How will reclaiming bank charges impact banking discussion

Newstart_4

Phaelok wrote: »

So if i know i dont have enough funds to pay for a direct debit, providing the cost is low to return the item, most people dont have a problem being charged? This is the most ludicrous statement ive seen to date. Irrespective of what the bank charge people will always complain, rather than questioning the amount charged by the bank, people should look closer to home with a view NOT to be charged in the first place. Do you not agree if that if things were paid on time by the customer, the customer called the bank to cancel d/d's if there was not enough money in the a/c etc that there would be no reason to be charged in the first place? Whether you agree or not, in my opinion, the blame is on us, the customer.

please dont twist what i say, i say we dont have a problem with being charged because we accept that there are costs involved with bouncing a payment(should it happen), nobody purposly sets out to be charged and bounce things, but for many on a tight budget it can be inevitable that things will go wrong from time to time, and at that time i would like the bank to charge me fair & legal ammount.

scottishtaffy

Phaelok wrote: »

I appreciate that there are 'unique circumstances' which mean that money that would have been used to pay for a d/d has to cover car repairs for example. But in the example you have given, why not temporaily cancel the d/d etc in order to avoid being charged by the bank? You can call on the same day and ask that the d/d etc be recalled and cancelled without charge. Its all very well blaming the bank for these charges, but unless the customer does something to stop these transactions going through their a/c, they are the only ones to blame.

if you bothered to read any of these threads then you would know that most people disagree with the ammount they charge not the charge its self! as for stopping d/d's thats all well said and done if you have a glass ball and know that your car will break down on xx date and you can prepare for it but in the real world ( not your fantasy perfect one ) we you dont know whats around the corner!!

angelwillow

Phaelok wrote: »

I appreciate that there are 'unique circumstances' which mean that money that would have been used to pay for a d/d has to cover car repairs for example. But in the example you have given, why not temporaily cancel the d/d etc in order to avoid being charged by the bank? You can call on the same day and ask that the d/d etc be recalled and cancelled without charge. Its all very well blaming the bank for these charges, but unless the customer does something to stop these transactions going through their a/c, they are the only ones to blame.

I'm sure the bank would love it if we cancelled and then re-instated direct debits whenever we wanted.
Or perhaps we should say 'hold on,can you wait an extra day until I get paid/cheque clears etc so that I don't get charged?' Yeah right.
Please don't assume that everyone lets things like this deliberately happen and then expect the bank to not charge us - I think you need to read more of this forum before you judge people like you have done.

wisbech_lad

Meh. I love my premium integrated bank account (shares/ credit card/ mortgages/ bonds, can have savings in ten currencies, you name it, and free coffee at the branch). BUT I have to keep minimum balance of about 70,000 quid, or get charged 25 quid a month. (not in UK btw)

If you want a ATM card account, with cheque book etc. you need minimum balance of about 600-700 quid, under that you get hit with monthly charges. Free accounts are passbook only with no o/d facility - but this works quite well.

I (personally) think that UK should move to a fee based banking structure - the current system of penalty fees has obviously "jumped the shark"

But this would also need to go hand in hand (IMHO) with "hard" o/draft limits. If you haven't the arrangement made, the money simply doesn't get paid.

I lived in Japan for two years and never had a bank account. The banking system was so bad it was easier to use cash for everything (i.e. it was far easier to pay bills at a 7-11 store than via a bank account!) Just got used to carrying equivalent of 500 quid on me all the time (Japan is safe). Paying tax was fun though - don't think I've ever carried that much (cash) money on me...

So, yes, think this will be the end of the current system in the UK - but that is no bad thing. Banking is a service - and paying for it makes you more likely to move to a bank/ product that fits your needs best.

Crazy_Hamster

I do now run my account very well. I check it every morning, save every card receipt and it goes in the account book as soon as. I've been Internet banking for over 2 years (paying everything online) and I know how much I have in my account all the time. However I have MADE myself be that way because I admit I ran my account with my previous bank badly from time to time.
<O:p</O:p

However I do not feel charging me £120 in one month over one DD that was taken out of my account twice is justified. If I'm charged for the DD being returned how then can they take money out of my account for the over limit fee when they can’t pay my DD? And not everyone can magically find that extra money the following month so of course my charges snowballed to the point where the bank were calling my mother and harassing her. <O:p</O:p
<O:p</O:p

I've paid the bank back, and claimed and received all my charges. Should I have? Well I will never forget the day they made me cry because they refused to let me pay a bill over the counter until I saw someone about a loan I didn't want and knew I wouldn't get. Then to be told to get lost by them when of course I was turned down.<O:p</O:p
<O:p</O:p

If I'm charged a small amount for my account now so be it, my car insurance goes up for all the morons who drive with none or drive recklessly. My house insurance goes up because idiots buy houses on flood plains. Perhaps banks will create free accounts for customers with good credit records and charge the others, which of course will only make the problem of being charged worse.<O:p</O:p
<O:p</O:p

So if I can get money out of the bank then I will. I would never trust any bank, as they're all out there to screw you as soon as you put a toe out of line for whatever reason.

ripoffbritain_4

banks still involved though we should stop using them all together and watch them squirm with the lack of customers.

Beate

No thanks, I am not getting rid of the 6% interest on my savings.

dfc666

I was wondering, no matter what with the issue regarding how much bank charges are unfair, do you not think ultimately it is the customers responsibility to run the account within the terms and conditions that are set by their bank?
I feel personally that we have a very much an "I want that now" attitude and are willing to get ourselves in a multitude of debt to buy expensive luxuries.
I think a lot can be said of my parents(in their50's) or grandparents (80's) generation who simply did not buy anything unless they could afford it, and that having the latest brand name or plasma tv for example was not doneunless they could afford it(I know they didn't exist then, but you know what I mean!).
Do you think that todays society could take a leaf out of their book?

Dave_Brooker

dfc666 wrote: »

I was wondering, no matter what with the issue regarding how much bank charges are unfair, do you not think ultimately it is the customers responsibility to run the account within the terms and conditions that are set by their bank?
I feel personally that we have a very much an "I want that now" attitude and are willing to get ourselves in a multitude of debt to buy expensive luxuries.
I think a lot can be said of my parents(in their50's) or grandparents (80's) generation who simply did not buy anything unless they could afford it, and that having the latest brand name or plasma tv for example was not doneunless they could afford it(I know they didn't exist then, but you know what I mean!).
Do you think that todays society could take a leaf out of their book?

Yes, it beggars belief that people are so poor managing their finances that they end up with £000's of charges.

And then to blame the banks for their own financial shortcomings is hardly fair.

The true victims of all of this will be the people who have been responsible with their finances and who will now have to pay charges thanks to the f3ckless ones who are demanding the penalty fees back.

dfc666

Very true, I've seen those Spendaholics programmes, an it frightens me that people seem to have no qualms about running up about £30k debt, just to have a lifestyle at the end of the day they cannot afford.
I feel that maybe more time and effort should be directed towards educating people on how to run their finances than blaming the "big bad companies".
Mind you credit should not be as readily available then.