How will reclaiming bank charges impact banking discussion

oldwiring

Article in Financial Services Magazine forecasts that customers who maintan accounts in credit will be charged £300 a year. Can we mortals who conduct their accounts ask the banks that first they clear their books of those who cannot operate their accounts correctly, and then introduce a three striles policy.

Dylanwing

Scaremongering so that the gullible will support the Banks greed, and to try and scare the Courts ahead of the test case. And judging by your post, their propaganda is working.

oldwiring

The post I thought to have made earlier has gone walk-about. Firstly apologies for inaccurately citing the magazine it was Financial World, not as in the OP. Never mind that. But you are wrong in thinking the forecast is banks’ propaganda, for the magazine article was quoting the opinion of Money Supermarket. I suppose in the twisted logic of many, merely that MS has given an opinion contrary to what they want to believe, will make the owners creatures of the banks and so in hoc with them.
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[FONT=&quot]Roll on the day when the banks decide that rubbish accounts can go somewhere else, and those somewhere-elses become fewer and fewer. I hazard that with the credit market unravelling that day may be sooner than some think.:D:D:D:D[/FONT]

Dylanwing

From the BBC, so it must be the truth -

But he pointed out that in contrast to the fees earned from charging for overdrafts, a standard charge of £300 a year, applied to the country's 75 million current accounts, would generate an extra £20bn or so in income for the banks.

With regard to the last point, I would like to agree, but employers and the Government insist on a Bank Account for all payments. This has been a key point in the decimation of the Post Office, so it would be highly embarrassing for Brown if the Banks withdrew support. I suspect that the Banks will start offering low-cost basic accounts with no overdraft facility to us plebs.
Slightly off topic, but the latest debt report does indicate that it is not just the unlucky and over-spenders in trouble, but also students who are realising that their degree is worthless - Another bad debt growth area for the future. If so, will Banks stop supporting, students making University only available to the rich?
EDIT - I don't just mean the Media Studies type degrees, many Graduates with proper degrees are also ending up in lower paid jobs.

YorkshireBoy

Dylanwing wrote: »

...employers and the Government insist on a Bank Account for all payments.

That's a common misunderstanding Dylanwing.

More accurately, they insist you have "an account". From the dwp website...

How you are paid

Our policy is to pay all benefits directly into an account.
...<SNIP>...
You can use a bank or building society.

http://www.dwp.gov.uk/advisers/db1/industrial_death.asp

Granted, you'd then need to pay all your bills by postal order/cash, but the fact remains that you do not need a "bank account" to receive salary/benefit payments.

CaroleT_2

I am not sure that I am using the right thread here as I am new to this forum but here goes
I have been using HSBC for as many years as I care to remember. A few years ago I went overdrawn by a few pence and they charged me the usual £25. I argued with them and managed to get my money back but they suggested I took out an overdaft facility for free which I did and have had no more problems, until now.
In August I had my a/c scammed in Russia and they got a way with about £600. I stopped my card on the day the first withdrawal showed on my A/c but two more withdrawals were made after that because of the delay between countries. I asked the bank if I needed a bigger overdraft facility to cover the period until my money was reimbursed and they agreed it would be for the best, but I never needed it as I was only overdrawn by a few pence.
Today I have had a letter saying having reviewed my A/c I am being charged an overdraft arrangement fee of £25. I think this is a bit of a coincidence after having this facility free for 10 years or more. I never go overdrawn in normal circumstances, I just use it as a safety net.
I would like other people's thoughts on this
Carole

roxy7699

Perhaps if you have a look at the terms and see if all accounts of your type are the same. I would also suggest talking to them and asking why they feel it is now necessary, and mention you feel it unjust and that you are considering switching due to this.

bingomad_3

I Have Followed All The Correct Procedures In Taking Nationwide To Court To Reclaim Bank Charges Totaling £7.000 Plus Int. The Judge Has Thrown It Out Of Court Stating Ive Made An Unreasonable Claim! Ive Lost £350 Taking This Action, Reclaimers Beware!

TANZARELLI

bingomad wrote: »

I Have Followed All The Correct Procedures In Taking Nationwide To Court To Reclaim Bank Charges Totaling £7.000 Plus Int. The Judge Has Thrown It Out Of Court Stating Ive Made An Unreasonable Claim! Ive Lost £350 Taking This Action, Reclaimers Beware!

Can you elaborate on this a bit more and post what his/her reasons were for this?

IvanOpinion

TANZARELLI wrote: »

Can you elaborate on this a bit more and post what his/her reasons were for this?

I wonder if we are starting to see a bit of a backlash from the banks on this. A work colleague made several claims earlier this year and won them. His mortgage deal runs out in December and so far he says his mortgage applications for cheaper products have been turned down by two different building societies (both of which he had claims against). This means he is now having to look at mortgages that have higher rates.

I have no idea if these rejections relate to his claims or a general tightening up of credit .. or possibly both? If it is related then it seems a little bit petty but then one has to remember that there is no such thing as a 'right to credit'

Ivan