How will reclaiming bank charges impact banking discussion

Smasher

IvanOpinion wrote: »

How naive can you get ... I hope you will be able to look in the faces of those that have struggled hard to make ends meet and each month they were responsible enough to just about balance the books ... these are the people whoa re going to suffer most, the ones that now may have to find an additional fee to operate their bank account which might be enough to tip them over the edge, alternatiively they may find that they are no longer entitled to any form of credit and realise that their cheques just bounce or debit cards are useless.

But don't worry maybe you can explain to these people how they owe the irresponsible and financially incompetent in society a grattitude of thanks.:rolleyes:

why do people also keep propagating the myth that the financially inept who pay charges are paying for the banking of mature and responsible adults .. it is one of those things somebody made up and everybody jumped on the band wagon to justify their own incompetence .. a bank can and does make profit from an account being operated in a responible manner .. just not as much.

Ivan

Yea, maybe I could have articulated that a little better. I certainly am not naive by any means
What I am saying is, it seems a bit like hypocrisy that there are those who think "you guys are going to screw up free banking for all of us who have been responsible". If, I mean if it were the case that these charges were what was funding the so called "free banking" for everyone else - if you subscribe to that nonsense.

In all honesty, even without these charges, a bank will still make a profit. The charges are just pure greed. What I'm saying is, it is just bull**** to say that those who reclaim will screw up free banking for everyone else.

As for your assumptions that everyone who gets into trouble with charges is irresponsible or financially incompetent/inept, well, I won't even dignify that with a response. :rolleyes:

Dylanwing

Well said Smasher, I just wish that more of the great British Public had your spirit and willingness to fight the big Corporations. Perhaps if all the 'smuggies' showed the same spirit, the Banks would not even dare float the idea of fees for all. The Banks never show any spirit of fair play or compromise, so as far as I'm concerned, they deserve all they get.
How to sum up the current British apathy - Had he not stood down, that objectionable Tory MP Conway, who finds it acceptable to pay his sons a fortune for little or no work (Whilst, no doubt, objecting to the minimum wage) would still have got elected simply because he has the right party rosette. And we wonder why we get ripped off!

Nathan_Spleen

IvanOpinion wrote: »

Wow, is that your contribution? Maybe you can enlighten us as to what facts you are basing your opinion on?

Look at savings rates, did you not notice that some of them dropped by 0.3% (and more) after the last base rate cut, what about mortgage rates, we saw increases beyond the 0.25% mark and even some 'intermediate rises', now look at credit card interest rates have been 'drifiting up' by significantly more than increases in base rates.. also very few (if any) free balance transfers now exist .. more recently I have to pay several hundred quid for a decent mortgage deal .. not all of these are in direct relation to the bank charges but some are.

keep an eye on such things, if you are not seeing the evidence then you are obvioulsy not looking and are only seeing and listening to what you want to. Are you actually naive enough to believe that the banks are not going to recover any lost profit?

Ivan

Of course I'm not naive. What kind kind of a jerk do you take me for? Of course they'll try to recover lost income steams eleswhere but they'll have to do it by hitting people other than those who can least afford to pay for everyone else's banking - your 3 percent savings rate cut being precisely my point.

IvanOpinion

Nathan_Spleen wrote: »

Of course they'll try to recover lost income streams elsewhere but they'll have to do it by hitting people other than those who can least afford to pay for everyone else's banking - your 3 percent savings rate cut being precisely my point.

You can't have it both ways the people that are likely to be hit the hardest are those that just about balance the books at the minute ... it is possible in the future they will not be able to and will fall into the clutches of what will ultimately be perfectly 'fair' and 'legal' charges (at a rate yet to be determined).

Ivan

IvanOpinion

Smasher wrote: »

In all honesty, even without these charges, a bank will still make a profit. The charges are just pure greed. What I'm saying is, it is just bull**** to say that those who reclaim will screw up free banking for everyone else.

Banks will recover any lost revenue streams from elsewhere ... just remember that when you realise how worthless your pension is that will be one of the streams they will have used. What worries me most is that there will be a minority of people getting short term gains without giving any consideration to what is likely to be much more significant long term losses.

While it would be totally against the banks interests i would prefer that any amounts recovered should be used to pay off debt and whatever is left over is then given to the customer. Sadly some people will never learn, they get some money and instead of clearing debts they simply run up more .. and then try to take a second bite at the cherry/

ivan

Nathan_Spleen

IvanOpinion wrote: »

You can't have it both ways the people that are likely to be hit the hardest are those that just about balance the books at the minute ... it is possible in the future they will not be able to and will fall into the clutches of what will ultimately be perfectly 'fair' and 'legal' charges (at a rate yet to be determined).

Ivan

I simply don't understand you. The people who can just balance the book ARE being hit the hardest. Your 3 percent savings rate cut is an example of it moving the other way and invalidates any point you had.

Smasher

IvanOpinion wrote: »

Banks will recover any lost revenue streams from elsewhere ... just remember that when you realise how worthless your pension is that will be one of the streams they will have used. What worries me most is that there will be a minority of people getting short term gains without giving any consideration to what is likely to be much more significant long term losses.

While it would be totally against the banks interests i would prefer that any amounts recovered should be used to pay off debt and whatever is left over is then given to the customer.

..and you have the cheek to call other people naive! :laugh:

Banks are greedy & ruthless, they will find a way to screw money out of everyone in any way they can. You think these things will be affected only as a result of the unlawful practice of imposing penalty charges being stopped?

If they can find a way to do it, they will do it sooner or later, regardless of the current situation. Who will you aim your ranting at then? :rolleyes:

Tozer

Smasher wrote: »

..and you have the cheek to call other people naive! :laugh:

Banks are greedy & ruthless, they will find a way to screw money out of everyone in any way they can. You think these things will be affected only as a result of the unlawful practice of imposing penalty charges being stopped?

If they can find a way to do it, they will do it sooner or later, regardless of the current situation. Who will you aim your ranting at then? :rolleyes:

Seriously, the world is not a huge conspiracy theory. Ivan was (as the name suggests!) giving an opinion. I agree with a lot of what he says.

IvanOpinion

Smasher wrote: »

Banks are greedy & ruthless, they will find a way to screw money out of everyone in any way they can. You think these things will be affected only as a result of the unlawful practice of imposing penalty charges being stopped?

Sigh ... now you are just going for the emotional arguments .. banks are businesses, all businesses earn a profit. Also the practice of charges is not (yet) unlawful .. that is what the court case is about.

If they can find a way to do it, they will do it sooner or later, regardless of the current situation. Who will you aim your ranting at then? :rolleyes:

is that not what I have been saying all along ... for every penny they have to pay out they will ensure they will get back at least one more penny from some customer ... i really don't know what is 'ranting about that

ivan

Smasher

Tozer wrote: »

Seriously, the world is not a huge conspiracy theory.

Conspiracy theory? Hmm let me see.
£billions taken from customers allegedly to cover costs.
Hundreds of millions paid out in settlements to avoid this being examined.
Doctored T&Cs (by all banks at the same time, to operate in exactly the same way) when they are finally forced into court.
Claimants taken to the court steps & having to pay the expenses they probably can't afford, only to get settlement at the last possible moment.
DCAs contracted to recover "debts" caused by charges.
Accounts closed & overdrafts called in, in retaliation for complaining/reclaiming.
Lets not even get started on Northern Rock eh..

These are all facts Tozer, ask any one of thousands who have experienced it.

Tozer wrote: »

Ivan was (as the name suggests!) giving an opinion. I agree with a lot of what he says.

Really, like his little conspiracy theory? :laugh:

IvanOpinion wrote: »

Banks will recover any lost revenue streams from elsewhere ... just remember that when you realise how worthless your pension is that will be one of the streams they will have used. What worries me most is that there will be a minority of people getting short term gains without giving any consideration to what is likely to be much more significant long term losses.

While it would be totally against the banks interests i would prefer that any amounts recovered should be used to pay off debt and whatever is left over is then given to the customer. Sadly some people will never learn, they get some money and instead of clearing debts they simply run up more .. and then try to take a second bite at the cherry

And you are a lawyer? Honestly?