Bank Charges, Is Anyone Likely To Do Anything About Them?

dexters_mum_2

With so many people taking claims out for their charges back, quite rightly, is it likely that one of the governing bodies will do anything about them like with credit card fees?

It seems that lots of people have this problem, lots of people are unhappy, just as they were with credit charges yet I can't see anything changing other than the banks putting up their barriers about claims.

Banks fees are on a par if not more costly than a credit card fee and the problem seems to be getting worse.

Are the banks going to put a stop on claims eventually or will someone tell them the max fee they are allowed to charge in one period?

DM

anniecave

I think that they will probably be told to move to a max fee per item and maximum fees within a given time period for multiple occurrances..

I am with the bank that I think is the highest charger on this. I've never had any charges (fingers crossed) but I do think at the moment they are disproportional to the cost to the bank of dealing with the error.

roswell

And then they will find somewhere else to get there money from. Eg higher interest rates on OD`s

MPH80

The OFT have already started an investigation on this and will report in due course.

But as Roswell has pointed out - the banks will continue to get their money and they will do this through higher interest rates, religiously applying their charges they have and even possibly introducing charges for more everyday functions.

M.

Gordon_the_Moron

There is too fierce competition for applying charges for everyday functions. Like the annual fees for credit cards/current accounts I think was a scare story to try and stop people reclaiming charges.

If Natwest, Barclays, HSBC and Lloyds TSB started charging there'd be someone like A&L or a building society to offer free services in competiton, while customers don't leave in huge droves for higher credit interest and lower overdrafts I suspect they would over charges.

Hereward

Gordon_the_Moron wrote:

There is too fierce competition for applying charges for everyday functions. Like the annual fees for credit cards/current accounts I think was a scare story to try and stop people reclaiming charges.

If Natwest, Barclays, HSBC and Lloyds TSB started charging there'd be someone like A&L or a building society to offer free services in competiton, while customers don't leave in huge droves for higher credit interest and lower overdrafts I suspect they would over charges.

I read this story today: http://news.bbc.co.uk/1/hi/business/6135864.stm
It shows that annual fees for credit cards may be on the way back, with the Co-op already re-introducing them. I agree that the banks are looking at ways to cover this loss of revenue and do believe that "free" banks is on the way out. IIRC, the UK is one of a handful of places that has this anomaly anyway.

MPH80

Gordon - I direct you to this thread:

http://forums.moneysavingexpert.com/showthread.html?t=303819

And I rest my case.

That's the thin end of the wedge lads and lasses.

seven-day-weekend

MPH80 wrote:

Gordon - I direct you to this thread:

http://forums.moneysavingexpert.com/showthread.html?t=303819

And I rest my case.

That's the thin end of the wedge lads and lasses.

I had forgotton this was going to happen.

I think it will happen to many current accounts. They have to recoup their losses somehow.