Bank Charges OFT Test Case Discussion

Edinburghlass_2

http://www.moneysavingexpert.com/news/

fischer79

susanmarie

It's not all poor people who pay these charges its actually anyone rich or poor who dosen't organise their finances.

In the new banking model it is likely that people with high balances will continue to get free banking and all the poorer people will pay annual charges.

susanmarie

fischer79 wrote: »

susanmarie
It's not all poor people who pay these charges its actually anyone rich or poor who dosen't organise their finances.

How easy do you think it is to keep your finances in order when you are playing in excess of £100 bank charges per month? The money is automatically taken from your account, you can not stop it happening. People who live on a tight budget can not compensate for this by "organising" their finances better! It is blatent extorsion - and the people who support the idea of taking money from the poorest people in society for the sake of keeping banking free for the majority have seriously questionable morals.

I am not poor, I don't get charged, but I don't like the idea of people living in poverty because the banks are taking their money, to offer others a free service. It isn't right. It should not just be the people suffering the charges who back this movement - this is something everyone should make a stand on. It is a moral issue, one which the banks are not capable of making so the courts are having to force them to do the right thing. This is a good thing as Banks are not reknown for their ethics!

chipbeck

susanmarie wrote: »

How easy do you think it is to keep your finances in order when you are playing in excess of £100 bank charges per month? The money is automatically taken from your account, you can not stop it happening. People who live on a tight budget can not compensate for this by "organising" their finances better! It is blatent extorsion - and the people who support the idea of taking money from the poorest people in society for the sake of keeping banking free for the majority have seriously questionable morals.

I am not poor, I don't get charged, but I don't like the idea of people living in poverty because the banks are taking their money, to offer others a free service. It isn't right. It should not just be the people suffering the charges who back this movement - this is something everyone should make a stand on. It is a moral issue, one which the banks are not capable of making so the courts are having to force them to do the right thing. This is a good thing as Banks are not reknown for their ethics!

Anytime your in the North West drop me a line and I'll stand you a pint or a babycham (if your a Southerner). You'll do for me girl!

fischer79

susanmarie wrote: »

How easy do you think it is to keep your finances in order when you are playing in excess of £100 bank charges per month? The money is automatically taken from your account, you can not stop it happening. People who live on a tight budget can not compensate for this by "organising" their finances better! It is blatent extorsion - and the people who support the idea of taking money from the poorest people in society for the sake of keeping banking free for the majority have seriously questionable morals.

I am not poor, I don't get charged, but I don't like the idea of people living in poverty because the banks are taking their money, to offer others a free service. It isn't right. It should not just be the people suffering the charges who back this movement - this is something everyone should make a stand on. It is a moral issue, one which the banks are not capable of making so the courts are having to force them to do the right thing. This is a good thing as Banks are not reknown for their ethics!

The fact that people are poor is an issue for the government to resolve not banks. I dont see why banks should lend money for free.

Also you din't answer the second point about all poor people being worse off as they will all pay annual charges if the banking model changes.

chasancrai

So it's the banks' fault that people live in poverty or cannot manage finances?

Interesting theory

For those that think they are so bad, why do you use them?!

techspec

fischer79 wrote: »

The fact that people are poor is an issue for the government to resolve not banks. I dont see why banks should lend money for free.

Also you din't answer the second point about all poor people being worse off as they will all pay annual charges if the banking model changes

I don't see why the poor should subsidise free banking for the rich. Banks have already made it clear, that the more well off in society only have free banking because the poor pay for it. Thats a great way to run a business.

In most cases, the banks don't lend money for free. They charge you £35 for the honour of being refused, and the items being returned unpaid.

As for people being worse of because of monthly bank charges - £10 a month is morer manageable than £35 a time , taken several times a month without notice.

As most people now have to have a bank account, to recieve money from the government, they should insist that the basic bank accounts, designed especially for these payments, remain free.

fischer79

"As for people being worse of because of monthly bank charges - £10 a month is morer manageable than £35 a time , taken several times a month without notice. "

Yes but £10 month when you normally pay £0 will be a hit to the majority of poor people who don't receive charges.

chipbeck

chasancrai wrote: »

So it's the banks' fault that people live in poverty or cannot manage finances?

Interesting theory

For those that think they are so bad, why do you use them?!

It's not the banks fault that people live in poverty.
It's not the banks fault that I can't manage my finances.
Don't know how old you are mate but I used to get my pay in a packet every week and new that when the packet was empty I was skint for the week.
Then we were all told that wages must be paid into a bank account.
Then we were told by the bankers that we could have an overdraft so we wouldn't be skint.
Then we were told we could have loans to clear our overdrafts as this would be easier.
Everyone was happy we had money to spend the banks were making plenty on their loans and charges for people who went over their od limits.
Then the banks decided that in fact they could probably make even more money by charging these unorganised/financially dumb people even more for breaking the rules. (No signature required we'll just tell you what we're going to do).
Then when the man who has been stupid with his money complains they will unfortunately look for anoher fatted calf.

chasancrai

Chipbeck - take a chill pill or get a job that pays moer money to get you out of your financial mess!