Bank Charge Whitewash
Discussion
What a surprise...the banks have won their appeal against the unfair charges case....
http://news.bbc.co.uk/1/hi/business/8376906.stm
http://news.bbc.co.uk/1/hi/business/8376906.stm
s, they would of "owed" me 3kJustayellowbadge said:
How is it a 'whitewash'?
I'm pleased. I don't fancy having to pay to use a cashpoint because idiots can't manage their cashflow.
You think this would be the biggest payout/loss that banks have made? This wouldn't be the direct cause for stupid 'fees', but they would make it seem so.I'm pleased. I don't fancy having to pay to use a cashpoint because idiots can't manage their cashflow.
Apparently the payout is only 10 billion.
I struggled with money for a bit and managed to rack up an other £600 of charges. Do you really agree £30 is a fair charge? £5 maybe, but £30. It really doesn't help the struggling.
Edited by illmonkey on Wednesday 25th November 10:06
Justayellowbadge said:
How is it a 'whitewash'?
I'm pleased. I don't fancy having to pay to use a cashpoint because idiots can't manage their cashflow.
And you still can, banks can still charge idiots who cant manage their money but just not take the p1ss ie charging ridiculous "admin fees" etcI'm pleased. I don't fancy having to pay to use a cashpoint because idiots can't manage their cashflow.
I've never really understood what this has been about because I dont think it's effected me. (this sounds really snobbish, but not meant that way at all, just that i've always worked to not be overdrawn or anything like that).
Am I right in saying that the charges people get when they go overdrawn (£25 here and there, sort of thing) is what people were trying to claim back?
You know, overdrawn, as in taking more money than you have.
Am I right in saying that the charges people get when they go overdrawn (£25 here and there, sort of thing) is what people were trying to claim back?
You know, overdrawn, as in taking more money than you have.
TonyHetherington said:
I've never really understood what this has been about because I dont think it's effected me.
Am I right in saying that the charges people get when they go overdrawn (£25 here and there, sort of thing) is what people were trying to claim back?
You know, overdrawn, as in taking more money than you have.
That and other "charges" the banks make - £35 "admin fees" for bounced cheques etc. Bearing in mind the awful mess that most banks seemed to be in recently necessitating the bailing out by us - Johnny Taxpayer - you'd think they might have rethought about how they'd handle this....Am I right in saying that the charges people get when they go overdrawn (£25 here and there, sort of thing) is what people were trying to claim back?
You know, overdrawn, as in taking more money than you have.
Edited by st_files on Wednesday 25th November 10:11
ok.. over the last year, I reckon I must have paid getting on for £1000 in bank charges... I fully admit that I am crap with money and could do better... however, I have two bank account...(it's complicated) and quite often, I have money in one and not the other, granted it is totally my fault.. having said that.. last month... the bank wanted to charge me £225.00 ( I actually appealed this and it was quashed on "this occasion only". My point is... how is it justified to charge me £225.00 just because I went temporarily overdrawn (usually for less than a day) I can understand a charge, but an "arrangement " fee of £50.00?? what "arranging" is actually done? answer... none....an automated system adds a £50.00 debit to my account... I am not saying bank charges are not right... just ridiculously high...
TonyHetherington said:
I've never really understood what this has been about because I dont think it's effected me. (this sounds really snobbish, but not meant that way at all, just that i've always worked to not be overdrawn or anything like that).
Am I right in saying that the charges people get when they go overdrawn (£25 here and there, sort of thing) is what people were trying to claim back?
You know, overdrawn, as in taking more money than you have.
It's not that simple though is it Tony, it's the hypocrisy.Am I right in saying that the charges people get when they go overdrawn (£25 here and there, sort of thing) is what people were trying to claim back?
You know, overdrawn, as in taking more money than you have.
Bank: You didn't have enough money to pay this Direct Debit, doing so would make you overdrawn, so we've reversed the Direct Debit and charged you £40 for doing so, resulting in you now being overdrawn anyway. Which, by the way, we're going to charge you £10 a day for for 15 days.
thatone1967 said:
ok.. over the last year, I reckon I must have paid getting on for £1000 in bank charges... I fully admit that I am crap with money and could do better... however, I have two bank account...(it's complicated) and quite often, I have money in one and not the other, granted it is totally my fault.. having said that.. last month... the bank wanted to charge me £225.00 ( I actually appealed this and it was quashed on "this occasion only". My point is... how is it justified to charge me £225.00 just because I went temporarily overdrawn (usually for less than a day) I can understand a charge, but an "arrangement " fee of £50.00?? what "arranging" is actually done? answer... none....an automated system adds a £50.00 debit to my account... I am not saying bank charges are not right... just ridiculously high...
Indeed, ridiculously high.And another thing which annoys me, they are quick enough to take you money, but why is it when I transfer money from my Lloyds current account, it goes out same day, but it does not appear in my Lloyds credit card for about 4 days, probably invested along with the other zillions of pounds a day.
rich1231 said:
Did you agree to those charges when you signed up for the account?
I dont think most people are aware of the huge range of scamming charges.And besides, if an entire industry is pulling the same stunts (aka a cartel) it doesnt leave the consumer with any choice - hence the OFT investigation.
There's a real chance for a bank/building society to pull in a lot of extra punters by breaking away from the cartel and using more reasonable charges IMO.
Oakey said:
TonyHetherington said:
I've never really understood what this has been about because I dont think it's effected me. (this sounds really snobbish, but not meant that way at all, just that i've always worked to not be overdrawn or anything like that).
Am I right in saying that the charges people get when they go overdrawn (£25 here and there, sort of thing) is what people were trying to claim back?
You know, overdrawn, as in taking more money than you have.
It's not that simple though is it Tony, it's the hypocrisy.Am I right in saying that the charges people get when they go overdrawn (£25 here and there, sort of thing) is what people were trying to claim back?
You know, overdrawn, as in taking more money than you have.
Bank: You didn't have enough money to pay this Direct Debit, doing so would make you overdrawn, so we've reversed the Direct Debit and charged you £40 for doing so, resulting in you now being overdrawn anyway. Which, by the way, we're going to charge you £10 a day for for 15 days.
Please don't get me wrong, I'm not trying to make out I'm goodie two shoes here - indeed, a total oversight on my part once resulted in them charging me a couple of hundred quid in charges. I wrote to them essentially explaining what a plank I was, humbly apologising, and (as someone above said) "on this occasion we'll remove the charges". Thanks muchly.
But my point is that someone who continues to do it - to the point where they're looking to claim £3k chargest back (
) - that's not unfair is it? Ok let's assume that the charges ARE unfair and totally ridiculous. So ONCE you get caught out. But to do it time and time and again - that's not unfair charges, that's foolish on the part of the account holder? In full and complete knowledge of what charges will come?Or, as is probably the case, have I totally got the wrong end of the stick here?
rich1231 said:
Did you agree to those charges when you signed up for the account?
When I signed up for my HSBC account at the start of the decade, I was earning roughly the same as I am now, but also had a fully expensed company car (gotta be worth £5k a year?) HSBC were happy to give me a £500 overdraft.. I did not request it, it was offered.
As a result of 9/11, I lost my job, had to take a career change, and my salary dropped by £10k, and if you take into account the car I lost, £15k.
Due to my poor credit rating, depsite the fact I have my self and my partners salary's going into my account, and they can see this month on month... "computer say no" to me having an overdraft... bottom line is... if a real person form HSBC was managing my account, they would be able to see this, and possibly offer an overdraft of say £100.00... apparently this is not possible....
I simply can NOT see why this is such a big deal. I particularly can't see why the whole banking scandal is being drawn into it, they're separate issues.
If you go an unauthorised overdraft, you get fined. What's the big deal? I happen to think the fines are higher than necessary as well, but that's the bank's prerogative. If you don't like it, don't go overdrawn.
For what it's worth, I struggle all the time as well, and occasionally this happens to me as well. I still can't see what the problem is.
If you go an unauthorised overdraft, you get fined. What's the big deal? I happen to think the fines are higher than necessary as well, but that's the bank's prerogative. If you don't like it, don't go overdrawn.
For what it's worth, I struggle all the time as well, and occasionally this happens to me as well. I still can't see what the problem is.
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