Reclaim Unfair Bank Charges Discussion Area

mullerman

Overdrafts, what are they for then?

System

mullerman wrote:

Overdrafts, what are they for then?

I think these charges stem from when you go over your agreed overdraft.

Al_Mac

A little harsh trademark

Al_Mac

I read today, that the average in credit customer earns their bank £46 per annum.

It didn't have figures for those who lived within an overdraft or those that lived beyond their overdraft.

They could have been intesresting discussion points.

Bettyboop

It would appear that Trademark hasn't experienced any difficulty. Excess fees/charges are unlawful in my eyes....the banks produce record profits every year and just because people can legally get there money back is there right. Why are you so angry about this?! Just let everyone do as they are allowed to!!!!!!!!!!!!!

ceebeeby

I'm going to be on the controversy side of the pole.

When you open a bank account - you choose any bank and ask them if you can be a customer. They offer you terms and conditions. You then have a choice - accept them or don't accept them. If you don't accept them, walk away and find a different bank.

If you do agree, and then subsequently breach the terms and conditions and they enforce a previously notified penalty notice on you .... I don't see the issue (surely it's like parking on a double yellow line - you know you've done wrong and now you're going to pay a penalty).

I noticed the word "mistake" used quite a few times during the threads, and posters readily admitting that they got into debt through issues of their own (some outwith their control).

I'm not pristine in this issue and have been enormously vexed at an £80 charge being made when a company DD'd three days early (it was subsequently refunded by the company).

I can also understand the negative spiralling effect that these charges cause (although probably not appreciate the significant personal affect this may have).

But ... if you agreed to the T&C's then I'm not sure how morally correct this bandwagon is.

nickmack

ceebeeby wrote:

When you open a bank account - you choose any bank and ask them if you can be a customer. They offer you terms and conditions. You then have a choice - accept them or don't accept them. If you don't accept them, walk away and find a different bank.

Except every bank has a similar level of charges. Could you live without a bank account?

If you do agree, and then subsequently breach the terms and conditions and they enforce a previously notified penalty notice on you .... I don't see the issue (surely it's like parking on a double yellow line - you know you've done wrong and now you're going to pay a penalty).

This point has been covered in this thread and others. Penalty charges are not allowed under Consumer Law. If the banks wish to contest this in court, they should do so, however they are not willing.

But ... if you agreed to the T&C's then I'm not sure how morally correct this bandwagon is.

Most people reclaiming charges are laymen (and women). When they sign up to Terms and Conditions, they are also protected by consumer law.

This means because they are assumed to have no legal knowledge, they cannot understand every contract clause, it's implications and indeed if it's lawful.

People have paid penalty charges because they have no choice. The bank takes the money. Now the legality of these charges is under scrutiny, people are taking the opportunity to reclaim these charges.

If we're speaking about morals, the bank needs to be looked at as well. The banks have played very dirty, from charging in the first place to retaliatory account closures and intimidation.

consnmattsmom

I have checked RM website and says letter still not been delivered!! I have checked my bank account today and they have cashed my £10 cheque so they must be getting the letters but not signing for them.

I havent received a response yet tho or even just an acknowledgement.

They dont seem to be providing a very good service.

Al_Mac

nickmack wrote:

This point has been covered in this thread and others. Penalty charges are not allowed under Consumer Law. If the banks wish to contest this in court, they should do so, however they are not willing.

I thought penalty charges were allowed, so long as they reflected the true cost to those leveling the charge.

ceebeeby

Hi nickmack. Thanks for your response

Appreciate that much of what I wrote has already been written - just trying to add voice to the "otherside" of the coin.

In debate response:

Bank accounts - I believe there is a bank account (I think bankrupts can apply for this particular type of account) which does not allow any form of debt.

Penalty fees not allowable under consumer law - accepted on point of law, however, does not negate those that the customer agreed too (which they did by agreeing to T&C's)

Penalty fee payment - going round in circles. If they hadn't "taken" the money from the bank in the first place, they wouldn't have received a penalty ...

T&C's: I'm just not convinced by the lack of knowledge relating to T&C's. If your point were to be accepted regarding laymen, then surely this would apply to virtually every transaction that takes place, and those that now find themselves claiming not to understand the legality or otherwise of the T&C's must surely feel compelled into further education on the matter (to prevent a similar occurence in the future).

Banking Conduct - I agree with you entirely on this point. This ridiculous game of tit for tat is unprofessional on the banks part to say the least.