do i stand anywhere with this ?...

quartz10_2

hi

any advice if poss on where i stand with this

i had a magazine subscription, with a site, which i cancelled

ive just realised that when i opened up subscription 1. they also opened up subscription 2

i only cancelled subscription 1.

the reason i've only just noticed (about £500 worth) that subscription 2 existed, is because i only have an online statement, i dont receive it thro the post. if i received it thro the post, i would have checked more carefully.

so no one has done anything wrong, it's just somehow i have missed this reoccuring card payment (i do check D Debit's and standing orders)

would my only possible option be to say that unless they offer me something i will close the account ? could that be effective ?

ironlady2022

You can speak to your bank and raise it as fraud but it's got nothing to do with the bank, a recurring payment can only be cancelled if you call the company directly. Bank would ask for evidence from you regarding attempts to cancel the agreement anyway. Also an online statement is just as important and is the same as a postal statement so you should not treat it with any less importance.

thatsean

You need to talk to the publisher. It's not your banks problem really, you can opt to have post statements, so the fact that they are online isn't much of an excuse.

Cmdr_Bond

I agree with the online statement issue - but am just as guilty of checking them less thoroughly (or not at all :eek:).

One question I should ask is - did you ever receive anything in regards to subscription 2:question:

If not, they sound like they have been charging you for goods you were not getting. Problem will be the small print of the original contract - you don't happen to have a copy?

That is one thing I do keep - I have email dating back 10 years :eek:

quartz10_2

thankyou do you have any idea how much they make from me in a year with a normal current account ?

just wondering if they make more than 500 they might consider if it i close the account,

zppp

quartz10 wrote: »

thankyou do you have any idea how much they make from me in a year with a normal current account ?

just wondering if they make more than 500 they might consider if it i close the account,

I don't think you understand. Your beef is with the magazine subscription company, not your bank. Threatening to leave your bank if they cannot get the money back (you agreed to take) seems very odd.

opinions4u

quartz10 wrote: »

hi

any advice if poss on where i stand with this

i had a magazine subscription, with a site, which i cancelled

ive just realised that when i opened up subscription 1. they also opened up subscription 2

i only cancelled subscription 1.

the reason i've only just noticed (about £500 worth) that subscription 2 existed, is because i only have an online statement, i dont receive it thro the post. if i received it thro the post, i would have checked more carefully.

so no one has done anything wrong, it's just somehow i have missed this reoccuring card payment (i do check D Debit's and standing orders)

would my only possible option be to say that unless they offer me something i will close the account ? could that be effective ?

Let me get this straight:

1) You authorised payment for something.
2) You want to try and extort money from your bank because they have made the payment you authorised.

Strikes me that if you threaten to close your account your bank will ensure you sign the forms there and then and fast track the closure.

Why on earth would they want to continue having you as a customer?

just wondering if they make more than 500 they might consider if it i close the account

Most bank accounts are operated at a loss on an individual basis. If they are making anywhere near £500 a year on your specific account it will be becuase you are either significantly overdrawn or get regular bank charges.

I hope it's the former and they call in the overdraft without notice.

ironlady2022

Agree with opinions4you. Banks don't really make much money from FREE current accounts, unless you overdraw every month or get unecessary bank charges. They issue free cheque books, statements, cards, online banking, counter service etc If you were with any other bank, the situation would still be the same, you need to speak to the company.

Alpine_Star

mayling03 wrote: »

Agree with opinions4you. Banks don't really make much money from FREE current accounts, unless you overdraw every month or get unecessary bank charges.

According to the OFT PCA market study, revenue derived from insufficient funds charges accounts for just 30% of PCA revenue. The largest source of revenue (50%) comes from forgone interest.

ironlady2022

Alpine_Star wrote: »

According to the OFT PCA market study, revenue derived from insufficient funds charges accounts for just 30% of PCA revenue. The largest source of revenue (50%) comes from forgone interest.

30% is still a great whack don't you think? I never said it was the biggest source of income.

Alpine_Star

mayling03 wrote: »

30% is still a great whack don't you think? I never said it was the biggest source of income.

30% is not not insignificant but to say they don't make much money unless they charge overdraft fees when they make far more from those they don't charge doesn't quite chime.