MSE Leaders' Debate: Bank Charges Future and Past

Smasher

They never were a punishment from the bank's point of view. Of course they were very much a punishment for anyone who incurred them, but for the bankers, just another cash cow. They couldn't give a monkeys about teaching you a lesson, they just wanted your cash.

As someone said somewhere before. In court, you don't get justice, you get law. That's about the most fitting summing up for the SC ruling I ever did read.

dunncha

'The Banks' are the only organisation that will lend you an umbrella when its sunny and then take it back when it starts raining.

The Banks are a disgrace the rode the cash cow until it collapsed and then they turned to us to 'bail them out'. Well I can't remember any Bank bailing me out... more like compound my problems by taking a massive chunk themselves.

And as for Gordon... how can he say anything he has let the Banks walk all over the Country... and I have very little faith in 'Dave!'

We need a change and the only way to get that is change your vote! Be brave vote for somebody different!

natweststaffmember

davidgmmafan wrote: »

"Sorry, David, but the Halifax charging structure does give you a way out....transfer your account out."

I understand that BUT they state if there is a balance owing the customer has no choice. They say they cannot close an account with a balance owing (nonsense they do it all the time) and therefore the customers right to reject the new charging structure is circumvented. I would really like to believe that this was a genuine effort to encourage people to understand that an overdraft is a temporary facility repayable on demand (which I think is something that needs to be done) but I can't escape the conclusion its not about that, or simplicity, its about making mroe money and locking people into a cycle of debt.

You know my view on the SC decision and the banks flowery language, I don't buy it. There IS an element of punishment in the charges(legally whether senior members of a bank have said it or otherwise, it is unfortunately unsound), I have heard this expressed by senior staff members, who suddenly stopped saying it when I pointed out this was the point customers were making.

I thought the SC ruling was not that the charges weren't excessive rather there was no basis on which to look at this in terms of fairness, which is not quite the same thing.
The level/disproportionateness of the charges are out under UTCCR 1999 but fairness is still IN.
I would add to the fines issue that there are many people here who express the veiw that the charges ARE for punishment, and some even argue they should be higher to deter people. I recall a lengthy discussion on this point.

Charges may be viewed as punishments in the wider society but in legal terms unfortunately it isn't.

davidgmmafan

Hence my veiw that the law is dead wrong and ought to be changed. I understand there are problems with introducing laws retrospectively but IMO this situation is SO ridiculous that it is the best solution. It would also stop all these otehr systers charging admin fees simply for taking payments which is an essential activity for any business.

I've said it befor and I'll say it again the banks either deliberately lied about the true nature of the charges, or inadvertantly mislead people. In either case why should they be allowed to keep the proceeds? If I offer a car for sale I can't palm off a motorbike on them and expect to keep the cash...

ILW

davidgmmafan wrote: »

Hence my veiw that the law is dead wrong and ought to be changed. I understand there are problems with introducing laws retrospectively but IMO this situation is SO ridiculous that it is the best solution. It would also stop all these otehr systers charging admin fees simply for taking payments which is an essential activity for any business.

I've said it befor and I'll say it again the banks either deliberately lied about the true nature of the charges, or inadvertantly mislead people. In either case why should they be allowed to keep the proceeds? If I offer a car for sale I can't palm off a motorbike on them and expect to keep the cash...

Are banks selling motorbikes now?
No idea what you are going on about.

davidgmmafan

Its an analogy...

What banks are saying about charges now, and argued in the Supreme Court, it completely different to what they argued before. They shouldn't be rewarded for telling lies or being inept, which is exactly what has happened, to the tune of £3.6billion a year.

Get it now?