Bank Charges.. Only One Possible Outcome??

[growse]

.... its a charge not a product/ service.

and your not supposed to go over your limit hence unauthorised.

I got charged £30 because the bank took 0.40p in interest from the account when I wasnt using it. and then another £30 the next month because I hadnt paid it off. £60 for 40p interest? no thanks.

Of course it's a charge. That's how products and services work - the bank supplies it and charges you a fee to carry out that service.

If your bank was sensible they will have written to you telling you that they were going to take interest. My bank write to me every month telling me how much my overdraft is going to cost, and exactly when they're going to take it out. Again, if you think a service is too expensive, then why are you using it?

because of the way the contracts are written and the fact they are fining you for going over. £30 is not an admin fee which is reasonable.

The terms and conditions for my account use the terminology "service charge", which is exactly the same as "charging for a service".

 

[Glaucus]

The terms and conditions for my account use the terminology "service charge", which is exactly the same as "charging for a service".

Which has only been written like that since it all unfolded.

 

[stevenazari1]

why do people think going overdrawn is a service? :S

its not a service the bank provides. do you ever see a bank advertise "we allow our customers to go overdrawn"?

all the bank does is hold your money. if you go overdrawn that is not a service, it is you taking money which is not there. it is up to the bank to allow the transaction to occur, this decision from the bank is likely to happen as it means more money to them. it means even less money for you.

so in other words you think giving money to the bank is a service?

hmm maybe I should start banking, I could do with a customer like you

 

[growse]

Which has only been written like that since it all unfolded.

Ok, but that doesn't change the end result, which is that people seem to want to have banks charge me for my account, even though I know how to work it?

 

[Glaucus]

Ok, but that doesn't change the end result, which is that people seem to want to have banks charge me for my account, even though I know how to work it?

most people just want the banks to abide by UK law. But most don't realise that if the banks lose, we will be worse of.

we will have to wait and see what happens in the court case.

 

[stevenazari1]

Of course it's a charge. That's how products and services work - the bank supplies it and charges you a fee to carry out that service.

If your bank was sensible they will have written to you telling you that they were going to take interest. My bank write to me every month telling me how much my overdraft is going to cost, and exactly when they're going to take it out. Again, if you think a service is too expensive, then why are you using it?



The terms and conditions for my account use the terminology "service charge", which is exactly the same as "charging for a service".

as you have such an unyielding understanding of these charges can you explain to me what the service is they are providing and please dont say its letting you go over your limit.

the "charge" is for the administration of your account where if computers were not around a clerk/manager would look at your account and decide whether or not to give you that £10 to buy food on a night out when your totally off your face.

please dont think that it is for anything else.

 

[growse]

why do people think going overdrawn is a service? :S

its not a service the bank provides. do you ever see a bank advertise "we allow our customers to go overdrawn"?

all the bank does is hold your money. if you go overdrawn that is not a service, it is you taking money which is not there. it is up to the bank to allow the transaction to occur, this decision from the bank is likely to happen as it means more money to them. it means even less money for you.

so in other words you think giving money to the bank is a service?

hmm maybe I should start banking, I could do with a customer like you

An overdraft is a service, in the same way that a loan is a service. The bank is providing you with a capability in return for which they charge a fee. That's a service.

If you request money from your bank that you do not hold in your account, either through a POS, DD or some other transaction, you are requesting their unauhtorized overdraft service or facility. And you know how much they charge for that, because they write it down in documents which they make freely available. If you don't like how much they charge, you don't have to request that service.

And yes, giving money to the bank is also a service. However, in most cases, it's one that banks choose to not charge for, because they gain other benefits from storing your cash.

I doubt if you were a bank you would be able to provide me with banking services as good as my current bank.

 

[growse]

as you have such an unyielding understanding of these charges can you explain to me what the service is they are providing and please dont say its letting you go over your limit.

the "charge" is for the administration of your account where if computers were not around a clerk/manager would look at your account and decide whether or not to give you that £10 to buy food on a night out when your totally off your face.

They're giving you money upon request that you havn't deposited, much like a loan. That's a service. Do you expect loans and mortgages to also only cost what it costs the bank to administer?

please dont think that it is for anything else.

Care to share with me what I'm missing about how business works?

*edit* I need to leave this now, as I have other places to be. But it's been a remarkable insight into the mentality of those who insist on being "victims". *Sigh*

 

[SB118]

They're giving you money upon request that you havn't deposited, much like a loan. That's a service. Do you expect loans and mortgages to also only cost what it costs the bank to administer?

If they sold it to you as a loan, it would be a loan. But they didn't and it's not.

 

[stevenazari1]

Growse your confusing "overdraft" with "unauthorised overdraft" its not a service, for it to be a service you must have requested it. I dont ever recall requesting for this "unauthorised overdraft service" to be put on there. and I have different tac's to you. I never accepted the new tac's.

not only that but:

unauthorized, unauthorised [anˈoːθəraizd] adjective

not having the permission of the people in authority
Example: unauthorized use of the firm's equipment

I just find your argument contradicting "the banks provide you with a service that your not supposed to use." is what your saying.

 

[Bear]

If they sold it to you as a loan, it would be a loan. But they didn't and it's not.

Exactly, you took out an unauthorised loan and they charge you for it.

 

[stevenazari1]

unauthorised

the point being made right there.

but clearly missed.

 

[Glaucus]

Exactly, you took out an unauthorised loan and they charge you for it.

no you didn't take anything. they gave you money when they should have rejected the payment.

 

[Bear]

Growse your confusing "overdraft" with "unauthorised overdraft" its not a service, for it to be a service you must have requested it. I dont ever recall requesting for this "unauthorised overdraft service" to be put on there. and I have different tac's to you. I never accepted the new tac's.

not only that but:



I just find your argument contradicting "the banks provide you with a service that your not supposed to use." is what your saying.

The fact that they will pay the money makes it a service. They could equally just reject any demand for that payment rendering accounts like utilities loans etc unpaid, that wouldnt be a service.

 

[Bear]

no you didn't take anything. they gave you money when they should have rejected the payment.

So you would rather the bank not pay your mortgage or DD or what ever the requested payment was ??

 

[Bear]

the point being made right there.

but clearly missed.

Right so we get to the crux of it then, you would rather the bank reject any demands on your account if you didnt have the funds.

So if your account was 40p short of paying your car loan or mortgage, you would rather default on that loan because you dont want the bank paying that money ?? Then you would have the useless people moaning that they have defaults against their credit rating because the bank wouldnt cough up 40p.

 

[Glaucus]

So you would rather the bank not pay your mortgage or DD or what ever the requested payment was ??

yes.
I've only ever been over by pennies. which cost my £90

30 odd pence over drawn for 3 days. 3 lost of £30 complaints to the bank manager did nothing. that is a fine not an administration fee. They didn't even tell me I had gone overdrawn. I'm waiting for this case to finish before I decide if I want to take it further. needless to say I have changed banks.

As I said we will have to wait and see what happens in the court case. But even the banks think they will lose as they paid it bank to so many people. Iif found guilty they haven been operating illegally.

Right so we get to the crux of it then, you would rather the bank reject any demands on your account if you didnt have the funds.

So if your account was 40p short of paying your car loan or mortgage, you would rather default on that loan because you dont want the bank paying that money ?? Then you would have the useless people moaning that they have defaults against their credit rating because the bank wouldnt cough up 40p.

You can phone up and arrange an overdraft extension that is added to you account instantly.

 

[SB118]

Exactly, you took out an unauthorised loan and they charge you for it.

You've agreed and disagreed with my comment in one post, awesome

no you didn't take anything. they gave you money when they should have rejected the payment.

But if they stop you having an unauthorised overdraft facilities, how do they apply the repeated fines? oh, hang on ....

 

[stevenazari1]

The fact that they will pay the money makes it a service. They could equally just reject any demand for that payment rendering accounts like utilities loans etc unpaid, that wouldnt be a service.

try asking them for this "service" to be removed and see what they say.

as previously stated the "service charge" doesnt refer to them giving you money - if that were the case you would be charged £30 everytime you withdraw money regardless of how much is in there.

its also not the ability of them letting you go overdrawn because as I have stated 4 times already the word UNAUTHORIZED it means your not allowed. but they do anyway. that is still not what they are refering too.

PLEASE take note of this next line:

"Service charge" is the administration of your account - the cost to make the decision as to whether or not allow you recieve the money. not the fact that you are recieving the money OR whether it takes you into the red.

 

[itsallaboutyou]

So you would rather the bank not pay your mortgage or DD or what ever the requested payment was ??

Personally yes - but only because I know exactly how much money is in my account at any given time.

If i knew that I wouldn't be able to make a payment, I would approach the lender, service provider first. If the were unable to help me, I would then approach the bank to extend my overdraft.

As i mentioned earlier - most if not all people should be aware of their situation financially - and i'd be annoyed if my bank authorised a debit transaction which would take me overdrawn, by which I mean over my authorised overdraft.

Tom*