Bank Charges OFT Test Case Discussion

Smasher

nickmack wrote: »

The following link is from a site updating the story about the case going into the third week:

http://www.financemarkets.co.uk/2008/01/29/bank-charges-case-enters-third-week

A quote from the article reads 'The OFT said that administration costs should cost no more than £30...'

Does anyone have any other sources for the OFT ever saying this? I find it suprising they would even mention a figure, let alone one as high as £30!

Possibly a typo or perhaps they meant to say "should not cost as much as"..

That said, I am, and always have been suspicious of the OFTs motive for starting this case. So far it has brought only harm to consumers and at the same time offered the banks protection from justice and allowed them to blatently fiddle their T&Cs in everyone's faces so as to circumvent the law..

ollyit

thanks for the update, looks like the banks are going to kick off and go to high lords and appeal if they loose, does anyone know when this part on the ongoing saga (current court test case) is due to end? in the next few weeks maybe?

chipbeck

ollyit wrote: »

thanks for the update, looks like the banks are going to kick off and go to high lords and appeal if they loose, does anyone know when this part on the ongoing saga (current court test case) is due to end? in the next few weeks maybe?

Was originally set for 8 days but has been extended into next week.

sarah-crew

HI All,

Just wanted to know if anyone had any further information in regards to this, my reclaim on my bank charges was put on hold mid of last year pending the waiver...just wondering if anyone new anymore on this....

Thanks
Sarah

ollyit

sarah-crew wrote: »

HI All,

Just wanted to know if anyone had any further information in regards to this, my reclaim on my bank charges was put on hold mid of last year pending the waiver...just wondering if anyone new anymore on this....

Thanks
Sarah

I'm in the same boat sarah, as im sure a lot of people are - I really hope we get a result, my mortgage has gone threw the roof on top of all this

stebiz

Looks like this will drag on and on and on.

What will happen to all those that are stayed??

http://news.bbc.co.uk/nolpda/ukfs_news/hi/newsid_7214000/7214814.stm

Stebiz

NeilW

crispy_chris wrote: »

The UK is in the unusual (although admittedly not unique) situation whereby the banks dont charge you to have your account open. I suppose this may change if the banks lose the case.

And if they do get together, then how is that not a cartel - illegal under the Competition Act under pain of a fine of 10% of their profits.

And it allows customers to reclaim the excess profits made...

NeilW

halucin8

hi, I successfully claimed my charges back from my bank, i recieved £1750, yet my bank continues to charge me £100 - £150 a month overdraft fee even if i go £1 over my overdraft, as I have already settled with them already when the test case is done and if the OFT win can i claim these newer charges back. I dont get a breakdown of what the charges are for I just get a notice saying I have to fay notified fees/charges of XX.XX at the end of every month.

Smasher

HSBC right?

You can claim again, and again after that if they keep charging.

halucin8

yes HSBC.. I have been with them for 17 years .. i have always had an overdraft with them but after i claimed my charges back they sent me a revised overdraft agreement and charged me for setting up an overdraft £25 for the year .. its just if i go one pound over they are charging me £100- £150 but then the next month i am down that again so its a never ending circle, they never bounce cheques as i never issue cheques and they havent returned any items DD etc unpaid, would love to know what they think warrants charging me this money every month.