How will reclaiming bank charges impact banking discussion

yode

You must be from a different planet - it is wrong for banks to charge £75 per day for slipping beyond my red zone by a few quid:rolleyes: . How can it cost them £75 per day?

I might get an ambulance chaser to check out NWNF for yode's financial psychosis v natwest.http://img.moneysavingexpert.com/smilies/beerchug.gif
guess that would really make you mad!

rubuhoeikanaika

yode wrote: »

You must be from a different planet - it is wrong for banks to charge £75 per day for slipping beyond my red zone by a few quid:rolleyes: . How can it cost them £75 per day?

I might get an ambulance chaser to check out NWNF for yode's financial psychosis v natwest.http://img.moneysavingexpert.com/smilies/beerchug.gif
guess that would really make you mad!

You are right - £75 is a completely ridiculously high charge. Nevertheless, you agreed to it. And you didn't choose to move to another bank with lower charges, nor ask them in advance if you could go super-overdrawn. (this may not exactly apply to you personally, but there a certainly many cases like it).

I think the "more than what it costs them" is a complete red herring, particularly if they are in fact legitimate service fees. In what other industry do people demand the right to retrospectively "claim back" charges that they agreed to in advance, because they later decide they're "excessive"?

rubuhoe

Edinburghlass_2

rubuhoeikanaika wrote: »

Morally due the money? I don't think so - I read the T+Cs when I opened the account, I knew the costs of being lazy and rolling over my overdraft, but I did it anyway through inertia. I borrowed without warning from the bank, they'd warned me in advance what would happen, so I paid the prominently posted amount. Seems fair to me - I was damn lucky to get it back.

Well as for whether I was due it legally - that rather depends on if it was a service fee or an illegal contractual penalty. I think the former, though I think we'll never agree on this point.

Interesting that your first post on here says you hadn't looked on the T&C's of your account and were also discussing the fact that you had more than one student account when you shouldn't.

Where were your morals then

rubuhoeikanaika

Edinburghlass wrote: »

Interesting that your first post on here says you hadn't looked on the T&C's of your account and were also discussing the fact that you had more than one student account when you shouldn't.

Where were your morals then

Exactly the same - I knew I was getting a dubious free ride, wondering how to get away with it. I think the cases are perfectly consistent:

- ooh I think I can have 2 overdrafts, let's give it a go! Hope they don't catch me.

- ooh it seems I can get some money I paid back, let's give it a go. Hope they pay me.

- ooh I think I can speed here without getting a ticket... you know the rest.

What's your point?

blue_meany

Meanwhile back on planet earth, people in the real world were taking the banks to task over their ridiculous penalty charges and good news - they were winning!!
Give your ill gotten gains to charity if you are so unhappy about them

Keep right on!!

stargazer59

OMG i cant believe there are still people saying these things! I suppose you want to continue having us subsidising your "free banking"" by being charged so disgustingly? I am on a fairly fixed income and when my bank charged me £150 in one go in November it started a snowball effect which left me unable to heat my home and basically living on toast and sandwiches so my son diidnt go without ...did the bank help? No way...they piled on the charges month after month...yes im reclaiming them back..they are UNLAWFUL..and i have accepted a partial refund of £1200 and am continuing in court for the rest! I can now breathe again..and eat! Trust me ..they will never get another penny in charges from me..they will have to earn their bonuses another way.

Mark7799

stargazer59 wrote: »

Trust me ..they will never get another penny in charges from me..they will have to earn their bonuses another way.

I've posted the question elsewhere but I'm interested to hear your views. Will they 'never get another penny from you' because you will change your banking habits or is there anything else you have in mind?

stargazer59

Mark7799 wrote: »

I've posted the question elsewhere but I'm interested to hear your views. Will they 'never get another penny from you' because you will change your banking habits or is there anything else you have in mind?

They will never get any more from me, because this was the first time for over 4 years i had gone overdrawn, they refused to help, and now i have that cushion, i will ensure it doesnt happen again if i can help it. I will refuse from now on to pay anyone by direct debit ,I wont put my health or my sons at risk by trusting the banks again, its cash for me from now on !

Myron_2

Rubuhoeikanaika, does the law of this land take priority over any business's terms and conditions of trading?

DotingDad

stargazer59 wrote: »

They will never get any more from me, because this was the first time for over 4 years i had gone overdrawn, they refused to help, and now i have that cushion, i will ensure it doesnt happen again if i can help it. I will refuse from now on to pay anyone by direct debit ,I wont put my health or my sons at risk by trusting the banks again, its cash for me from now on !

This sums it all up for me.

People are compelled to have a bank account whether they want one or not. It is often not legally possible to get paid your hard earned wages without one.

It is also well nigh impossible to avoid the evil direct debit system in 21st Century Britain. You want insurance you are forced to pay by direct debit the same goes for other items such as mobile phones and internet connections.

The consumer therefore has no choice but to throw him(or her)self on the whims of one of a select few banks. It is therefore essential for the consumer to be protected from abuses by those banks eg by unfair contract regulations.

The Holier than thou posters criticising people reclaiming extorted charges should reflect on the fact that many people in trouble do not have a bank account by choice but because society dictates that they have to.

If, as used to happen, not so many years ago, these people were allowed to receive their wages, benefits, pensions or whatever cash in hand and avoid direct debits then the situation would never have arisen in my opinion.

Whilst people obviously have to take some responsibility for their individual situation a lot of it is out of their control and thus not their fault.

For the record I write as somebody who keeps his current account in credit and cannot remember the last time he paid bank charges. I am here on behalf of my daughter who is a student struggling to make ends meet yet has shamefully been exploited by her bank.