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I can't believe banks can get away with this...

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  • frepol
    frepol Posts: 202 Forumite
    Could this be a job for the Unfair Terms in Contracts Regulations 1999? Never known it to fail yet!
  • doelani
    doelani Posts: 2,576 Forumite
    Part of the Furniture Combo Breaker
    mippy sorry you have had this experience but I see it everyday as I work for Abbey too. HI DC. We used to offer this "buffer" amount on accounts in case a customer went overdrawn by accident that can happen.

    A lot of people used this to their advantage and it was not removed to trap people as I think one poster said. You need to run your account correctly usually for months without going overdrawn before you can apply again for an overdraft if it has been declined. I have spoken to people who have more charges in a month than they ahve crediting their accounts then try to blame the bank for charging them. In the end the amount of the transaction does not matter, £2 or £2000 it will still incare teh same charges.

    DC have given good advise, I myself have had 2 bank accounts for 6 years and have never once had a charge as I would not waste money on charges for the sake of it. Try to orginise your payments better and don't use your card if you are unsure how mcug is in your account.

    Goof Luck
    TOTAL 44 weeks lose. 6st 9.5lb :T
  • skeggysteve
    skeggysteve Posts: 134 Forumite
    Who said that they make any money by reserving money when you pay for something by debit card? This is clearly a misconception. While the funds are not available to you when you pay by debit card, the value date of the actual debit would have to be when the funds are actually transferred to the merchant, not before that. And it's the value dated balances that are used for interest computation, so you wouldn't lose out on the interest either.

    Hi Wallet,

    I, think, I understand what you are saying but...
    I think that my bank, Halifax, don't pay interest on balance only on available balance.
    Ethier way I should be able to take all 'my' money out and put it into a an account that paid interest, like my online Halifax saving a/c.
    So the the Halifax are making money out of reserving MY money.
    Hope this make sense!

    There is so much more I want to say but I can't remember - old age I guess!

    Anyway, many, many thanks to all the 'inside' people.

    One day the banks will read this and then ....???

    Kind regards to all & please vote on May 5th.

    Steve
  • Sofa_Sogood
    Sofa_Sogood Posts: 5,258 Forumite
    daveboy wrote:
    I can't believe that....

    Sorry to interrupt such a civilised thread, but is this person :rolleyes: going to continue disrupting topics just to promote what a good student/driver/banker he is?

    Give the girl a break please!! You've been told more than once by better people than me that your input isn't wanted on subjects like this.

    mippy? Read all the good advice that's been given, especially from those that know about banking, and keep posting. :) On both threads. And ignore people who just post about how good they are at managing money.:rolleyes:

    Having been ripped to shreds by bad management on my side, and Lloyd's crippling fees, I can relate to how bad some banks can be.

    Good luck :)

  • Having been ripped to shreds by bad management on my side, and Lloyd's crippling fees, I can relate to how bad some banks can be.

    Good luck :)

    Me too sofa, I know exactly where you are coming from. Friend of mine used to work in banking and she said that LloydsTsb were known as being one of the worse banks you can bank with. :rolleyes: Just gald i got out and changed banks :T
  • daveboy
    daveboy Posts: 1,400 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Sorry to interrupt such a civilised thread, but is this person :rolleyes: going to continue disrupting topics just to promote what a good student/driver/banker he is?

    Give the girl a break please!! You've been told more than once by better people than me that your input isn't wanted on subjects like this.

    He will just continue to demonstrate the patheticness of others who can't do basic things, then come on here complaining when they've had their fingers burnt.

    Parliament is in the process of rushing through some laws, maybe you should contact your MP so he can pass something withdrawing my right to say what I want. Until that happens, I'll say what I like.

    Just like, I am sure, you will too.
  • Walletwatch
    Walletwatch Posts: 1,055 Forumite
    Hi Wallet,

    I, think, I understand what you are saying but...
    I think that my bank, Halifax, don't pay interest on balance only on available balance.
    Ethier way I should be able to take all 'my' money out and put it into a an account that paid interest, like my online Halifax saving a/c.
    So the the Halifax are making money out of reserving MY money.
    Hope this make sense!

    Steve

    Agree with your points on the inability to move blocked money into higher interest savings accounts. This was the bane of my life until I moved from Citibank, where I had this problem.

    As for Halifax not paying interest on value dated balance, I stand to be corrected, but I seriously think that should not be the case.
    It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!
  • Sofa_Sogood
    Sofa_Sogood Posts: 5,258 Forumite
    Me too sofa, I know exactly where you are coming from. Friend of mine used to work in banking and she said that LloydsTsb were known as being one of the worse banks you can bank with. :rolleyes: Just gald i got out and changed banks :T

    If we'd have stayed with them and not had some back up at the time, we'd have been homeless and probably drawing benefits.

    In my honest and humble opinion T_i_s, they'd have taken every penny we had, and more. (They nearly did by the way) I wouldn't recommend Lloyds to anyone.

    Good thing you got out when you did :)
  • hi i also hate abbey at mo as i have just been charged 30 for 2 £6 unpaid cheques and then another 15 for unauthorised overdraft fee so £75 for 12,am leaving them with discustespecially since had paid in cheque that day
  • Midget_Karen
    Midget_Karen Posts: 127 Forumite
    You do know before you pay in a cheque that it will take a couple of days before it will clear, and therefore a few days before the money is "yours" and you can use it.
    Proud to have become an Ocean Rower in 2010 (crossed the Atlantic in a crew of 4 ladies and had the best 77 days of my life!)
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