MSE News: Payment bounced? You'll soon have a second chance to avoid fees



  • RedDwarf82
    RedDwarf82 Forumite Posts: 171
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    Mr_Goodkat wrote: »
    Fundamentally why should people who do not manage their finances well not pay the price for doing so
    In this specific case because I don't think there is a measurable cost to the bank.
    Had somebody suffered a loss I would expect the person at fault to pay. If you don't see a red light and run over me with your car I expect you to pay for my losses. If you step on me on the bus I don't even need the "sorry"... you mismanaged your feet, but I don't expect you to pay for it.

    Accepting the payment has a *small* cost to the bank even if there are funds available, do we pay for it? What's the additional cost of rejecting it if funds are not available?

    IMHO the standard should be for the payment to be refused and that's it. The client now has to call the bill issuer to arrange another date or form of payment. But it shouldn't be charged by the bank.
    The second attempt thing is a nice extra touch, but shouldn't be required.

    About the "high" interest rates and the BOE base rate... obviously when I say "high" I mean "high compared to the BOE base rate".

    And I don't expect computers to "run on fresh air". But I don't expect new computer needed to implement this either.
    Computers have a cost? Sure, and they had it before.
    Employers have a cost? Sure, and they had it before. They had to delay the deployment of the new website design? Not a big deal...
  • Archi_Bald
    Archi_Bald Forumite Posts: 9,681
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    It seems you could benefit from a reality check, reddwarf82.
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