Bank Charges Test Case Article discussion

lucky1667

I note from the article the house of lords decision was due in October and now it is November.

Does anyone have any ideas when in November as I am struggling a bit financially and the hardship stories on here don't fill me with much hope of an early settlement on the banks front!

natweststaffmember

PhiltheBear wrote: »

We still do. The difference is that payment for banking services here is taken in the form of hidden charges, interest rates, etc. What we used to have was a transparent system where we were charged X per cheque cashed, Y% for going overdrawn and Z if a cheque bounced.
You are reading more into the post than there is. We have a model called "free if in credit" rather than for example, Australia's and Germany's open charges system.
However, in those good old days you had a bank manager that would be familiar with you and the way you worked your account and decisions taken would be personal ones. Now the vast majority of decisions taken about your account are triggered by computer algorithm which costs almost nothing (once the system is in place).

At the same time banks have become excessively greedy. They are into all sorts of periphery businesses that they think will add to the bottom line, irrespective of the effect it will have on retail customers. Who was the biggest car hire company in the UK? Would you believe - Lloyds Bank? Who owned the largest estate agency chain? Yes, that would be Lloyds again.

Australian banks keep things simple, Basically you are charged for the use of your account. Make withdrawals or payments and you pay for each one. Debit cards are used only to withdraw money from terminals. If you want to pay a bill you can send a cheque, use a credit card or use a system called BPay - which is a sort of interbank transfer. It's easy. It's transparent. You know what the charges are and, by and large, they are fair.

Not so here, where there are lots of charges hidden in small print.

Thanks for enlightening even me especially on the car hire bit.

natweststaffmember

lucky1667 wrote: »

I note from the article the house of lords decision was due in October and now it is November.

Does anyone have any ideas when in November as I am struggling a bit financially and the hardship stories on here don't fill me with much hope of an early settlement on the banks front!

The Supreme Court are not ruling on refunds so their decision will not change the current situation unless the banks are successful on their appeal.

Alpine_Star

PhiltheBear wrote: »

We still do. The difference is that payment for banking services here is taken in the form of hidden charges, interest rates, etc.

As you correctly say these are the payments for our banking services but these do not take into account the cost to account holders in Net Interest Income (foregon interest) that is greater than charges and overdraft interest combined.

slim_shady123

how can the people involved in this test case get away with dragging the quite simple argumant of wether the bank charges are fair or not out for nearly 3 years and we still have no descision? why are we not all protesting this disgracefull amount of time every1 involved is taking ?

evil

If I have sent a letter requesting my bank charges back, after now waiting for this test case. Do I need to contact the bank again with a follow up letter requesting it or are they obligated to contact me?

stapeley

Given the fact the Government now own a large part of the banks , is it not likely they are putting pressure on some of the Law Lords ? It should be becoming clear that they will allow the banks to worm out of it !

pingchris

everyone involved in this bank charges scam ruling knows the banks the government etc are taking the water out of the british people,and we all just take it,they dont want to push me too far,i snap easy when it comes to thieving scum.:money:

mcmac

the goverment is not getting my vote for sure roll on lib's

stapeley wrote: »

Given the fact the Government now own a large part of the banks , is it not likely they are putting pressure on some of the Law Lords ? It should be becoming clear that they will allow the banks to worm out of it !

natweststaffmember

slim_shady123 wrote: »

how can the people involved in this test case get away with dragging the quite simple argumant of wether the bank charges are fair or not out for nearly 3 years and we still have no descision? why are we not all protesting this disgracefull amount of time every1 involved is taking ?

Ask Martin Lewis