Bank Charges.. Only One Possible Outcome??

[itsallaboutyou]

Exactly what I said above your post, you wait until this decision has been made in the high courts over the validity of bank charges, if it goes against them they soon won't let you go over your agreed over draft then will they, and millions of people will be better off for it, I don't care if they even charge a monthly service charge for the acc because at least that would be a more honest way to gain money from it's customers, end of the day they are providing a banking service, I'd much rather pay them for the whole package instead of being charged silly amounts of money for going over drawn when I would prefer it that they didn't allow my acc to go over my agreed amount.

I'm beginning to come round to this way of thinking... When I started the thread it wasnt to try and come to any conclusion- but the more I think about it, the more it makes sense (to me anyway!).

I have indeed i called them up and asked for a temp on just for one month. so i dont continue mounting up the charges and they refused. so how all i can do is watch the account, and see that its being charged a minimum of £6 a day for 10 days. but if i then go over drawn by another £10 it increases (and starts again - the 10 days period) at £15 a day. and lloyds say these charges are a fair way rather than the standard £30 a time (max of 3 times a month.

Eek - that sucks... If I understand, you're being charged £6 per day for being in an unathorised overdraft upto 10 days, then if you go overdrawn again - it bumps upto £15 per day?

That seems quite a lot...

And the bank aren't being helpful in terms of an overdraft facility?

Tom*

 

[Stinky]

I'm beginning to come round to this way of thinking... When I started the thread it wasnt to try and come to any conclusion- but the more I think about it, the more it makes sense (to me anyway!).



Eek - that sucks... If I understand, you're being charged £6 per day for being in an unathorised overdraft upto 10 days, then if you go overdrawn again - it bumps upto £15 per day?

That seems quite a lot...

And the bank aren't being helpful in terms of an overdraft facility?

Tom*

thats right. basically they tell you. we can only charge you £6 for 10 days. however if then after or in those 10 days that increases to say £20 over the agreed limit they start the charges again at £15 a day. you then you are looking at £60 for 10days at £6 plus £150 for 10 days at £15

i called them up and they just refused me as i have been charged the past 2 months. there is no way i can get away from the charges as they are looking at taking £135 from me, which is next month going to end up with me bveing charged again....

 

[itsallaboutyou]

when I setup an overdraft facility on my acc I don''t expect it to go over that amount, but they continue to allow it and then charge you for the pleasure, sometimes they are even more cheeky, they will allow the DD payment to come out of your acc for a day then bounce it back and still charge you even though they didn't honour the payment"

Must have skipped over this part - its a point that was made earlier on - but its definitely in the region of 'nail' on 'head'...

My overdraft is £100 - even though they keep offering me gazillions of pounds - I stick to £100. Why? because in the event of an emergency, I have savings to fall back on and if an unexpected bill comes out - or a one off expense that I hadnt budgeted for - i like knowing that the (high rate of interest) 'safety net' (probably not the right word!) is there for my use...

You're spot on - the banks shouldnt authorise payments that will take you over your limit.

In fact - would this not be a case of the bank breaching their own rules, but using the consumer as a medium??*

Tom


*hope that makes sense?? I'm not even sure myself!!

 

[itsallaboutyou]

thats right. basically they tell you. we can only charge you £6 for 10 days. however if then after or in those 10 days that increases to say £20 over the agreed limit they start the charges again at £15 a day. you then you are looking at £60 for 10days at £6 plus £150 for 10 days at £15

i called them up and they just refused me as i have been charged the past 2 months. there is no way i can get away from the charges as they are looking at taking £135 from me, which is next month going to end up with me bveing charged again....

Surely thats a perpetual cycle? Its definitely irresponsible... Thats shocking. I have to admit, I'm pretty naive when it comes to the charges levied on the consumer as its never happened to me - but that does seem rather steep...

I'd try and call them back and speak to someone senior, explain that its effectively introducing a perpetual cycle and see if that gets you anywhere. I'd keep going as high up the food chain as you can manage... Either that or contact the complaints people and see if they can do anything...

Eek dude - that sucks.. best of luck with it...

Tom*

 

[Stinky]

Surely thats a perpetual cycle? Its definitely irresponsible... Thats shocking. I have to admit, I'm pretty naive when it comes to the charges levied on the consumer as its never happened to me - but that does seem rather steep...

I'd try and call them back and speak to someone senior, explain that its effectively introducing a perpetual cycle and see if that gets you anywhere. I'd keep going as high up the food chain as you can manage... Either that or contact the complaints people and see if they can do anything...

Eek dude - that sucks.. best of luck with it...

Tom*

it is shocking really. im goign to head over to the local bank today and have a chat with someone there. dont seem to get anywhere with the monkeys on the end of the phone.

it is steep.

wish me luck

 

[SB118]

... that its effectively introducing a perpetual cycle ...

The banks know this, it's intentional.

 

[itsallaboutyou]

The banks know this, it's intentional.

Yup, I'm aware of the concept - 'revolvers', is the term I think?!

Whereas 'deadbeats' are people who they banks dont make any money off? Is that right??


Tom*

 

[Deleted member 651465]

I've been following the bank charges story for a while, but actually lacked the motivation to try to recoup past charges.. until recently.

I rarely use my cheque book for either of my 2 accounts, so when I wrote a cheque for £10 the other day I thought nothing of it, however.. I wasn't paying attention and used the wrong cheque book (1 account has money, the other is empty).

Anyway, checked my online banking and to my horror saw I was -£40 in the red. I called up Barclays straight away and complained about the charge. I asked the girl why they didn't think to call me to use the funds from my other account rather than charge me triple what was going out.

Long story short, I was refunded the £30 charge and whilst I was on the phone I requested the past five year's worth of charges (which they're sending out).. it's amazing what you can do when you have reason to phone up and complain

 

[Things change I've changed]

I requested the past five year's worth of charges (which they're sending out).. it's amazing what you can do when you have reason to phone up and complain

When did you do this ?, I tried to do this recently but they said that they've put all their claims cases on hold until the 'Bank Charges' court case has be decided.

 

[Stinky]

well been down to the bank. now got a appointment at 2.30 this afternoon.

still not sure what to say. i really going to struggle next month. i mean i only earn 9k a year. and to throw £135 for one month at a bank, is a lot of my monthly wage!!!

 

[Stinky]

When did you do this ?, I tried to do this recently but they said that they;ve put all their claims cases on hold until the 'Bank Charges' court case has be decided.

i did this on the 14th december, and was told they would be with me within 28days. took 3 days. i then followed all the bits over at MSE asking for charges back over past x amount of years, then had a reply saying they have logged my complaint but belive they are lawful and will wait untill after the test case to reply to it.

so just a waiting game now really

 

[Surfer]

*bashes head into desk*

If it's a service charge, there is no responsibility to break down those costs. It's like demanding apple tell you the breakdown of costs for an Ipod or else you're not going to pay for it (but you've already taken it to make it similar)

Again, if it is a service charge, not a penalty charge, the amount and breakdown is completely, utterly irrelevant to the charges validity.

Dolph you dont seem to understand that in most bank t&cs it actually says penalty charge. So it will be interesting (and entertaining i'm sure) them trying to argue otherwise

Sure some are being revised in light of these cases but its too late really. I'm not against charges, i'm against unreasonable charges.


i should also add: i opened a test account to see how much one could be charged without actually doing anything (ie no dds etc)....managed to get £200 charges without actually using it) All of such charges being claimed back at the moment, i'm glad to say. (actually hoping it will lead to court because its
a clear example to me of the mercenary tactics of the banks)

Some are going to fall back on the argument that banks are businesses so they have no responsibility to the customer at all except to maximize their profits but i disagree a bank is more than that nowadays;seeing as it is integral to own even a basic account in todays society. I think they exploit this status to the detriment of their customers.

 

[itsallaboutyou]

well been down to the bank. now got a appointment at 2.30 this afternoon.

Well thats good then - just make sure you explain everything to them and see what they can do for you...

Its much better to be straight with them at an early stage which is what you're doing!

Good luck!

Tom*

//edit - Make sure you let us know how you get on!!

 

[Deleted member 651465]

When did you do this ?, I tried to do this recently but they said that they've put all their claims cases on hold until the 'Bank Charges' court case has be decided.

It was about 2 weeks ago.

You have a right to see your list of charges, and I believe that because of the data protection act they have to keep a certain amount of records (~6 years) on file.

I haven't put a letter to them as they have a right to postpone any requests until after the case is heard, but I will do if they lose

 

[Surfer]

i did this on the 14th december, and was told they would be with me within 28days. took 3 days. i then followed all the bits over at MSE asking for charges back over past x amount of years, then had a reply saying they have logged my complaint but belive they are lawful and will wait untill after the test case to reply to it.

so just a waiting game now really

at least now they should NOT be applying more charges to your account is that right? Cases which are on hold also mean the bank cant continue to charge you.

 

[platypus]

at least now they should NOT be applying more charges to your account is that right? Cases which are on hold also mean the bank cant continue to charge you.

Well no, because until the courts tell them otherwise, the banks will continue to insist their practise is legal.

 

[Stinky]

Well no, because until the courts tell them otherwise, the banks will continue to insist their practise is legal.

thats basically what i was told by the bannk

 

[itsallaboutyou]

Well no, because until the courts tell them otherwise, the banks will continue to insist their practise is legal.

True - a friend of mine is currently going through it - and he still gets charged.. To be fair though he is exceedingly carp with money...

Its going to set in interesting precedent either way...

Tom*

 

[stevenazari1]

this thread isnt actually focusing on the reason why the banks are being taken to court.

but in a nut shell - yes you guys are right and the oft is wrong well done gz all round.
/sarcasm

 

[platypus]

I've often been half tempted to get a bank charge, so that I could bill them an admin fee for my time dealing in paying with it. But I doubt it would be doable.