

...... if you know your banking agreement from start to finish prove it, recite it from the top, page one to the end, word for word...NOW....she couldn't answer that....can you? or are you just another pompus old pr1ck who doesn't think before he speaks and casts judgement on other people??

natweststaffmember

blackanchorage wrote: »

Maybe the prudent people (who can keep their accounts significantly in credit) like the overcharging since it results in their getting free banking.

The alternative is to charge a reasonable fee for going overdrawn, and also a monthly fee to run the current account.

Regards

I'm sorry but before commenting on the report, please at least read the report. Yet again another misinformed and blatantly incorrect post from someone just looking to points score(which is unfortunate that I have to do the same thing I am criticising you for).
http://www.oft.gov.uk/shared_oft/personal-current-accounts/oft1216.pdf
The above is the report
http://www.oft.gov.uk/shared_oft/reports/financial_products/oft1005c.pdf
The above will help you to understand that YOU not paying charges are in FACT the party been done up like a kipper on the free banking argument since revenue from interest forgone on credit balances was higher than unarranged or irresponsible people as you have summarised.

natweststaffmember

With regards to the report itself(and I am still reading it so this is my initial thoughts from the first 4 chapters), is that whilst some of us on here and elsewhere have vociferously defended the OFT's position even in giving up their court challenge on bank charges, there was still hope that they would do what has happened in the USA and FORCE "overdraft services" to be an OPT IN service rather than an OPT OUT service. The report failed to deliver. The things it appears to praise are things that occurred because the banks were taken to court and may have anticipated some of the issues that came about. Government money did lead to some changes but that is a disappointing report. In fact, the issues around Real Time balances are simply ridiculous.
The footnote on page 32 is simply unbelievable:

"42 The OFT acknowledges that this opt-out facility may not apply to certain forms of
transactions such as guaranteed cheques or non-authorised (below-floor limit) debit card
transactions."

There are many cases on here where this is specifically the issue. WHY did the OFT not talk to the providers of debit card POS machines with regards to not allowing "floor limits".

The OFT appear to have lost their teeth......can someone find them a new set of dentures please?