Bank charges ARE fair

SkinFlint_2

The trouble is this country is repeatedly being stiffed by the fat cat companies who make excessive profits because of their monopolies.

I hear that the government is looking at the charges that mobile phone companies levy to customers (or was it just international calls, can't remember) cause they say current charges are not a true reflection of actual costs.

Then you have the utility companies ripping the public off by not passing on energy cuts.

Then you have the exorbitant prices that the British public pay at the forecourts for fuel.

I could go on, but the fact is the banks have been getting away with it all this time and when they are making £billions of profit, that is not passed on to us is it, unless I'm missing something. They could pay everybody back their overcharges, set realistic penalties, still offer free banking and still make a mint.

So personally, I don't have a problem with it. I don't see it any different to suddenly finding out you've been mis-sold a pension and seeking compensation for it, for example.

So you guys who have always been in credit...lighten up ! It's not your money the banks are dishing out !

grimreaper

charges are fair but they r too high, im with halifax on paper free service so how can you say that 39 pounds for an aautomated email is fair i dont!!!!!!

Running_Horse

I do not earn a lot, but have never had an overdraft or debt. Now it looks like I could lose free banking because some people abuse the system. If you have an authorised overdraft and agree to the terms and conditons that is fair enough. If you have an unauthorised overdraft, you are borrowing someone elses money without permission. If you don't want to be charged, don't go overdrawn.

virgin_moneysaver

SkinFlint wrote: »

The trouble is this country is repeatedly being stiffed by the fat cat companies who make excessive profits because of their monopolies.

I hear that the government is looking at the charges that mobile phone companies levy to customers (or was it just international calls, can't remember) cause they say current charges are not a true reflection of actual costs.

Then you have the utility companies ripping the public off by not passing on energy cuts.

Then you have the exorbitant prices that the British public pay at the forecourts for fuel.

I could go on, but the fact is the banks have been getting away with it all this time and when they are making £billions of profit, that is not passed on to us is it, unless I'm missing something. They could pay everybody back their overcharges, set realistic penalties, still offer free banking and still make a mint.

So personally, I don't have a problem with it. I don't see it any different to suddenly finding out you've been mis-sold a pension and seeking compensation for it, for example.

So you guys who have always been in credit...lighten up ! It's not your money the banks are dishing out !

but us guys, who even though we don't earn a lot, always stay in credit, budget & keep our eyes on the ball have to pay for banking in the future because the majority, not all I may add, can't be bothered to even check their statements. These people will fall back into the red cos of their mismanagement even after they've been paid out

in short

bad guy - overspend, get charged, do a reclaim, get lumpsum, overspend & get charged for ALL banking

good guy - manage account, don't go out when have no money, go out even less when having to find extra money on already tight budget to pay for banking cos of bad guys reclaiming

it's a shame that these reclaimers didn't pay as much attention to their bank accounts as they are to the forms & letters they have to fill in to reclaim

hula-hoops

I wish all these anti-reclaimers would open their eyes and realise that not everyone incurs charges through frivolity and living beyond their means. For most of us it's not because we have been out on the tiles every night or buying new clothes every week - we're too busy looking after our families and working shifts to make ends meet for that.

I am claiming back £440 in charges over the last 6 years. In each case, the amount that I went over my limit is less than £10.00 and was always corrected within 24 hours. Often money going in missed a cheque going out by a day (due to the inconsistent processing times for cheque clearance - let alone the fact that cheque clearance is still an antiquated system with an overhaul long overdue). Sometimes a cheque clears into my account in 4 days, sometimes 6 days.

I am claiming back £440 - which is exactly the amount I have paid. To the penny. I don't know why anyone thinks this will impact their account or their supposed 'right' to free banking. If we believe what the anti-claimers say, then we should all make sure we never go a penny over the limit and then no charges would be applied. So how would the bank then finance themselves? If free banking ends, then so be it. My £440 was obviously financing other people's accounts all along if by repaying me the bank can no longer offer free banking to Mr Never-Goes-Overdrawn.

mrmajika

SO171NOT wrote: »

But I'd have no right to take them to court in the first place as they set out their charges in the terms and conditions.

They could put in their terms and conditions that if I went overdrawn then they would shoot me.

This would be unlawful. The reclaiming of bank charges centres around a ruling that states that banks cannot profit from bank charges.

Just because something is in Terms & Conditions does not make it lawful.

winnie81

virgin_moneysaver wrote: »

in short

good guy - manage account, don't go out when have no money, go out even less when having to find extra money on already tight budget to pay for banking cos of bad guys reclaiming

Please don't stereotype all people who unfortunately have found themselves in debt by "going out". Its just not that easy to put a reason to it. There are genuine circumstances around most people finding themselves in debt

I haven't been able to "go out" in 5 years OH has been out less than 10 times in the same period usually to works dinner that are already paid for.

If the bank charges were more realistic then I believe we wouldn't of struggled as much as we did and we wouldn't need to face bankruptcy now. Some months we were faced with £4-500 worth of charges (after the cycle of being charged built up) for what was only 7-8 Direct Debits worth less than £100. We don't "go out" we try to feed our children and our selves as cheaply as possible while struggling to climb out of the vicious circle of debt.

It would upset me greatly if anyone thought we were in debt because we liked a drink or too in the pub with friends

Sorry for my rant but your sweeping statement touched a raw nerve with me ::(

Claire - not in debt because of shameless party lifestyle

dori2o

How can you say bank charges are unfair?

We are not, the law makes it perfactly clear.

Unfair terms in consumer contracts regulations 1999.

Schedule 2 (1)(e)

requiring any consumer who fails to fulfil his obligation to pay a disproportionately high sum in compensation.

The charges themselves are not unlawful, but the amount of the charge is.

I personally would have no problem at all if the charge reflected the average cost of bouncing a cheque/DD or going into overdraft.

But the charge should be no more than £4-5 at the very most.

virgin_moneysaver

winnie81 wrote: »

Please don't stereotype all people who unfortunately have found themselves in debt by "going out". Its just not that easy to put a reason to it. There are genuine circumstances around most people finding themselves in debt

I haven't been able to "go out" in 5 years OH has been out less than 10 times in the same period usually to works dinner that are already paid for.

If the bank charges were more realistic then I believe we wouldn't of struggled as much as we did and we wouldn't need to face bankruptcy now. Some months we were faced with £4-500 worth of charges (after the cycle of being charged built up) for what was only 7-8 Direct Debits worth less than £100. We don't "go out" we try to feed our children and our selves as cheaply as possible while struggling to climb out of the vicious circle of debt.

It would upset me greatly if anyone thought we were in debt because we liked a drink or too in the pub with friends

Sorry for my rant but your sweeping statement touched a raw nerve with me ::(

Claire - not in debt because of shameless party lifestyle

I didn't make a sweeping statement - that's why I said not all, as I know there are genuine cases out there

i'm no good at linking threads but one a couple of weeks ago wanted to know if the bank would bounce a cq she had written because she noted that the shop assistant had written her card details incorrectly (& she didn't bother to correct her), she hoped so as it might make her o/d, but then she wrote that if it did she would reclaim the charge & also if it was bounced the shop wouldn't have her address & she could keep her jacket for free - this type of person hits a raw nerve with me & gives all the genuine cases a bad name

trets77

Len_Beach wrote: »

The end of free banking is looming.

Until last week, I worked for Lloyds TSB and was in a large city centre branch which was due for a £500k refit and branch amalgamation. The work was due to be finished by July 1st with work starting over Easter weekend.

The work never started as Lloyds TSB have scrapped all branch refits in preparation for an OFT ruling on bank charges. Lloyds TSB have estimated that the ruling will cost them £1.8bn in retrospective charge refunds.

As said, it will also lead to the end of free banking. Every other country in the world pays for the use of ATM's, internet and telephone facilities, direct debits. We pay nothing as yet. The banks need to make money and will begin with charging for unused credit cards and eventually introduce monthly or even itemised fees for our banking facilities.

stop it your going to make me bust out crying for poor old lloyds tsb :rolleyes: .

it is probably more likely that customers like me are doing evreything on line now, rather than que to speak to snotty pushy staff and people trying to sell us stuff when we go in !!!

i have no problem with profit.. it's illegal immoral profit i will argue against ... and thats the point isn,t it the customers are prepared to stand and defend their point of view in a court of law ..... banks are not.. they squirm , the wriggle, they delay , they threaten they ignore ... but they will not stand up in court and defend ...enough said

I don't want to pay those charges, I go to another bank that charge less

Which one ???? show me the bank that charges what it costs them in penalties , does not keep my cheques for 5 days, does not keep me on hold to india , does not mis sell worthless payment protection, and opens on saturday all day and i might consider switching. no they are in one big boys club with a gravy train to protect. .

the fact they are sneakily in this site and posting is no surprise...rougues yes ..stupid no...they know thier enemys

besides argue all you want, so171not ..it's happing and they are getting what they deserve...How do you like them Apples ????