800,000% overdrafts

lanza

tagq2 wrote: »

Isn't the applicable limit the lower of a value set on the card and another set by the retailer's system? So a card could be set up to force authorisation for all transactions.

Just as they can also be setup to be no floor limit. It suits the banks to allow all these floor limits you dont know about clearly..

Previously we might have said well the system just self organized itself. Its not evil banks with malintent.

Since the bank lawyers figured out how to defeat the OFT supreme court ruling and very quickly we have 800,000% APR and no customer service to deal with it conveniently... clearly its intent to scam and con.

I think we need to find who gave the orders to these lawyers in the OFT case and have websites naming them and their actions in a server located outside of a libel zone. These are clearly enemies of the people.

since telling other people about my problems surprise, surprise i find everybody i meet is telling similar stories. Professional people, business people, working people. All sickened and who decided either to leave their bank or turn hyper vigilant and dont trust them, or if they can afford it just call it bad luck in life and try to forget about it.

Except on here of course. Well clearly then everybody i know must be incompetent. Strange thing is, they are mostly well to do and organized in my opinion. I am organized. Never had a bank problem in 6 years because i thought i had all their tricks figured and a way round it. Everybody is smug till they get scammed for an amount thats actually seriously damaging.

lanza

JuicyJesus wrote: »

Exactly. Visa debit cards which require authorisation exist, and are usually given to people who can't be trusted with a full one.

However it should be noted that "authorisation" against the bank's systems does not necessarily mean a check for available funds. It doesn't ask "does this person have the money?", it asks "will you authorise this transaction?" and then gets a simple yea or nay back (a reason is not returned - it's either a yes, a no or - exceptionally - retain card).

The bank can, at its discretion, approve a transaction where the customer has no funds, be that a debit card purchase or a Direct Debit. This is covered in the terms of virtually every current account except for basic bank accounts. The approval and the type of card one has are separate.

Ok.. so if the bank approves it, then why do they approve debit card customers to go over by trilfing amounts £5-£10 but not larger amounts ?

So they can whack them with £25 charge, then by the time you find out, you have spiraled into daily OD charges.

Thats really nice of them to approve those little overdrawals. Really thoughtful to do that, when clearly the result is you end up paying hundreds for these trivial amounts.

Yes they are doing a great service. What a wonderful facility. I feel so happy my bank is so generous and humane to do that for me.

lanza

and why are there so many bank staff on this forum ? two on just this thread (who admit to it).

Dont you know that people cant get through to you on customer service ?

meer53

lanza wrote: »

I have done my research. Instead of reading a lot of junk online i used several prepaid debit cards for 5 years.

Never once did i use a floor limit, macdonalds, fuel...whatever. the prepaid debit cards reject it because they cannot reclaim floor limit losses, and so neither can the retailer.

The floor limit is an agreement between the card issuer and the retailer that is an overdraft imposed upon you without you even knowing about it. That in itself has to be dubious for a non overdraft card, but no doubt it was buried in the book of small print i didnt have a spare week and a lawyer to help me wade through.

I don't read junk online, it's part of my job to know about floor limits. You don't need to "wade" through anything, don't spend money you don't have, then you won't have any problems. It works for me, and the majority of people.

meer53

lanza wrote: »

and why are there so many bank staff on this forum ? two on just this thread (who admit to it).

Dont you know that people cant get through to you on customer service ?

You don't seem to be too busy either.

jennywcc

help! i have an overdraft to pay off on my old bank account i cant afford to pay it all at once so paying £100 each month but then there are charges as well from the overdraft. so balance is never going down:( can i apply for a credit card and pay it off that way? never owned a credit card before so this is new to me, Thanks will be grateful for any advice!:)

lanza

meer53 wrote: »

You don't seem to be too busy either.

Thats because i am on hold to santander customer services for the past two days. I only have 1000 on the que in front of me now according to the phone.

lanza

meer53 wrote: »

I don't read junk online, it's part of my job to know about floor limits. You don't need to "wade" through anything, don't spend money you don't have, then you won't have any problems. It works for me, and the majority of people.

I didnt spend money. Again you have not read this thread. The santander made errors in my online payments, saying payments had not gone through when they had. My debit card was faulty and i could not determine my available balance.

You are like that manager. He didnt want to hear any evidence. Well i am collecting it now for the claims court against him. I hope the summons gets lost in the mail so he gets banged up in jail for non appearance.

I might even make my case appear so ultra weak in the hope they are stupid enough to send him to the claims court.

EDIT

And hey even if i did make the grave error of going over by a few quid as any normal human being can its a damn disgrace that it could cause me hundreds or even thousands if i cant clear the hundreds. How about i charge the santander or any other bank three grand for every error they make. Fairs, fair isnt it ?

You say people are incompetent and so deserve to be charged thousands for their stupidity, then so does this not apply in reverse ? I await your brilliant reply to that one, like all the other questions you evaded so fair.

meer53

jennywcc wrote: »

help! i have an overdraft to pay off on my old bank account i cant afford to pay it all at once so paying £100 each month but then there are charges as well from the overdraft. so balance is never going down:( can i apply for a credit card and pay it off that way? never owned a credit card before so this is new to me, Thanks will be grateful for any advice!:)

Jennywcc, ignore Lanzas comments, he's a sandwich short of a picnic. You've added to an existing thread instead of starting a new one with your own question. Try again with a brand new thread and you'll get the response you're looking for !

lanza

meer53 wrote: »

Jennywcc, ignore Lanzas comments, he's a sandwich short of a picnic. You've added to an existing thread instead of starting a new one with your own question. Try again with a brand new thread and you'll get the response you're looking for !

Thats because i cant afford a sandwich due to bank charges !!:rotfl:

Jenny this guy works in the business thats pulling you into the spiral. you want to listen to more of these snakes in suits ?

Anyway i am not advising you anything personally except to go where, they actually take national action to the highest courts in the land for their members and have clear warnings and instructions about how to avoid the claims touts that are starting to infest these forums, looking for people in your weak position.