Bank Charges Opt Out procedure - how should it work?

Eco_Miser

In view of what moneysavingkitten and others wrote about opting out by default, there should be no such thing as an unarranged overdraft. Either an overdraft has been arranged, and the transaction is paid, or no overdraft has been arranged, and the payment is declined - without charge.

Saetana

PlasticMan wrote: »

The cost to the bank should be nothing. The process can be fully automated and I really don't need a letter. If I don't pay my phone bill, or my charitable standing order, then vodafone or the charity can get in touch about it. If the bank likes they can text me or email me, but only as long as there's no charge.

Unpaid item charges really are daylight robbery, and they are frequently the ones which then create further charges later on. I have no idea why they weren't considered independently during the OFT case. Forget maximums (like £5). There is no excuse at all.

I wasn't thinking of a letter to the customer but a letter to whoever has requested the payment, which would be necessary. All my documents are paper-free online so, no, that wouldn't really cost the bank anything.

Bank charges are one of the ways banks make money from accounts which have no monthly fee, take that away completely and they may well start charging to use basic services instead.

Alpine_Star

Saetana wrote: »

Bank charges are one of the ways banks make money from accounts which have no monthly fee, take that away completely and they may well start charging to use basic services instead.

Golly that's a novel concept - everyone having to pay for the services they use. Whatever next?

ILW

Have to say that I prefer the current system where all the idiots that cannot sort out their day to day finances are paying for me to get free banking. I do not have lots of money, just try not to spend what I do not have.

PlasticMan_2

Saetana wrote: »

... a letter to whoever has requested the payment, which would be necessary.

I don't pretend to know the technical details but I'm pretty sure those kind of communications don't happen by post.

Saetana wrote: »

...they may well start charging to use basic services instead.

So the only reason our banking is "free" is that it's being subsidised and paid for by people who have lost their jobs, or become sick, or can't pay their bills for whatever reason?

Now I haven't paid any bank charges for a long time, but that still doesn't seem fair to me. If we end up paying a minimal charge per cashpoint transaction (say 5p) or a regular monthly fee - ie paying for what we use - then I can live with that. But let's not forget that debit card payments etc are already paid for by the retailer and passed on the customer (either directly or indirectly) and the banks are already doing pretty well out of investing our wages themselves.

janearanhol

thankyou for saving me the trouble and time of having to put all my thoughts and feelings down, couldnt have put it all better myself. i am in total agreement with everything you said. thankyou

natweststaffmember

ILW wrote: »

Have to say that I prefer the current system where all the idiots that cannot sort out their day to day finances are paying for me to get free banking. I do not have lots of money, just try not to spend what I do not have.

I love your posts cos I know exactly the intention

ILW

natweststaffmember wrote: »

I love your posts cos I know exactly the intention

It was a purely personal (if maybe selfish) comment.
I am more than happy for other people to pay for me.
But then again I do seem to be paying out rather a lot to pay for many other things which I have no control over.

Smasher

ILW wrote: »

It was a purely personal (if maybe selfish) comment.
I am more than happy for other people to pay for me.
But then again I do seem to be paying out rather a lot to pay for many other things which I have no control over.

Fair enough mate.

Alpine_Star

ILW wrote: »

I am more than happy for other people to pay for me.
.

People are not paying for you and you are simply kidding yourself believing they are.