Why not instigate Criminal Proceedings?

JohnPeard

As with many contributors to this web site, I find myself in a battle with my bank. We all suffer from the anxiety and costs taking banks to court.

I am now wondering whether there is a more radical and powerful method of correcting the injustices, which would be at no cost at all to ourselves.

It is become self-evident to me, in my dispute with the bank, that they are operating processes which are deliberately intended to maximize the revenue generated by fees and charges.

An excellent example, is the 5 days it took to process an on-line funds transfer, and promptly ‘bounced’ a DD in the interim, charging me £65 in fees.

The reality is, I have now discovered, is that when funds are transferred on-line, they are received by the the bank at the start of the next working day.

Therefore, the clearing delays are clearly artificial. What this means is that the banks are not only acting unlawfully in these situations, but are acting criminally – in that they are defrauding customers.

Why don’t we consdering make an allegation of fraud to the police? This would entail our going to our local police station, insisting on making a written statement and asking the police to investigate. No doubt they will do nothing with one complaint, but we can then complain to the Home Office insisting this is referred to the Serious Fraud Squad. Remember Enron?

vwman_3

JohnPeard wrote:

As with many contributors to this web site, I find myself in a battle with my bank. We all suffer from the anxiety and costs taking banks to court.

I am now wondering whether there is a more radical and powerful method of correcting the injustices, which would be at no cost at all to ourselves.

It is become self-evident to me, in my dispute with the bank, that they are operating processes which are deliberately intended to maximize the revenue generated by fees and charges.

An excellent example, is the 5 days it took to process an on-line funds transfer, and promptly ‘bounced’ a DD in the interim, charging me £65 in fees.

The reality is, I have now discovered, is that when funds are transferred on-line, they are received by the the bank at the start of the next working day.

Therefore, the clearing delays are clearly artificial. What this means is that the banks are not only acting unlawfully in these situations, but are acting criminally – in that they are defrauding customers.

Why don’t we consdering make an allegation of fraud to the police? This would entail our going to our local police station, insisting on making a written statement and asking the police to investigate. No doubt they will do nothing with one complaint, but we can then complain to the Home Office insisting this is referred to the Serious Fraud Squad. Remember Enron?

Okay, YOU pop down to your Police Station and start the ball rolling then come back and tell us how YOU got on.........

JohnPeard

I am perfectly serious - at present I am investigating and assembling the evidence in my case. This may well be a lever I use with the bank before embarking on a civil case.

I have no doubt at all that the police would initially fob me off - but if the banks are acting fraudently, then we are being 'robbed' in just the same way as being burgled or mugged.

Certainly, I will keep you posted...

vwman_3

I await with interest (pardon the pun) as a retired Police Officer I know now what they will tell you, and being fobbed off does not come to it, its a civil matter, and even then it's pushing it.
Anyway good luck

montrose5

Might it not be better to do what everyone else is doing and follow the actions laid out on this site. If you attend the local nick you will be politely told to go away(unless he/she has had a bad day), it's a civil matter which is why the rest of us are following the advice on this site.
PS-It's not fraud as if you read the VERY small print it's all laid out in your contract with the bank.

JohnPeard

I would like to clarify why I may not be so 'off the wall'

Scenario (1) The bank returns a payment, because insufficient funds are in your account. You get charged £65. The dispute is therefore clearly a civil matter.

Scenario (2) The bank returns a a payment, because insufficient funds are in your account. The reason is that it has held the funds in it's own suspense account in the interim. (i.e You have paid in the money, but the bank holds on to it). You get charged £65. In this case the bank has gained a pecuniary advantage by deception. This is a criminal matter.

In my case, the bank has told me it did not hold the funds, whereas I can demonstrate that it did. This is deception.

.. I rest my case, m'lud...

vwman_3

Have you checked your T&C's, I can see the way that you think there may be a deception, but I would beg to differ, when you paid your funds into your account you should have been aware that there was going to be a period of time when that money/cheque was not available to you until it cleared, in the meantime if a DD is due then there should have been cleared funds there to cover the said DD.

JohnPeard

In my case, I transferred money on-line. The bank tells you this takes 3-4 days. It doesn't - money transferred on-line is debited from your paying acccount at the close of business on the day, and is in a suspense account at the receiving bank at start of business the following day. (Result of hen-teeth's plucking research..).

If the bank tells you it takes 4 days when it doesn't, this is deception.

As for T&Cs, you could agree in a contract that you accept that you will have your knee-caps broken if you go overdrawn. It doesn't make it legal or enforceable.

I appreciate the debate, but I do wonder whether 'There is another way...' !!

gt94sss2

JohnPeard wrote:

An excellent example, is the 5 days it took to process an on-line funds transfer, and promptly ‘bounced’ a DD in the interim, charging me £65 in fees.

The reality is, I have now discovered, is that when funds are transferred on-line, they are received by the the bank at the start of the next working day.

Therefore, the clearing delays are clearly artificial. What this means is that the banks are not only acting unlawfully in these situations, but are acting criminally – in that they are defrauding customers.

While some of the delays in he clearing process could be seen as artificial and there are plans to speed up payments, if funds are transferred between accounts at different financial institutions I doubt the money is received the next day (regardless of whether its done online or not)

If you are talking about moving money between accounts at the same bank than it comes down to your T&C.

Regards
Sunil

JohnPeard

Thanks for your reply, Sunil.

However, I have evidence that I am right. When money is transferred electronically, there is no 'movement' of any paper, or any human intervention. The data processing of a transfer takes, literally, milliseconds.

For computer scheduling purposes, the effective time is from close of business on the day to the start on the following day.

Funds do not dissappear, they have to be somewhere. Where? In a suspense account of the receiving bank. They then have access to this money (and use it) in the 'clearing period'. But there is no 'clearing period' in reality - it is instant.

Moreover, this clearing delay is only in the UK - not in continental banks.

inmypocketnottheirs

Interestingly, I recently received a payment from Malta. Customer paid on Monday, money in my account Wednesday morning. Quicker than making an online payment from one UK account to another.