Has MSE caused my overdraft rate to increase by 24%?

Thrugelmir

yksi wrote: »

Could you let the mortgage lenders know please? Getting an overdraft was their specific recommendation to me when advising how I could make myself look more attractive to mortgage lenders. But you seem to know more about what lenders want than the lenders themselves.

Which mortgage lender gave you that advice? Complete myth, always has been.....

Thrugelmir

DJMC wrote: »

Once they've paid me the £100 for this breach they'll no doubt advise me to opt out. If I stay opted in and they text again before 9am they'll still be breaking the rules - another £100 thank you. And so on...

Overdrafts are repayable on demand. Easy to see which way this matter is heading.

Set your phone accordingly and avoid the aggravation.

harz99

DJMC wrote: »

They can opt me in automatically but they can't then communicate with me during unsociable hours. The latter trumps the former drug those times.

Once they've paid me the £100 for this breach they'll no doubt advise me to opt out. If I stay opted in and they text again before 9am they'll still be breaking the rules - another £100 thank you. And so on...

You do realise the banks do not have to keep you on as a customer?

Good luck with the sum of £100, my experience of NW is that for a complaint about poor service and incorrect advice which cost me time, money and effort to get resolved, the resultant payment was considerably less than the the figure you plucked out of the air.

abz88

DJMC wrote: »

You're wrong again, getting a little tiresome now.

As I said, FCA MCOB 3A.4.2 refers to unsocial hours being "on a Sunday or before 9am or after 9pm on any other day."

You say it says just "after 9pm on any other day" with no reference to the mornings, but you're wrong. Read it again. It says "before 9am or after 9pm on any other day."

It also doesn't say "before 9am on a Sunday", just "on a Sunday"

MCOB & CONC are both FCA controlled areas. Therefore if the FCA consider it unreasonable to contact a customer before 9am or after 9pm in one area it's likely they consider it unreasonable in all areas.

You are correct on the before 9am or after 9pm on any other day (I misread it), however, it still only relates to to Mortgages and Home Finance, so nothing to do with your overdraft. It specifically states "A firm must ensure that an individual who makes a real time financial promotion of qualifying credit on the firm's behalf". Just because one set of rules apply to one part of financial world, doesn't mean it applies to all.

Either way, you won't be getting your £100 compensation. They might just decide to remove your overdraft entirely, which they are perfectly entitled to do though!

JuicyJesus

abz88 wrote: »

Either way, you won't be getting your £100 compensation. They might just decide to remove your overdraft entirely, which they are perfectly entitled to do though!

After several complaints on a matter that will have been decided before against OP then they will also be perfectly entitled to say that the relationship has broken down and issue a notice of closure.

eskbanker

Putting aside the rights and wrongs of OP's argument, I do think that there's a lack of joined-up thinking at the FCA - another part of the handbook (MCOB 13.5.4) defines

a reasonable hour will usually fall between 8 am and 9 pm

which is obviously inconsistent with the definition cited by OP.

It seems to me that there's an argument that, by their very nature, overdraft/balance alerts are more time-critical than routine marketing or arrears calls, i.e. they're informing the customer that action would need to be taken that same day, so a case could be made that the urgency warrants early intervention.

OP did grudgingly consider the possibility that texts may be viewed differently from calls, the latter clearly being more intrusive - the FCA's actual rules on alerts are published at BCOBS 8.4, including the obligation to send some no later than 10am, so if they felt the need to prohibit such alerts being sent before a specific time, then this would be the obvious place for such a definition....

abz88

eskbanker wrote: »

Putting aside the rights and wrongs of OP's argument, I do think that there's a lack of joined-up thinking at the FCA - another part of the handbook (MCOB 13.5.4) defines which is obviously inconsistent with the definition cited by OP.

It seems to me that there's an argument that, by their very nature, overdraft/balance alerts are more time-critical than routine marketing or arrears calls, i.e. they're informing the customer that action would need to be taken that same day, so a case could be made that the urgency warrants early intervention.

OP did grudgingly consider the possibility that texts may be viewed differently from calls, the latter clearly being more intrusive - the FCA's actual rules on alerts are published at BCOBS 8.4, including the obligation to send some no later than 10am, so if they felt the need to prohibit such alerts being sent before a specific time, then this would be the obvious place for such a definition....

It is likely the case that nothing is stated in that section, as no one is complaining to them about text alerts in the monring.

Agreed, I am sure the majority of people (if not OP) would won't to know asap about overdraft issues, given the potential fees associated with them. Similarly, I cannot imagine someone (even OP) would be happy that their bank held off contacting them about a potential instance of fraud on their account until Monday after 9am if it occurred on Sunday morning.

DJMC

grumiofoundation wrote: »

But surely would be simpler and quicker for you to send the up to £1,100 that you are now saving by no longer having money in overdraft to nationwide directly?

Makes perfect sense... not.

DJMC

abz88 wrote: »

You are correct on the before 9am or after 9pm on any other day (I misread it), however, it still only relates to to Mortgages and Home Finance, so nothing to do with your overdraft. It specifically states "A firm must ensure that an individual who makes a real time financial promotion of qualifying credit on the firm's behalf". Just because one set of rules apply to one part of financial world, doesn't mean it applies to all.

Either way, you won't be getting your £100 compensation. They might just decide to remove your overdraft entirely, which they are perfectly entitled to do though!

You're very upbeat about things aren't you? Have a lovely weekend! :beer:

sportsarb

eskbanker wrote: »

Putting aside the rights and wrongs of OP's argument, I do think that there's a lack of joined-up thinking at the FCA - another part of the handbook (MCOB 13.5.4) defines which is obviously inconsistent with the definition cited by OP.

It seems to me that there's an argument that, by their very nature, overdraft/balance alerts are more time-critical than routine marketing or arrears calls, i.e. they're informing the customer that action would need to be taken that same day, so a case could be made that the urgency warrants early intervention.

OP did grudgingly consider the possibility that texts may be viewed differently from calls, the latter clearly being more intrusive - the FCA's actual rules on alerts are published at BCOBS 8.4, including the obligation to send some no later than 10am, so if they felt the need to prohibit such alerts being sent before a specific time, then this would be the obvious place for such a definition....

I think there is a certain amount of logic in the different times.

The earlier condition regulates best practice for the selling of products to a potential customer, this is absolutely not a priority area for most recipients of contact, therefore it makes sense that it doesn't happen when people are likely to be in bed or getting themselves ready for their day.

The later condition is relating to arrears, much more important, and it makes sense that calls are permitted from an earlier time.

I'm not sure why I read through four pages of this but having done so I just wanted to leave my mark :beer: