Bank Charges OFT wins!!!!

Millionaire

http://news.bbc.co.uk/1/hi/business/7364422.stm

alot longer to go yet im afraid.

going2die_rich

There's the excuse for banks to start charging for having a bank account. Suppose it's not all bad, it means the people who can't look after the finances properly will finally be penalised properly by being rejected as customers and those that save and look after their monthly balances will be the customers banks want

claireabelle_2

have already opened a smile account- can't wait til I'm shot of HSBC and their charges for good! not that i've had one since finding you lot

itsnever2lateisit?

Millionaire wrote: »

http://news.bbc.co.uk/1/hi/business/7364422.stm

alot longer to go yet im afraid.

Take heart the OFT ruled on Credit Cards stating that anything over £12 was unfair, this seems to have been accepted by the CC Co's who in the main, are the banks. Hopefully the OFT will settle on £12 again, a figure which wasnt disputed before, so at least folk will get a partial refund

itsnever2lateisit?

shopaholic2008 wrote: »

hi everyone great news does this mean we can go ahead and try and claim back charges cause i sent a letter a couple of months ago and didnt hear anything back

Your claim is in, so once the dust has settled, eg any appeal, followed by the OFT report, assuming the appeal fails then payouts will occur shortly after the OFT report

GingerSte

I have to say I'm surprised. I agree with the decision - I just thought that the banks would have spent enough money making sure they got "the right decision".

Overthetop

That's a great result :beer: but I think the battle has really just begun:rolleyes:

stapeley

It may be worth gettin your claim in now ,if you haven,t already done so. Could still be six month till the OFT finish their report . My OH already put in claim on £1200 charges . So given £12 has been stated as fair on CC, a refund of 70 % would be fair . I,ll get her to ask for that now !

ALIBOBSY

The OFT report on credit card charges clearly DOES NOT state that £12 is a fair charge. It actually states that £12 is a cutoff point above which they would take further action against the card companies. It states that the charge should represent the actual costs to the company, and as we all know the reality is much lower than £12.
I suspect alot of back room taking is going on between the banks and the OFT as they both would prefer to avoid the costs of further action. I think they will thrash out a deal with a figure they both can accept. My guesstimate would be around £4-£5, but we will see. I doubt there will be an automatic back payment either.
Wonder if this is why the banks need to borrow from GB lol.

ali x

stapeley

Well could be ! But I,ve drafted a letter already for OH . Hoping they see it as a far offer 70% REFUND .