How will reclaiming bank charges impact banking discussion

natweststaffmember

THe OFT announced that in April this year which somehow lead them to take the banks to court in July this year with the banks cooperation. Bizarrely the whole uk banking industry WAS being scrutinised and they chose to stage manage court action. As an aside, the banks used to charge until the 1980's so how did people manage then?


By the way, I work for a bank and it's not a dirty word to say bankworker or to have views as a bankworker that may be one that the bank would have. Outside of the bank we are not drones.

DIRTY_CASH

natweststaffmember wrote: »

THe OFT announced that in April this year which somehow lead them to take the banks to court in July this year with the banks cooperation. Bizarrely the whole uk banking industry WAS being scrutinised and they chose to stage manage court action. As an aside, the banks used to charge until the 1980's so how did people manage then?


By the way, I work for a bank and it's not a dirty word to say bankworker or to have views as a bankworker that may be one that the bank would have. Outside of the bank we are not drones.

Oh please, I am not having a go at bank workers in any way shape or form. My comment to sinzster guy was more tongue in cheek than a blast in any way. As I mentioned one of my closest friend is one and she takes great pride in assisting customers and often agrees and disagree with her employers policies very much like everyone else. My personal reviewer at my bank is one of the most helpful people I have ever met. Without her I would be up to my waist in trouble so please don't hink for one second I am having a dig as I am not that petulant. I think there are a fair few on the forums here who's help I have found invaluable!

TANZARELLI

Nattie is a valued member of many a forum and really is a useful source for bank info especially Natwest, for this we thank him.

DIRTY_CASH

TANZARELLI wrote: »

Nattie is a valued member of many a forum and really is a useful source for bank info especially Natwest, for this we thank him.

:T Absolutely ! :T :T So I in no way mean to upset or offend!:A

MonkeyMad

Does any one know how much money banks actually make from charges? Whilst the level of charges are probably too high I would still suspect that they make little money from personal accounts, most of it coming from lending and investments.

If that is the case and our banks not being noted for their social conscience, what incentive would they have in actually continuing to offer facilites beyond an agreed level of overdraft?

If banks decide to go down a route of fees for normal banking to replace the revenue stream of charges, is one outcome of the Law of Unintended Consequences going to be that banks will just stop honouring payments beyond an overdraft limit? That is going to be uncomfortable if the payment is for the Council Tax, food or petrol (or any number of things actually) isn't it?

surfcat

MonkeyMad wrote: »

If banks decide to go down a route of fees for normal banking to replace the revenue stream of charges, is one outcome of the Law of Unintended Consequences going to be that banks will just stop honouring payments beyond an overdraft limit? That is going to be uncomfortable if the payment is for the Council Tax, food or petrol (or any number of things actually) isn't it?

I agree, and many people on these forums have been saying this for a couple of years. It won't bother me of course, but then I was never affected by bank charges.

Perhaps we could have a poll. Would bank charge reclaimers prefer hard limits on funds for ATMs, DDs, switch payments etc? Mummy, why did we have to leave our shopping at the checkout today?

lindilou39

you dont have to leave your shopping behind though....if a card (debit that is) is declined all mummy has to do is get out the cheque book to cover it.

Graham_Devon

lindilou39 wrote: »

you dont have to leave your shopping behind though....if a card (debit that is) is declined all mummy has to do is get out the cheque book to cover it.

LOL thats illegal. And they should be charged. I'd go as far as saying it's intent to defraud or steal goods.

MonkeyMad

Here's an extrapolation:

Banks have hard overdraft limits and will not honour any payment beyond this.

The cheque guarantee card now is therefore of no use since it is no longer guaranteed that the bank will pay up, and is withdrawn from use.

No guarantee card may mean the cheque system falling into disrepute meaning the greater use of debit and credit cards (with hard limits that are instantly authorised or not, which I note seems to be a concern to some. I can see that the delayed transaction may actually be a benefit in certain circumstances).

So working a till and having had a debit card refused, how likely would it be that I would accept a non-guaranteed cheque drawn on the same account?

IvanOpinion

lindilou39 wrote: »

you dont have to leave your shopping behind though....if a card (debit that is) is declined all mummy has to do is get out the cheque book to cover it.

Lindi, n addition to Grahams comments about the leaglity of this, one also notices that many shops now openly state that they will no longer accept cheque as a method of payment ... to be honest it is about time, it is an outdated and expensive method of payment that is no longer required.

ivan