Maths PhD student can't comprehend complicated bank charges

meer53

lanza wrote: »

Tell you what, we try and make this a bet, where you bet with your own money and have this challenge overseen by the MSE staff.

Basically if you can calculate the charges then you get your money doubled. If you cannot then your bet is prone to the recurrent charges you claim to be able to calculate.

For goodness sake, pipe down and stop making ridiculous posts. Have you any idea how you come across on here ?

Your bank will advise you what they will be charging you if you're careless enough to exceed your agreed overdraft, they advise you before they debit you, if you disagree, call them to discuss it. Their charges will be as per their advertised T & C's.

I know exactly how much i will be penalised if i do this, if i am charged, then it's my fault, not the banks.

lanza

meer53 wrote: »

For goodness sake, pipe down and stop making ridiculous posts. Have you any idea how you come across on here ?

Your bank will advise you what they will be charging you if you're careless enough to exceed your agreed overdraft, they advise you before they debit you, if you disagree, call them to discuss it. Their charges will be as per their advertised T & C's.

I know exactly how much i will be penalised if i do this, if i am charged, then it's my fault, not the banks.

Sorry what parallel universe is that you hark from ?

lanza

krisdorey wrote: »

Provide the terms & conditions, the statements from at least the previous two accounting/interest periods (from the start date you're interested in, or account opening date if you wish) to current day and I would be happy that I could calculate charges.

The only time I've seen issues is when back valued entries cause a re-calculation of interest (often with a credit against the debit interest and possibly then a recalculation of the compound interest).

now that is interesting.

Hold on let me get this right breaking down what you said.

1. back valued entries cause a re-calculation of interest
   
2. these back valued entries cause a re-calculation of interest often with a credit against the debit interest
   
3. these back valued entries cause a re-calculation of interest and possibly then a recalculation of the compound interest

jonnyd281

I know what my charges are, £6 a day for an unauthorised overdraft at the close of business up to a maximum of £60, £30 for a default notice, £6 per refused payment, simple really.

meer53

lanza wrote: »

Sorry what parallel universe is that you hark from ?

The one where all the sane people live.

DevCoder

lanza wrote: »

now that is interesting.

Hold on let me get this right breaking down what you said.

1. back valued entries cause a re-calculation of interest
   
2. these back valued entries cause a re-calculation of interest often with a credit against the debit interest
   
3. these back valued entries cause a re-calculation of interest and possibly then a recalculation of the compound interest

1) Well yes obviously, unless you dont want the bank to calculate "good value"

2) They will cause a recalculation of interest if the back valued entry is valued into one already calculated previous interest period

3) If it is a back value entry into two or more already calculated interest periods then this causes the first interest period to be recalculated then subsequent interest periods to be recalculated as the starting balance of each interest period has then changed.

Hardly rocket science and the back value scenario is quite rare to be honest, it only happens where something causes a balance in the past to change which tend to be either

1) The bank failed to give you funds when it should have and this carried on over one or more interest calculation dates (normally month end)
2) The bank failed to remove funds when it should have and this carried on over one or more interest calculation dates (normally month end)

This doesn't happen very often at all as even if there is a mistake, unless it's right at the month end calculation date then it's normally resolved and the bank applies "good value".

PS : "good value" is a good thing, banks are forced to adhere to it by various rules including MiFID et cetera.

lanza

meer53 wrote: »

The one where all the sane people live.

I see more blame the victim of the scam for getting angry nonsense is it ?

DevCoder

No, it's blame the person who cannot apply simple (and I do mean simple) maths and logic.

PS : There is no victim, all factors of charges are known. You just need to interpret them correctly. These are all explained in T&C and should be able to be explained by any member of bank staff (certainly any customer facing one).

lanza

krisdorey wrote: »

1) Well yes obviously, unless you dont want the bank to calculate "good value"

2) They will cause a recalculation of interest if the back valued entry is valued into one already calculated previous interest period

3) If it is a back value entry into two or more already calculated interest periods then this causes the first interest period to be recalculated then subsequent interest periods to be recalculated as the starting balance of each interest period has then changed.

Hardly rocket science and the back value scenario is quite rare to be honest, it only happens where something causes a balance in the past to change which tend to be either

1) The bank failed to give you funds when it should have and this carried on over one or more interest calculation dates (normally month end)
2) The bank failed to remove funds when it should have and this carried on over one or more interest calculation dates (normally month end)

This doesn't happen very often at all as even if there is a mistake, unless it's right at the month end calculation date then it's normally resolved and the bank applies "good value".

PS : "good value" is a good thing, banks are forced to adhere to it by various rules including MiFID et cetera.

Now that is interesting. However i cannot find the calculation dates, or at least the staff could not find them, so I figured if they could not predict it with their ability to query their system what chance did i have, with my JOB, several projects and sidelines and a PhD to plan along with all the million other things that responsible people try to deal with when they just require a simple service to buy some groceries. We requires these services not to ruin us precisely SO we can take on more of the responsibility for this mad thing called life in Britain today.

Taking that i do not want credit, loans etc... IS or IS not that the whole point of the banks if they are not providing credit ?

i.e. To provide services to make life easier and smoother, not have snares and traps to try and ruin everybody who doesnt want to hold reserves in something as easily ripped off as a Visa debit Card that you use in a wide variety of situations where details can be taken.

That simple yet astoundingly brilliant concept of being a service which does not try to rip people off, appears to have been forgotten by nearly all banks, but First Direct it seems.

lanza

krisdorey wrote: »

No, it's blame the person who cannot apply simple (and I do mean simple) maths and logic.

PS : There is no victim, all factors of charges are known. You just need to interpret them correctly. These are all explained in T&C and should be able to be explained by any member of bank staff (certainly any customer facing one).

Thats what they all say till the bank F up and then it happens to YOU