How will reclaiming bank charges impact banking discussion

davidoram

Please remember that the euphoria over refunds of any bank charges is a double edged sword.
Does anyone really believe the banks are going to lose money over this issue?
If banks have to repay bank charges they will simply introduce charges to all customers. The days of free banking will be over.
Anyone who opens any bank account signs an agreement which identifies charges that will be incurred if the account is not used properly. It doesn't matter if the charges are 'fair' or not, if you sign the form then you agree to them. It is a bit cheeky to try to back out of such an agreement several years later.
The end result of the bank charges refund issue is that the majority of bank customers who run their accounts correctly will have to pay for the minority who do not and incur charges.
But then, that's true of lots of things in the UK today; being a law-abiding, tax paying and honest individual doesn't get you as far as it used to.

machomanugget

there is no such thing as free banking ...

Smasher

davidoram wrote: »

Please remember that the euphoria over refunds of any bank charges is a double edged sword.
Does anyone really believe the banks are going to lose money over this issue?
If banks have to repay bank charges they will simply introduce charges to all customers. The days of free banking will be over.
Anyone who opens any bank account signs an agreement which identifies charges that will be incurred if the account is not used properly. It doesn't matter if the charges are 'fair' or not, if you sign the form then you agree to them. It is a bit cheeky to try to back out of such an agreement several years later.
The end result of the bank charges refund issue is that the majority of bank customers who run their accounts correctly will have to pay for the minority who do not and incur charges.
But then, that's true of lots of things in the UK today; being a law-abiding, tax paying and honest individual doesn't get you as far as it used to.

Yet another one. This is the most common misguided rant that makes no sense at all..:whistle:

custardy

davidoram wrote: »

Please remember that the euphoria over refunds of any bank charges is a double edged sword.
Does anyone really believe the banks are going to lose money over this issue?
If banks have to repay bank charges they will simply introduce charges to all customers. The days of free banking will be over.
Anyone who opens any bank account signs an agreement which identifies charges that will be incurred if the account is not used properly. It doesn't matter if the charges are 'fair' or not, if you sign the form then you agree to them. It is a bit cheeky to try to back out of such an agreement several years later.
The end result of the bank charges refund issue is that the majority of bank customers who run their accounts correctly will have to pay for the minority who do not and incur charges.
But then, that's true of lots of things in the UK today; being a law-abiding, tax paying and honest individual doesn't get you as far as it used to.

or they drop charges to a realistic reflection of their incurred costs?

custardy

Smasher wrote: »

I no longer pay charges. I haven't since I got all mine back. I also applied compound interest for the money they took, just like they charged me when I went overdrawn.
I tried very hard to get an overdraft when I first got into trouble, but the bank refused to let me have one. If I had an overdraft, I would have had some leeway and an opportunity to get back into the black. I would have happily paid the existing charges and the OD interest if only they would help me. But why would they do that? As it was they could charge me up to £250 every month.

A friend eventually loaned me the money to pay them off, about £3k. All of it made up of charges.
That was years ago now. I was every happy in 2005 when I found bankchargeshell.co.uk who showed me how to get them all back. And I did, with interest. I really don't care if anyone has a problem with that. I was absolutely right to do it, my settlement cheque proved it.

i had a similar situation with debts getting out of control,missed DD's,charges etc(too far back now to claim) and did as the banks advise and went to see them and explain/ask for help
i basically got told tough and we cant help
think i lost about £800+ in charges alone then

TighterThanTwoCoatsOfPain

Smasher wrote: »

Yet another one. This is the most common misguided rant that makes no sense at all..:whistle:

Genuinely, explain why this is not the case?

The 're-claimers' are spot on, the charges are higher than it actually costs, and charging the fees make the bank profit - Fact.

If they are stopped from making this profit here, where do you see the banks re-couping this from?

Smasher

TighterThanTwoCoatsOfPain wrote: »

Genuinely, explain why this is not the case?

I already posted my views about such ignorance here..
http://forums.moneysavingexpert.com/showthread.html?p=10462705#post505

TighterThanTwoCoatsOfPain wrote: »

The 're-claimers' are spot on, the charges are higher than it actually costs, and charging the fees make the bank profit - Fact.

And that being so, the banks in most cases, certainly in mine, simply broke the law. You have no valid reason to moan about what we did.

TighterThanTwoCoatsOfPain wrote: »

If they are stopped from making this profit here, where do you see the banks re-couping this from?

Only time will tell. However, as I have said somewhere before, if bankers go after someone else to fleece to make up the shortfall, it will not be because a bunch of consumers stood up for themselves, it will be because the bankers are relentlessly greedy.
My analogy is this. The school bully had been bullying a bunch of kids for years, then one day they stood up to him and had the teachers put a stop to it. Then he turns & starts bullying you. What do you do? Complain about the bully? Or complain about the kids he was bullying before for standing up to him? Like it is their fault that he is now bullying you?

Banks have a completely unfair balance of power. Almost everyone is forced to lend them their income before they are allowed to see it. As has been recently demonstrated, these banks have been extremely irresponsible with it, yet you have no choice about whether or not they get your money before you do.
They can, and have abused this power for a long time until recently when so many people stood up for their rights. These bankers can always rely on ignorant people like you to point their finger at someone else.

fedupnow

Smasher you are taking it all way too personally. Nobody is criticising you and nobody is suggesting that the charges are likely to reflect the true cost of a letter (or whatever the charge relates to).

I don't see anybody calling your opinions 'ignorant' either. There is no need to get so angry.

Like many others I have always been careful not to incur charges, so to the poster that claims there is no such thing as free banking I would say 'yes there is' as I have never had to pay a bank a fee for holding my money for me. Quite the contrary, they have paid me.

Just as a matter of interest, do you think I can reclaim the 25 quid it just cost me in admin charges to add a name to my car insurance policy. I think that is excessive. I was on the phone to somebody in a call centre who simply typed the given name into a box on the screen in front of them and bingo - 25 quid!

Perhaps this case will do us ALL some good when other companies outside of banking have to ensure their charges are reasonable also. Escaping from contracts such as mobile phones and internet providers ????? who knows. We signed for our account agreeing to charges so.........

And knackered - what on earth has cricket got to do with anything?

Smasher

I am not taking anything personally at all. It is just a bunch of text on a screen, I am not in the slightest bit angry or moved in any way.
However, people who don't have much of a clue what they are talking about, but stand on a soapbox preaching are ignorant. I don't say that out of anger, I say that because that is what I think, if that is ok with you.

borgbaiter

ok with me smasher :-)


Borgbaiter