Is there a law?

Savipot

Hi everyone,
Can you help me? It seems that just under two years ago my bank (HSBC) changed my account from a standard current account to a pay monthly account to which I pay £15 a month. I don't remember signing for this account and yet the bank has produced a document that has been signed by myself. I believe I was miss-sold this account. I wasn't offered any alternative account and I don't remember even needing to change my account for any reason at all. So for 22 months the HSBC has been taking £15 from my account and I've had enough of this now and want my money back. I've read through their terms and conditions and it seems that I didn't even meet the criteria for this account anyway. What I want to know is, Isn't there a law that states that no bank/business/company is allowed to make an unjust profile from your loss if this puts you in an financially unstable position? I'm sure I've heard about this somewhere. Because them doing this on my already limited income is doing exactly that.

DevCoder

When you signed, you signed agreeing that you had read all the terms & conditions.

Savipot

Have you ever read the terms and conditions in the bank when they give you a form to sign? How much time to you have? that's not the point when they've broken their own terms and conditions just by asking me to sign it. Plus all those people that got sucked into signing for PPI are able to claim it back.

roonaldo

Savipot wrote: »

Plus all those people that got sucked into signing for PPI are able to claim it back.

no they are not, PPI is only refundable if mis-sold. a lot of PPI isnt mis-sold at all.

for your charges to be refunded you would be relying a gesture of goodwill, I doubt they will be refunded as you have had the benefit of whatever the perks are.

Is there a law? no. if you cant afford it then its time to cancel it and revert back to standard bank account. its for you to manager your account, not the bank.

DevCoder

Yes, I read the T&C's of what Im signing up for, especially if it's going to cost me money. I have all the time I need because I can take a form home and read it or ask questions at the time to ensure Im not signing up to something I dont want or need.

You had a right to state that you would need to read the T&C's before signing and you could have enforced this right, you did not.

Your PPI point is meaningless as they also have to prove they were mis-sold. However there are a number of ways that they can prove such, bank charges complaints were lost with the court ruling so there is only hardship claims that are really upheld.

dunstonh

I don't remember signing for this account and yet the bank has produced a document that has been signed by myself.

Interesting comment but contradicted by the following...

I wasn't offered any alternative account

So, you recall the conversation enough to say that but you would only have that conversation if you were applying for an account in the first place.

I've read through their terms and conditions and it seems that I didn't even meet the criteria for this account anyway.

banks frequently waive criteria requirements. Once upon a time Gold & Platinum was reserved for top earners. However, banks started to give them away like hotcakes even though people didnt meet the criteria. It doesnt matter from your point of view.

Isn't there a law that states that no bank/business/company is allowed to make an unjust profile from your loss if this puts you in an financially unstable position?

No.

McKneff

Just cancel it, revert back to your old account and move on.

Youve had all the benefits of the pay monthly account, you maybe didnt use the services but they were there for you to use, probably travel insurance etc etc.

Youre clutching at straws and will get absolutely nowhere.

Absolutely nothing like PPI.

Like I say, cancel it and get on with your life.

Savipot

What benefits? There is no benefits to a pay monthly account. My income isn't enough that they even should have changed it. But doing that they where breaking their own terms and conditions. The contradicted bit was just me not explaining things properly. If I had a conversation with whoever in the bank about changing my account from my already working and very satisfactory current account to another account (which I don't remember having and have know idea why I would have had this conversation) then that person should have offered me a range of other accounts available that by reading their description of the pay monthly account would have been better for a people on a limited income like myself. As I am sure I never had this conversation (To which I would defiantly remember) I've never used it for travel insurance etc etc because I can't afford to travel anywhere. I never said it was like PPI I just said that person signed for PPI and now their claiming it all back. As far as I can see reading thought the terms and conditions the only reason the banks would waive criteria requirements in this case is that their making £15 a month out of someone they know doesn't and never has qualified for this account and never should have had his account changed to this. I mean if you were earning between £300 and £600 a month would you want to be paying for an account that shows no benefits to you and according to their terms and conditions I shouldn't be able to have if I don't frequently earn over £500 a month. In fact they state that if at any point I do pay in under £500 they would have the right to close my account down. This has happened on a number of times now and my account is still active and they're still drawing £15 a month off me that I really really need.

roonaldo

then cancel it!

Calfuray

If you need the £15 so badly, how did you not notice the money going out your bank each month?

I don't know about anyone else, but I always check DDs and standing orders each month, make sure they are the amount they are meant to be?

meer53

22 months is a long time not to notice the £15 a month.