Yeh Nice One Martin .......... Not

kondormid

The original post reminds me of my mutterings with my Dad. He has a few bob and the wierd thing is he actually profits out of the bank.

The reason is he gets FREE banking.

Now of course this doesn't mean that they decide to work for free, that the share holders all decide that they do not want there money or that the chairman has decided that he does not want his bonus.

What it actually means is he does not get charged and instead his charges are passed on to the poorest people in the country. There is still charges it is just he does not see them, he can move branches which is something I can not do. So, he has thousands in the bank, he gains interest, he gets no charges. I am thousands in debt and I am paying it thats why!

It has to stop. This idea that those who, for whatever reason, are able to handle there finances better get there bank charges paid for by those who are stuck is wrong.

My own situation. I got £150 in charges this month. I have litterally drawn nothing out for two months and everything has been paid in, I have no other account. I have lived off tins in the cupboard. Yet I am worse off now than I was two months ago. It is not because I am an idiot, it is because of previous illness and situation.

This is how the current system works for those, like my Dad that can not see it.

I go a few pounds over drawn, the bank charges me £25.
Then my electricity comes out, they charge me another £50.
Now the next month I get those charges, and those charges throw me back into the red, so i get them again.
What I end up with is a trap, the account just ends up throwing itself into the red and creating a cycle where it feeds itself.

This is how the banking system works in the UK. It actively tries to trap people in a charges cycle. It is why they can offer FREE banking to those better off, I say free of course what I mean is the charges are passed on.

Well original poster.
I am sick and tierd of paying for your banking. Pay for it yourself. I have a hard enough time paying my own without paying for yours too.
Pay your own costs!

ceebeeby

kondormid wrote:

I go a few pounds over drawn, the bank charges me £25.
QUOTE]

I get your point, however you were the one that went "a few pound over drawn" in the first place. And then you said your electicity came out ... was this a complete surprise to you, or did you know in advance that they would attempt to take the money out. Beggers the question, why go overdrawn? Once this was done, why didn't you sort out the electricity? I don't see how you can blame anyone else (including the banks) for your situation, the way you've described it above, you got into the mess yourself

I also have enormous sympathy (genuinely) with anyone who is unwell, ill etc. and for whatever reason is unable to work - that's why I take out sickness / unemployment insurance (excellent advice in the insurance section of this site) because it is MY responsibility.

I'm not an angel, by any means. Just financially responsible. This neither makes me a bad person or bitter!

Lifeisbutadream

kondormid wrote:

The original post reminds me of my mutterings with my Dad. He has a few bob and the wierd thing is he actually profits out of the bank.

The reason is he gets FREE banking.

Now of course this doesn't mean that they decide to work for free, that the share holders all decide that they do not want there money or that the chairman has decided that he does not want his bonus.

What it actually means is he does not get charged and instead his charges are passed on to the poorest people in the country. There is still charges it is just he does not see them, he can move branches which is something I can not do. So, he has thousands in the bank, he gains interest, he gets no charges. I am thousands in debt and I am paying it thats why!

It has to stop. This idea that those who, for whatever reason, are able to handle there finances better get there bank charges paid for by those who are stuck is wrong.

My own situation. I got £150 in charges this month. I have litterally drawn nothing out for two months and everything has been paid in, I have no other account. I have lived off tins in the cupboard. Yet I am worse off now than I was two months ago. It is not because I am an idiot, it is because of previous illness and situation.

This is how the current system works for those, like my Dad that can not see it.

I go a few pounds over drawn, the bank charges me £25.
Then my electricity comes out, they charge me another £50.
Now the next month I get those charges, and those charges throw me back into the red, so i get them again.
What I end up with is a trap, the account just ends up throwing itself into the red and creating a cycle where it feeds itself.

This is how the banking system works in the UK. It actively tries to trap people in a charges cycle. It is why they can offer FREE banking to those better off, I say free of course what I mean is the charges are passed on.

Well original poster.
I am sick and tierd of paying for your banking. Pay for it yourself. I have a hard enough time paying my own without paying for yours too.
Pay your own costs!

I do really sympathise - I was in the same situation myself a few years ago - it is like a never ending circle.

However, I had to take responsibility for myself. It took me a while of eating up tins and not going out, but I did it. I also found that if you can speak to the right person at the bank, they will help - I did not know it then, but if you inform them BEFORE you go overdrawn they will usually not charge you or even refund the money afterwards if you ask nicely.

If you go into the bank with a plan of what you intend to do, they may give you a temporary (less charges) overdraft and if you keep to your side of the bargain then you could get out of it.

I have been there - I know how it feels, but there is a light at the end of the tunnel.

moneyspendingexpert_3

Hang about....Its illegal isnt it?

End of story.

pigsmightfly

char22 wrote:

if the banks charged us the £4.50 it actually costs then fair enough but £35 is just taking the micking out of us

I completely agree !

my_gorgeous_ellie-belle

Well if banks stuck to the dates of direct debits and standing orders going out alot of people wouldnt have a problem. Also why dont they make it clearer what is available in your account and what is waiting to come out.

If you go online and check your bank statement it doesnt usually represent what is in your account.

The other day i took some money out of a cashpiont (Lloyds - not my own bank) and looked at my reciept - to my astonishment it was telling me i had hundreds of pounds more than i did. As i know what is coming in and out of my bank account it only took me a moment t remember that was a cheque that still hadnt cleared in my account. However why wasnt there a seperate figure showing how much was available (?!?) What if i hadnt remembered the cheque and went spending because as far was i was aware it was in my account - how many charges would i have racked up there?

As far as im concerned if the banks want to charge a reasonable amount for the mistakes we (or sometimes they) make then fine, im happy to pay that, but not the extortionate amounts they do - that is just greedy and illegal.

Banks have sneeky ways of 'helping' you make mistakes to go in the red!!!! You are blind if you don't see that!

krisskross

moneyspendingexpert wrote:

Hang about....Its illegal isnt it?

End of story.

no it's not illegal

my_gorgeous_ellie-belle

I thought the law stated that you are only allowed to charge people relatively to how much it actually costs to send a letter .....yadayadayada!

Abbey sometime charge £80 for a missed direct debit, which is something like £30 for missing the dd, £30 for going overdrawn, and £20 for a letter (i think).

I know the total charge is what i have got a number of times but not sure if my breakdown is entirely correct, i did ask there cust service agent sometime back but forgotton now.

Somehow i dont think that that charge is in any way porportionate (sp?) to the cost of the work they have to do for my mistake.

my_gorgeous_ellie-belle

Maybe a fiver or a tenner - but come on not £80, thats just stealing!

moneyspendingexpert_3

my_gorgeous_ellie-belle wrote:

If you go online and check your bank statement it doesnt usually represent what is in your account.

Too right.
They also don’t inform you of any impending charges online. I once went overdrawn for a day, as a DD came out early. Got charged, which came out the following month, DD tried to come out again. This went on for 3 months until I actually looked at a printed statement and notice £180 pounds worth of charges. I normally don’t look at the paper ones, just file them.
I rang Abbey and they offered one charge back of £30, which is all the callcentre people are allowed to offer, as that’s what it says on the computer.

In the old days (about 10 years ago) Lloyds would ring me at home and advise me that a payment was going through, would I like to put a little extra in to cover it, and I would.

When I looked back over 6 years its amazing how the charges add up.
I posted my letter yesterday asking for them all back. Best saving scheme I have ever belonged to.