How will reclaiming bank charges impact banking discussion

nickmack

Just to clarify, this thread is for discussion of the rights and wrongs of bank charges.

Whether you agree or not, as long as posts are within forum rules, everyone is welcome to post their opinion here.

Steve1981

with the current situation of banks not being able to borrow as freely from each other and it becoming harder for some to get credit. If banks are now going to have to potentially give back millions upon millions of unlawfull charges, whilst this is beneficial to those of us who will be getting money back, In the long run will this not have a greater impact on lending?

Or am I overreacting??

IvanOpinion

Steve1981 wrote: »

with the current situation of banks not being able to borrow as freely from each other and it becoming harder for some to get credit. If banks are now going to have to potentially give back millions upon millions of unlawfull charges, whilst this is beneficial to those of us who will be getting money back, In the long run will this not have a greater impact on lending?

Or am I overreacting??

I think you can be pretty much assured that what the bank gives with one hand they will take double back with the other ... a few people will win a small battle but it will cost everybody the war.

I think the vent board should be interesting in another 18-24 months with people mourning the good old days and starting to ask why they have to pay back so much on their loans, get so little on their savings and pensions and now have to pay for what they once had the opportunity to get for free (but blew it through their own irresponsibility). I reckon that those that started this bandwagon and those, like Martin, that jumped onto it, may at some point have to justify their actions and the impact it may have on others... impact that I believe they full-well know about, but, for the sake of todays battle and 5 minutes of fame, they ignore.

One of my fears is that we may soon be welcoming back the return of the loan sharks ... and not the nice cuddly ones, the ones that make you pay somehow or other.

Ivan

Knackered

nickmack wrote: »

Just to clarify, this thread is for discussion of the rights and wrongs of bank charges.

Whether you agree or not, as long as posts are within forum rules, everyone is welcome to post their opinion here.

On other forums the comments from DTarry and The Affs would be called "trolling".

jaydeeuk1

And you're welcome to exercise free speech.. just do it somewhere else

Steve1981

OK as the above states I am getting my tin hat on ready for no doubt a back lash BUT, if you go over a preagreed overdraft limit, is it not right to expect that you will be charged for this? is it not listed on the T&C's of accounts the charges that will be imposed and in what situations? In other walks of business if you broke the terms of an agreement that would be breach of contract, so if people are unable to manage funds sufficiently and incurr fines is that not part of the process?

Yeah its great that there may be the opportunity for people to get cash back, but as has been said before this will have a knock on effect on everything in the long run.
Should it not be you break the agreement you pay the price?

Agent_C

Thw worry is that the banks will try to recoup their profits somehow - and that will mean they'll probably end up making a charge for current accounts. I've never had any bank charges in my life, apart from authorised overdraft interest, because I manage my finances very carefully - I don't like the idea of having to pay because some people have not been so careful.

Knackered

There is no way that it is right to charge someone £38 to NOT pay a bill. I've no sympathy for the banks and evidently neither do the courts. Stuff them.

Steve1981

Knackered wrote: »

There is no way that it is right to charge someone £38 to NOT pay a bill. I've no sympathy for the banks and evidently neither do the courts. Stuff them.

Ok see it as if your the bank, someone had a bill to pay and didnt have the money in the account, you pay it anyway, having done a favour by paying it is it not fair to charge them for that?
If someone owed you money and didnt pay you wouldn't add a % on top of what was owed? surely that business?

Dont get me wrong I like to see people get back on the big boys, and i guess Im playing devils advocate, but can you see what Im saying?

amancalledchip

im with Steve1981 on this.

i can see free banking coming to an end for everyone now.Unfair on me as ive never gone into my overdraft.