How will reclaiming bank charges impact banking discussion

Compensationitis

If they thought they were unlawful why did they agree to the terms and conditons?

This feeding frenzy will all end in tears for a lot of people who can't afford the expense they may face when they are met with the opponent's costs, then they face having their account stopped and will find it hard to open another one.

Then there is the issue of the rest of us having to pay for all this madness when we have never gone over the limit. And then there is the loss of 'free' banking for people who stick to the agreement made with the bank.

Get a grip folks.

nickmack

Compensationitis wrote: »

If they thought they were unlawful why did they agree to the terms and conditons?

They didn't know they were unlawful and as consumers considered as layman so wouldn't be expected to know. That's partly what consumer law is for, to try and protect laymen who are subjected to unlawful contracts. There's also the opinion that people need a bank account in order to have wages paid, pay bills etc and as all T&C's have these clauses, it is enforced.

This feeding frenzy will all end in tears for a lot of people who can't afford the expense they may face when they are met with the opponent's costs, then they face having their account stopped and will find it hard to open another one.

In the Small Claims court, costs are only awarded against the losing party in exceptional circumstances.

Then there is the issue of the rest of us having to pay for all this madness when we have never gone over the limit. And then there is the loss of 'free' banking for people who stick to the agreement made with the bank.

You wouldn't be the first to be concerned about the loss of 'free banking'. It could be considered the current situation of 'free baking' is paid for by those paying penalty charges. Therefore they have been subsidising other accounts.

If you read from the beginning of this thread, you can see all of these arguments debated.

stargazer59

Compensationitis wrote: »

If they thought they were unlawful why did they agree to the terms and conditons?

This feeding frenzy will all end in tears for a lot of people who can't afford the expense they may face when they are met with the opponent's costs, then they face having their account stopped and will find it hard to open another one.

Then there is the issue of the rest of us having to pay for all this madness when we have never gone over the limit. And then there is the loss of 'free' banking for people who stick to the agreement made with the bank.

Get a grip folks.

Well i think its you who should get a grip.

Luckily you are in a very small minority as the rest of this forum shows!

To be quite frank im sick of paying for your FREE banking with extortionate bank charges, im happy to pay what it costs them, but not happy to let them make a profit on them.

crazyworld_2

stargazer59 wrote: »

Well i think its you who should get a grip.

Luckily you are in a very small minority as the rest of this forum shows!

To be quite frank im sick of paying for your FREE banking with extortionate bank charges, im happy to pay what it costs them, but not happy to let them make a profit on them.

Well said stargazer, I also object to paying for those who can most afford to pay for their banking to get it free while those of us who are on lower incomes are subsidising their "customer benefits (by the way, I hope compensationitis doesn't constantly moan about people on benefits, I wonder how much benefits he or she has been receiving from those of us who are employed and on low incomes to subsidise his or her lifestyle) and attractive interest rates" and helping them to get a bit richer because as you rightly say we are subsidising them, a much fairer system which didn't break the law would be to drop the charge for each breach of contract to the amount which it actual cost them - some people quite obviously are quite happy for big business to break the law whenever it suits them. Most likely those same people would be quick enough to complain if they were robbed, or their expensive cars were broken into or damaged.

IvanOpinion

crazyworld wrote: »

Well said stargazer, I also object to paying for those who can most afford to pay for their banking to get it free while those of us who are on lower incomes are subsidising their "customer benefits (by the way, I hope compensationitis doesn't constantly moan about people on benefits, I wonder how much benefits he or she has been receiving from those of us who are employed and on low incomes to subsidise his or her lifestyle) and attractive interest rates" and helping them to get a bit richer because as you rightly say we are subsidising them,

Why do people keep making things up .. nobody is subsidising anybody else ... this is just a poor argument used to convince naive and gullible people.

a much fairer system which didn't break the law would be to drop the charge for each breach of contract to the amount which it actual cost them - some people quite obviously are quite happy for big business to break the law whenever it suits them.

You are about to get the system you are demanding ... unfortunately the biggest losers will be the poorest. Those that deposit a minimum amount each month will get all their services free (and the bank will still make money) ... those that acted irresponsibly and abused the system will now either take more care or accept that the charges are just one of those things they have to pay .. those that can least afford it will either have to pay for some of the facilities or do without them (e.g. free over drafts etc.). Here is the sort of thing that may happen.

I am not convinced that heading towards the American model of credit is a good idea .. there are those who have it and those who do not ... if you are in the 'do not' camp then you have no choice but to do without.

Most likely those same people would be quick enough to complain if they were robbed, or their expensive cars were broken into or damaged.

That's what I like analogies randomly picked from thin air ... can I also add one, the eagle that soars feels the wind between its feathers

Ivan

crazyworld_2

IvanOpinion wrote: »

Why do people keep making things up .. nobody is subsidising anybody else ... this is just a poor argument used to convince naive and gullible people.
You are about to get the system you are demanding ... unfortunately the biggest losers will be the poorest. Those that deposit a minimum amount each month will get all their services free (and the bank will still make money) ... those that acted irresponsibly and abused the system will now either take more care or accept that the charges are just one of those things they have to pay .. those that can least afford it will either have to pay for some of the facilities or do without them (e.g. free over drafts etc.). Here is the sort of thing that may happen.

I am not convinced that heading towards the American model of credit is a good idea .. there are those who have it and those who do not ... if you are in the 'do not' camp then you have no choice but to do without.

That's what I like analogies randomly picked from thin air ... can I also add one, the eagle that soars feels the wind between its feathers

Ivan

Hi Ivan, yes, please feel free to add random analogies as you see fit

At least in the case of my own bank, or I should say building society, they have stated clearly in leaflets that their penalty charges are used to subsidise "an excellent range of benefits and competitive interest rates", their chief executive has also stated that penalty charges are used to subsidise services.

I take on board though what you've said about the "do not" camp in regard to credit, perhaps a fair point.

Mr._Midnight

Hi,

Hope some of you lot out there can read this!!!! I'm trying to claim back bank charges and my claim has gone to Small Claims court but been postponed for over 3 months. Is this normal practise???

clearvisor

I deal with my sons banking,and my pc went down, i couldn't print off the temp plate letter,so i took all the statements to Barclays, they offered me tea or coffee, No, I haven't won the lottery yet,lol. He said don't worry we can send them internally as we are paying out,I did ask ,well if you loose my statements, then what? answer, we will issue some more, the amount with interest was £2,675-00 ,I said we would accept £2,500,As the beginning of 2001 account was clear, they even added last months and looked to see if he had any charges for this month,Now thats what I call service, If he gets his money, so go to the bank and talk,you don't need a pc,plus might get a drink,

natweststaffmember

I think what you are finding is that staff are seeing the fact that people are being refunded and to be honest, it is a crazy situation in which on the one hand you are declining refunds in the branches and then send two letters and you get everything back. Staff are not stupid(well, most of them) to realise that soon we will move towards paying for a bank account at some point in the future. I have said this for the last year. I only wish i knew when it will happen. Maybe after the FOS report possibly.
I missed the big discussion earlier however, people who are stating that you should know the terms and conditions when you sign up, and that we have have truly fee banking are truly delusional. Many people just sign on the dotted line.(we have all done that). 0.1% interest when base rate is 5.75% means someone is making money on my account and it isn't me.

LozBingley

clearvisor wrote: »

I deal with my sons banking,and my pc went down, i couldn't print off the temp plate letter,so i took all the statements to Barclays, they offered me tea or coffee, No, I haven't won the lottery yet,lol. He said don't worry we can send them internally as we are paying out,I did ask ,well if you loose my statements, then what? answer, we will issue some more, the amount with interest was £2,675-00 ,I said we would accept £2,500,As the beginning of 2001 account was clear, they even added last months and looked to see if he had any charges for this month,Now thats what I call service, If he gets his money, so go to the bank and talk,you don't need a pc,plus might get a drink,

But you forgot the interest