Banks win Supreme Court case on overdraft charges

gambitt said:
growse, care to have a stab at this one?
Click to expand...

Be more careful who you shop with and never use PayPal? :)

The "never use PayPal" is a good idea to be honest, company pretending to be a bank yet not having to follow any of the legislation. If you do use PayPal and you aren't very good with cash make sure you do not allow them to charge any cards or accounts, been a while since I went near them but I am pretty sure you can just have it as a funded account which you pay money in to?
 
mattheman said:
It isnt free banks make money from transaction charges, which means shops put up the price to cover that transaction charge that you pay and the ymake a little money on using your money .
Click to expand...
If you are going to umbrella pretty much every single item you purchase, then it becomes the cost of living - you can't really label a small portion of that as an indirect bank charge.

If that was the case, you could start arguing other business services should be free because you pay for them in a very indirect way via other means.
 
At this moment in time I have approximately £3 in my current account, until midnight tonight; when I get paid, how? Because I can manage the money I have. I have 5 DD's, and 2 other withdrawls I know I have to make until the next month, so what do I do, make a spreadsheet, with my pay at the top, and then the first 7 deductions below that amount are the ones that can not, not be made, so they are deducted from my money straight away, well not really, the money stays in the account until the DD's kick in but on my spreadsheet balance it is deducted, so I know that this amount "xyz" is how much actual cash I have for the month, it's fairly simple really, haven't had a charge as of yet.

If you keep on top of it every couple of days you shouldn't incur charges unless you're in real financial insecurity.
 
Sawell said:
Living within your means doesn't work, and shouldn't be expected.
Click to expand...


And there you have it folks...Finally someone with the guts to admit it...indeed why should anyone live within their means and why should we expect it?.

Viva the new generation..we're all going to hell.

;)
 
Thing that annoys me is you have little choice.

We had an incident recently where we have two accounts, one for bills and the other for spending.

My wife set up a gym membership and gave them the bill account details, after 5 weeks they had not taken the standing order so she paid the fee by Visa card out of the spending account. After 7 weeks they asked her to sign another standing order as the first one had been lost. Upon checking the accounts on week 9 they had taken £35 from both accounts, putting us £2 overdrawn on the spending account. Phonecalls to the bank and gym were a waste of time and the bank charged us £35 for going overdrawn, hows that fair?
 
Skalaberg said:
And there you have it folks...Finally someone with the guts to admit it...indeed why should anyone live within their means and why should we expect it?.

Viva the new generation..we're all going to hell.

;)
Click to expand...

Being an 18 year old 20 years ago is a hell of a lot different from being one today, sure. You experienced no where near the influence the teenagers of today do.

I'm 21 and have debt, plenty of it. Not proud of it, but I consider myself someone of above average intelligence, pretty street smart and grounded. I own my own apartment too, and my monthly income cuts close to my expenses, and on some months even tops it. In the last 2-3 years I've probably been fined £4,000 odd. Sometimes it was my fault, sometimes that is questionable. The fact is that my bank profits from it.
 
Originally Posted by bam0
To me it seems it should be simple contract law, terms of contracts cannot be used for parties to profit from the breach of a contract by a person. I don't want to pay for banking services either, that doesn't mean it's right to have penalty charges, if the banks wanted to they could refuse the transactions that impose these charges, they don't because they make money from them; which is wrong.
Click to expand...

Excellent post. You are absolutely right. We have to remember as well that it is a necessity to have a bank account in this day and age. We do not have a choice. Sure they are a business that is about making profit but they provide a necessary service to the community as well. This is different to most other businesses because we have the choice not to buy their product/service. We do not have that same luxury with banks (by and large).


And there you have it folks...Finally someone with the guts to admit it...indeed why should anyone live within their means and why should we expect it?.

Viva the new generation..we're all going to hell.
Click to expand...

you think this a new thing? Kinda ironic... expecting customers to live within their means when the banks themselves cant manage it :)
 
Last edited:
mattheman said:
It isnt free banks make money from transaction charges, which means shops put up the price to cover that transaction charge that you pay and the ymake a little money on using your money .
Click to expand...

hes probably to stupid to understand how banks make money with money that isnt theres in the first place.

anyone with money in a bank account is basicly giving the bank a loan.

banks make money off each credit card transactions aswell

lets not forget a lot of places where you withdraw your own money charge you for it but these can be easily avoided
 
To be fair you can learn the hard way from getting bank charged. I learned the hard way from being daft with money in my late teens and not leaving abit of cash as a buffer zone in my bank account. Went into minus 2/3 times only by either a few pence to a few pounds and getting a nice £35 charge for my ignorance. Many people have said that you know what you are getting into when you open the bank account in the first place so avoiding banks charging you rests solely on the bank account owners shoulders.
 
Sawell said:
Being an 18 year old 20 years ago is a hell of a lot different from being one today, sure. You experienced no where near the influence the teenagers of today do.

I'm 21 and have debt, plenty of it. Not proud of it, but I consider myself someone of above average intelligence, pretty street smart and grounded. I own my own apartment too, and my monthly income cuts close to my expenses, and on some months even tops it. In the last 2-3 years I've probably been fined £4,000 odd. Sometimes it was my fault, sometimes that is questionable. The fact is that my bank profits from it.
Click to expand...

Ever considered cutting down on monthly outgoings a little?...Whilst I commend your honesty admitting that you regulary overspend each month and have accumilated £4000 in bank charges and have plenty of debt at 21, This hardly makes you smart.

I hope that at the very least you have all the latest gizmo's and gadgets/lastest and greates phones etc in your apartment and sky HD to show for it.Then at least you will be in debt for something.
 
James J said:
Many people have said that you know what you are getting into when you open the bank account in the first place.
Click to expand...

Do you know how hard it is to function within our society without one?

I don't think there is even an alternative option to be paid to where I work.
 
bam0 said:
if the banks wanted to they could refuse the transactions that impose these charges, they don't because they make money from them; which is wrong.
Click to expand...

Surfer said:
Excellent post. You are absolutely right.
Click to expand...

No, you are absolutely wrong.

Hatter The Mad said:
If you aren't capable of not going over your limit, get a cash card. Like the one from O2. They are free, and you can't go over your limit.

Do you realise that it is not possible for Visa, Mastercard or Maestro systems to perform balance checking on transactions, unless the terminal you are using happens to be supplied and administrated by the bank that supplied your card (and even then, it is not always the case)?

The only systems which support balance checking across all banks are systems like Visa Electron, (some) Solo, etc.

God FORBID PEOPLE TAKING RESPONSIBILITY FOR THEIR OWN SPENDING AND ACTIONS!

It really annoys me when people spend 50% of their time WHINING about "nannyism" and the "nanny state", but then spend the other 50% complaining how they are not protected from their own god damn stupidity.
Click to expand...

If you cannot manage your money, get a cash card (O2 offer them for free). These are based on Visa Electron, and support balance checking before the transaction goes through.
 
This is b****ks.
I was unfairly charged by my bank over 7p, ended getting charged about £180.
They ended up semi refunding me, then *****ed up again and blamed me.

I was 15, i didnt even have an overdraft.
I'd someone to actually justify this to me.

Obviously now im a lot older and its the same old crap, very month some utility bill or something else tries to con you.

If there actually any large company that doesn't rip off the consumer left?
 
You must log in or register to reply here.
Back
Top Bottom