Bank charge date revealed

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To be honest, I hope banks can contine to charge fees for entering unagreed overdrafts and such like. I don't want to pay monthly fees just to own a current account just because some people can't manage their cash and then turn round and complain.
 
Spike560 said:
To be honest, I hope banks can contine to charge fees for entering unagreed overdrafts and such like. I don't want to pay monthly fees just to own a current account just because some people can't manage their cash and then turn round and complain.
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:rolleyes: oh typical ocuk
 
bank charges are extortion and its about time they got shafted by the consumer, Rambo is right £50 for £1 over limit is daylight robbery, I went over my limit once by 79p and got charged £28, how is that fair?
 
MrMoonX said:
bank charges are extortion and its about time they got shafted by the consumer, Rambo is right £50 for £1 over limit is daylight robbery, I went over my limit once by 79p and got charged £28, how is that fair?
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mine is £22 but as I've had to use it a number of times, I'm sure I've pees away probably £150 by going a few pounds over :/
 
Spike560 said:
To be honest, I hope banks can contine to charge fees for entering unagreed overdrafts and such like. I don't want to pay monthly fees just to own a current account just because some people can't manage their cash and then turn round and complain.
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let's not start this nonsense again.

This isn't the only example of reasons why people are given bank charges.
 
I went over by 37p, for one day, just because I took my eye off the ball (I had more than enough money in other accounts). I got the charge reversed but on principle a 10,000% charge is just downright silly.

Anyway, Wednesday won't make the slightest difference. If the OFT wins, the banks will just find some other way to appeal, and appeal, and appeal. Meanwhile they'll keep on hiking interest rates and doing whatever else they can to get the money other ways.

They do have bonuses to worry about. And shareholders. They're not in business to be compassionate.
 
I was out of work for a period one time, I still had bills to pay and I eventually got into the red zone. I found work but it wasn't enough to see me right instantly. So i went over and got hit hard, VERY HARD. What should have been fixed in a couple of months tops turned into a year long nightmare.
There is no justification for this at all, it is a system designed to penalize the poor.
 
kylew said:
let's not start this nonsense again.

This isn't the only example of reasons why people are given bank charges.
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I didn't say it was. But as other people have pointed out in this thread, if you close off one avenue of revenue for the banks they will easily find another. For example, raising interest rates on agreed overdrafts, monthly current account charges, transaction fees, handling fees, etc....
 
Couple of weeks ago i recieved a £75 charge because of an unpaid DD, My bad tbh because i forgot to transfer my money over in to my account the DD comes out of, but £75!! A bit ridiculous tbh.
 
Berserker said:
Anyway, Wednesday won't make the slightest difference. If the OFT wins, the banks will just find some other way to appeal, and appeal, and appeal. Meanwhile they'll keep on hiking interest rates and doing whatever else they can to get the money other ways.
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There is however a good chance of political intervention if that is the case. There is an election due after all, a lot of brownie points to be had. All the candidates have already spoken about the issue, it's on that website, things are looking good if this Wednesday goes in favour of the people.
 
Yay! The irresponsible waiting to triumph and will no doubt result in me having to pay more for the services I use :(

*Please note the irresponsible aspect refers to the refusal to accept the consequences of actions, rather than irresponsible spending
 
Dolph said:
Yay! The irresponsible waiting to triumph and will no doubt result in me having to pay more for the services I use :(

*Please note the irresponsible aspect refers to the refusal to accept the consequences of actions, rather than irresponsible spending
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kylew said:
let's not start this nonsense again.

This isn't the only example of reasons why people are given bank charges.
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:rolleyes:
 
Dolph said:
Yay! The irresponsible waiting to triumph and will no doubt result in me having to pay more for the services I use :(

*Please note the irresponsible aspect refers to the refusal to accept the consequences of actions, rather than irresponsible spending
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Nice generalisation there. I'm responsible for getting myself £25K in debt, and I'm responsible for getting myself out of that debt too. I'll still hold that charging £35 for going over by 37p is downright stupid even though in the end I didn't have to pay. If I'd have gone over by £37, I'd have accepted it, but not 37p.
 
The point of dispute is whether these 'consequences' are justified though.
Considering it costs the bank ~£2.50 for actions of the customer when it happens (as stated by an independent study), is it fair to ask for 2000% more to put it right?
Also taking into account the said people are already struggling to pay the bills.
 
Indeed, that is the whole point of this. The whole debate centres around whether it's a charge for a service or essentially what amounts to a fine (i.e. charging more than is reasonable to cover the expense incurred by the bank). The former is legal, the latter is not.

I'm firmly in the 'fine' camp. If it's a service, then it's a service I didn't ask for and don't want. In my view, unauthorised overdrafts should be outright banned (i.e. the banks put systems in place to prevent it from ever happening). The end.
 
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Rambo2683 said:
I was out of work for a period one time, I still had bills to pay and I eventually got into the red zone. I found work but it wasn't enough to see me right instantly. So i went over and got hit hard, VERY HARD. What should have been fixed in a couple of months tops turned into a year long nightmare.
There is no justification for this at all, it is a system designed to penalize the poor.
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Couldn't you have arranged an overdraft/increased overdraft when it looked like you might needs one in the near future?
 
Its the fact that your already short on cash to land in this situation, then you get fined a hefty fee which only makes your financial situation worse.

Im happy to admit the fault is mine for being crap with money, but I dont think the punishment is fair
 
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