How will reclaiming bank charges impact banking discussion

PROLIANT

I don’t post on this part of MSE but here it goes, I don’t agree with the compensation culture in this country, if a bank unfairly charges you then yes seek a refund, if you can't manage your money and bounce direct debits, pay your bills late etc it is your fault and you do not have the right to scam bank's and other companies alike to sweeten your own poison, I hate these people and think they should be penalised and not the poor banks, if it were my business suffering because some of my customers found a loop hole in the "spineless" law of this land, then I would be damn sure to get them back any which way possible, and as final thought to the "compensation brigade" your card has been marked and your day of reckoning will come and I will be watching with great satisfaction.

borgbaiter

no, banks didnt feel guilty charging so fairs fair


borgbaiter

borgbaiter

PROLIANT wrote: »

I don’t post on this part of MSE but here it goes, I don’t agree with the compensation culture in this country, if a bank unfairly charges you then yes seek a refund, if you can't manage your money and bounce direct debits, pay your bills late etc it is your fault and you do not have the right to scam bank's and other companies alike to sweeten your own poison, I hate these people and think they should be penalised and not the poor banks, if it were my business suffering because some of my customers found a loop hole in the "spineless" law of this land, then I would be damn sure to get them back any which way possible, and as final thought to the "compensation brigade" your card has been marked and your day of reckoning will come and I will be watching with great satisfaction.

guess you shouldnt post here then

borgbaiter

Truthbringer wrote: »

Serious question to anyone claiming back banking charges:

If you win and it causes the end of free banking (I know that's a big if) will you feel guilty?

Supplementry question:

Is anyone entitled to a bank account?

hi

is your name a reference to the stormbringer in michael moorcock books? same sort of attitude :-)

Borgbaiter

Richard_S

Truthbringer wrote: »

Supplementry question:

Is anyone entitled to a bank account?

Given that it's been made almost impossible to live by cash alone, then I would say everyone is entitled to a bank account.

PROLIANT

borgbaiter wrote: »

guess you shouldnt post here then

So I take it then you are a long term member of the "compo brigade" are you?

borgbaiter

PROLIANT wrote: »

So I take it then you are a long term member of the "compo brigade" are you?

no idea what a compo brigade is so couldnt comment sorry

Smasher

deanh22 wrote: »

Irrespective of whether the charges are found to be punitive I personally believe it is every individual account holder's responsibility to know the rules and regulations of their account. I have always found a list of the charges the bank could impose on me for misoperating my account on the reverse of my bank statement. I have never not been in credit and am proud to say have never had to utilise the £1500 overdraft facility my bank gave me without even asking for it. As such I have never had any charges levied on me, however, if I was being picky the difference between what my bank could pay me in interest and what they actually do could be construed as operating charges.

Nice to hear you have always been alright Jack!
I doubt many people would dispute being charged fot misoporating their account. If I were charged £5 or even £10, I probably would never have seeked to do anything about it. The reason why so many people have been successful in getting a refund is because there are laws & rules in place to protect consumers being ripped off. Believe it or not, these laws & regs are there to protect you too! If it were a free for all and all people had to do was state in their T&Cs that "this is the penalty, sign it & you are bound to it, regardless of whether the penalty is legal or not" then I'm sure there would be absolute chaos in the retail industry, if indeed any kind of industry could survive under such ridiculous circumstances..

deanh22 wrote: »

In the age of internet/telephone banking no-one now needs to wait a month for their statement and can have an accurate picture of their account at any time day or night.

Not true. I can only speak for HSBC accounts, but balances are not updated on weekends or bank holidays.

deanh22 wrote: »

What the effects on all or any group of bank account holders is in the event of the OFT winning their case remains to be seen. Since the banks will seek to retain the level of their profits I cannot envisage them being painless.

IF the result of this case is the imposition of account/transaction charges on every account I will not be happy and would find it to be quite ironic given that advice has been given on IPTW to dump accounts that charge a fee as they are not worth it.

Me too! They make enough money from lending my salary to anyone they please before giving it to me.
You have no reason to be unhappy with those who reclaimed if banks start charging you if/when they can no longer impose rip-off penalty charges. There is no logic whatsoever behind blaming anyone but the greedy bankers..

m.colak

I thought the thread was "How will reclaiming bank charges impact banking". I can see some antagonist and protagonist's here, but at the end of the day what is the point. The original question is what do we think what will happen next? not who should or shouldn't claim. The end of the day either the case will be won or lost but what do you think the future holds for banking. This is a point where everyone should blow the cobwebs of their crystal balls and start thinking reasonably.

Try this approach:
Test Case Win - Banks start charging people for accounts and services on accounts.
Test Case Loss - Banks start charging people for accounts and services on accounts.

By the way yes i am attempting to reclaim some of my charges but that is my business and nothing to do with this thread.:A

Smasher

alexjohnson wrote: »

to get back to the thread title, I don't particularly want to be subsidising you

How will you be subsidising anyone? Please explain..

m.colak wrote: »

Try this approach:
Test Case Win - Banks start charging people for accounts and services on accounts.
Test Case Loss - Banks start charging people for accounts and services on accounts.

Quite realistic. However, if they lose, at least they will have someone other than themselves & their relentless greed for those gullible enough to believe the spin to blame.