Credit card over limit fee

Fighter1986

phillw said:

msallen said:

I don't think people are being damned for making financial mistakes - we're all able to do that. I think the criticism is more directed at going on to blame anyone but yourself.

Feel free to criticize me for not wanting to pay some ridiculous fee just because I made a tiny mistake, I don't care.

No amount of criticizing will change anything, it's just to make people feel better about themselves but it fills the boards up with crap.

If you disagree with the fees in your contract which you agreed between you and the bank / lender, you're contractually obliged to close the account - this is clearly written in the letter sent accompanying any new credit card - that should you not agree, you have x number of days to cancel. 

The whole point of being given a contract to read and sign, is for you to consider whether you actually agree, and to give you the option to walk away from the proposal, if you disagree and the other party aren't willing to change their terms. 

Mickey666

Fighter1986 said:

phillw said:

msallen said:

I don't think people are being damned for making financial mistakes - we're all able to do that. I think the criticism is more directed at going on to blame anyone but yourself.

Feel free to criticize me for not wanting to pay some ridiculous fee just because I made a tiny mistake, I don't care.

No amount of criticizing will change anything, it's just to make people feel better about themselves but it fills the boards up with crap.

If you disagree with the fees in your contract which you agreed between you and the bank / lender, you're contractually obliged to close the account - this is clearly written in the letter sent accompanying any new credit card - that should you not agree, you have x number of days to cancel. 

The whole point of being given a contract to read and sign, is for you to consider whether you actually agree, and to give you the option to walk away from the proposal, if you disagree and the other party aren't willing to change their terms. 

I'd say you're missing the point here.
I don't think anyone is denying that someone who goes overdrawn without authorisation is in the wrong.  Similarly, I don't think anyone is denying that a bank cannot impose the contractually agreed charges under such circumstances.  The facts are clear, the contracts are clear and the various 'rights' are clear.

But this thread is about what someone can do in such circumstances.  One train of thought is that the person going overdrawn can do absolutely nothing because it's their mistake, they've broken the rules and are therefore liable for the charges that contractually arise.

Another train of thought is that the person can complain/argue/plead/whatever with the bank and ask that the charges be waived.  There is absolutely no stopping the person concerned from taking such action and, effectively, asking for the bank's goodwill.   There is absolutely no commitment on the bank to waive the charges but there is a chance that they may do so, for all manner of reasons.  It's for the bank to decide.

I've been an erring customer in the past, I've written to the bank and the bank has waived the charges, so it can be done.  it's not likely to work in every case but it's likely it will work in some.  This is supposed to be a money-saving forum so it seems reasonable to discuss possible options to save money - in this case, bank charges.

If you don't ask, you won't get.

Fighter1986

Mickey666 said:

Fighter1986 said:

phillw said:

msallen said:

I don't think people are being damned for making financial mistakes - we're all able to do that. I think the criticism is more directed at going on to blame anyone but yourself.

Feel free to criticize me for not wanting to pay some ridiculous fee just because I made a tiny mistake, I don't care.

No amount of criticizing will change anything, it's just to make people feel better about themselves but it fills the boards up with crap.

If you disagree with the fees in your contract which you agreed between you and the bank / lender, you're contractually obliged to close the account - this is clearly written in the letter sent accompanying any new credit card - that should you not agree, you have x number of days to cancel. 

The whole point of being given a contract to read and sign, is for you to consider whether you actually agree, and to give you the option to walk away from the proposal, if you disagree and the other party aren't willing to change their terms. 

I'd say you're missing the point here.
I don't think anyone is denying that someone who goes overdrawn without authorisation is in the wrong.  Similarly, I don't think anyone is denying that a bank cannot impose the contractually agreed charges under such circumstances.  The facts are clear, the contracts are clear and the various 'rights' are clear.

But this thread is about what someone can do in such circumstances.  One train of thought is that the person going overdrawn can do absolutely nothing because it's their mistake, they've broken the rules and are therefore liable for the charges that contractually arise.

Another train of thought is that the person can complain/argue/plead/whatever with the bank and ask that the charges be waived.  There is absolutely no stopping the person concerned from taking such action and, effectively, asking for the bank's goodwill.   There is absolutely no commitment on the bank to waive the charges but there is a chance that they may do so, for all manner of reasons.  It's for the bank to decide.

I've been an erring customer in the past, I've written to the bank and the bank has waived the charges, so it can be done.  it's not likely to work in every case but it's likely it will work in some.  This is supposed to be a money-saving forum so it seems reasonable to discuss possible options to save money - in this case, bank charges.

If you don't ask, you won't get.

I understand entirely, and agree with you that a customer has the option of speaking to the bank or leder about their charges.

The issue is one of responsibility.

There are two attitudes available:

1. I made a mistake, which I take full responsibility for. I accept the consequences. I'm going to speak to the lender, apologise, admit it was entirely my fault, explain what measures I'm putting in place to ensure such a discretion doesn't happen again, and ask if they would be willing as a one off goodwill gesture, to reverse the fee given my prior good account conduct.

2. HOW DARE THEY CHARGE ME! I'M SO ANGRY! I'M GOING TO COMPLAIN! THEY ONLY WANT TO RIP US OFF! EVERYONE COMPLAIN! ALL THE CONSEQUENCES FOR EVERYTHING IN MY LIFE ARE ALWAY SOMEONE ELSE'S FAULT AND NEVER MY OWN! AAAARGH!!!

One approach to life is an adult one, which is likely to yeild greater and greater success in the individual's future, and one is a childish one that will likely lead to greater and greater failures in the individual's future, which I will always discourage. 

Mickey666

Things are rarely so binary in real life.

born_again

When a customer asks if they can have a refund for overlimit fee or charges. We always look at their accounts. 
Are they a good customer? Have they done it before? Have they said "It's may fault/error on my part" (that goes a long way) Do they actively monitor their accounts?
There is no hard and fast rule on refund, no refund. A lot comes down to attitude.
Clearly if someone is doing it on a regular basis, then we would not refund. But they would be offered to go to the credit team to look at their accounts & what could be done to help them. If they refuse that offer, then they risk further sanctions as credit will take the accounts and make a decision on what they are going to do.
Banks do not like customers that are constantly getting charges for going overlimit. As it is a big sign of financial troubles. Which if caught early are far better for the customer in the long run.

A big surprise to many people is that banks really do want to help people when in trouble.