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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 16th Jul 13, 12:24 PM
    • 2,324Posts
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    Former MSE Helen
    MSE News: Packaged account complaints rising - act now if you're being ripped off
    • #1
    • 16th Jul 13, 12:24 PM
    MSE News: Packaged account complaints rising - act now if you're being ripped off 16th Jul 13 at 12:24 PM
    "Complaints about packaged accounts are on the rise and the majority are being upheld in favour of consumers..."

    Read the full story:

    Packaged account complaints rising - act now if you're being ripped off



    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • .1xp
    • By .1xp 16th Jul 13, 6:01 PM
    • 168 Posts
    • 162 Thanks
    .1xp
    • #2
    • 16th Jul 13, 6:01 PM
    • #2
    • 16th Jul 13, 6:01 PM
    & then people groan and moan with the changes to all the banks charges for overdrafts etc.

    At the end of the day, I don't think it's right for people to be 'ripped off', however, the banks will win ultimately and they will claw the money back one way or another.

    There will be no free banking soon.

    Due to the amount of money they have had to give back, they will want to get the money back in one way or another.
    • chambta
    • By chambta 16th Jul 13, 7:21 PM
    • 2,739 Posts
    • 1,011 Thanks
    chambta
    • #3
    • 16th Jul 13, 7:21 PM
    • #3
    • 16th Jul 13, 7:21 PM
    This is the next 'thing' after bank charges and PPI. The phone calls have already started.
    • Consumerist
    • By Consumerist 16th Jul 13, 11:27 PM
    • 5,199 Posts
    • 2,602 Thanks
    Consumerist
    • #4
    • 16th Jul 13, 11:27 PM
    • #4
    • 16th Jul 13, 11:27 PM
    . . There will be no free banking soon.
    Originally posted by .1xp
    Truth to be told, there never has been. But not everyone pays their fair share and so it feels like free banking to those who don't.
    Warning: In the kingdom of the blind, the one-eyed man is king.
  • Money-Saving-King
    • #5
    • 17th Jul 13, 6:19 AM
    • #5
    • 17th Jul 13, 6:19 AM
    Truth to be told, there never has been
    Originally posted by Consumerist
    Truth be told there always has been, you just have to read what you're signing up to!
    • Consumerist
    • By Consumerist 17th Jul 13, 11:10 AM
    • 5,199 Posts
    • 2,602 Thanks
    Consumerist
    • #6
    • 17th Jul 13, 11:10 AM
    • #6
    • 17th Jul 13, 11:10 AM
    Truth be told there always has been, you just have to read what you're signing up to!
    Originally posted by Money-Saving-King
    I'm sure the rest of the banking lobby on this site will be along to agree with you shortly.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Herbalus
    • By Herbalus 17th Jul 13, 11:43 AM
    • 2,306 Posts
    • 2,005 Thanks
    Herbalus
    • #7
    • 17th Jul 13, 11:43 AM
    • #7
    • 17th Jul 13, 11:43 AM
    Truth to be told, there never has been.
    Originally posted by Consumerist
    When I look at my bank account's terms and conditions, it says: "there is no fee to use this account". It sounds free to me!
    • Consumerist
    • By Consumerist 17th Jul 13, 1:40 PM
    • 5,199 Posts
    • 2,602 Thanks
    Consumerist
    • #8
    • 17th Jul 13, 1:40 PM
    • #8
    • 17th Jul 13, 1:40 PM
    When I look at my bank account's terms and conditions, it says: "there is no fee to use this account". It sounds free to me!
    Originally posted by Herbalus
    Oh how predictable that comment was. There will be more to come, I'm sure.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Herbalus
    • By Herbalus 17th Jul 13, 3:58 PM
    • 2,306 Posts
    • 2,005 Thanks
    Herbalus
    • #9
    • 17th Jul 13, 3:58 PM
    • #9
    • 17th Jul 13, 3:58 PM
    Oh how predictable that comment was. There will be more to come, I'm sure.
    Originally posted by Consumerist
    I thought you'd be expecting it, couldn't resist!

    On a serious note, I know and appreciate that free banking is the result of some people paying overdraft charges, and that if no one had an overdraft the banks would probably charge for everyday banking.

    I do oppose to your suggestion that not everyone pays their fair share though. Is it fair that people who borrow money should pay interest on it? If the answer is yes, then the idea of overdraft charges is justified (the amount is a different question altogether).

    P.S. I am not part of a banking lobby. I'm a student.
    • Consumerist
    • By Consumerist 17th Jul 13, 5:11 PM
    • 5,199 Posts
    • 2,602 Thanks
    Consumerist
    . . I do oppose to your suggestion that not everyone pays their fair share though. Is it fair that people who borrow money should pay interest on it? If the answer is yes, then the idea of overdraft charges is justified (the amount is a different question altogether).
    Originally posted by Herbalus
    I agree it is fair that people who "borrow" money should pay interest on it but what effective rate of "interest" is being charged if one includes daily charges, default fees, returned-payment fees and the like?

    In my view this is nothing more than an ambush by the banks.

    Those of us in the know and who don't pay for our banking services are ok but what about the others?

    It's not as though we are free, realistically, to turn our backs on the banking system because both government and employers alike require us to use the banks whether we like it or not. It is virtually impossible, these days, to function financially without the accursed banks. The banks know it and greedily take full advantage of it.

    The sooner this "free banking" lie is permanently expunged the better, in my view.

    I don't expect much support from the "I'm all right, Jack" fraternity on MSE but I'll keep having my say, all the same.

    Here's to the permanent demise of so-called "free banking"
    Warning: In the kingdom of the blind, the one-eyed man is king.
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