Bank Charges.. Only One Possible Outcome??

itsallaboutyou

itsallaboutyou

itsallaboutyou

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Joined
11 Mar 2005
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1,168
Afternoon all,

I've been reading a lot recently about bank charges - and given the amount of money that has been refunded.. I can only see one possible outcome - which will mean that the the banks start charging exorbitant monthly fees for the privilege of managing your money.

Currently, I dont use my overdraft - there's always a small portion of money left over each month after I've paid all my bills etc so in effect the bank are administering my account for free (save the small portion of debit interest that they take) - as such, I dont see how there can be any other outcome than being charged. Personally, I'd be aggrieved to pay £9 a month...even if it does get 13% off a day at a spa - or 20% off wine if I buy a million bottles! (I talk now of Natwest's Advantage Gold current account) :)

Anyway - anybody else see this happening?

Tom*
 
I think it is in the interest of the sensible bank customer that the banks win this or, as you say, they will recoup their losses from elsewhere
 
Rotty said:
I think it is in the interest of the sensible bank customer that the banks win this or, as you say, they will recoup their losses from elsewhere
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I don't see this happening, even if it would be a better outcome. At the end of the day, it seems quite clear to me that the banks broke consumer law.

We're the only country in Europe that has this luxury anyway.

Burnsy
 
I think it would be nice that the people caught in the penalty charge trap end up NOT paying for everybody elses account charges.
 
Burnsy2023 said:
I don't see this happening, even if it would be a better outcome. At the end of the day, it seems quite clear to me that the banks broke consumer law.
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I'm not saying it will happen either just that it would be in the interests of good customers if it did :)
 
I wonder what effect it'd have on inflation and consumer confidence when the banks start charging, just as well we won't have a proper decision until next year :)

Burnsy
 
I've always though bank charges were generally a good thing.

I know that a lot of poeple get into difficulty and the repeated charges they receive just make matters worse; the banks should be doing more to help these people before it gets out of hand.

However, for the other folks who simply don't take responsibility for managing their own finances and get charged accordingly, tough. It's your money and you are getting a free banking service, so take some interest in your finances and you might not get into trouble.
 
My other half got charged £70 for going £3 over her account, they advised she took an emergency overdraft. Shes worked hard to recoup this money however it was hard and he managed to find herself charged again.

Now they're taking the overdraft away and shes lost £140 to the bank for the sake of a few quid. Its not easy for everyone to recoup those kind of charges. They harass her with phone calls when she gets charged, poke into her affairs with here money goes and still charge her anyway and in no way wish to help her recuperate her money for a small mistake.

I thought banks were supposed to be helping people get out of debt?! I don't agree with the charges. We shouldn't be able to take the money in the first place if it isn't ours.
 
What will happen then if the banks win this with regards to the funds they have already paid out to people??
Surely they will have to have it paid back to them?
 
fullspizz said:
What will happen then if the banks win this with regards to the funds they have already paid out to people??
Surely they will have to have it paid back to them?
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I think refunded costs are given as a gesture of good will as nobody gets the full amount, so they shouldn't have to pay it back.
 
Rotty said:
I think it is in the interest of the sensible bank customer that the banks win this or, as you say, they will recoup their losses from elsewhere
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Exactly, the banks aren't gonna lose their money, all they will do spread it around on the other customers who manage their money properly. I have a big problem with that because I don't see why I should pay if other people can't manage their finances. I'm all for getting one over the banks but I don't agree with people reclaiming their charges.
 
Dup said:
I thought banks were supposed to be helping people get out of debt?! I don't agree with the charges. We shouldn't be able to take the money in the first place if it isn't ours.
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You are niave.

Banks are a business, they exist to make money. They aren't your best friend, regardless of marketing spin!
 
Is it really fair that you are charged £30 when you go £5 over your limit and in some cases the banks charge people for going pennies over the limits, I think they should charge less for overdrafts etc.
we are lucky that we are not charged for writing cheques etc like in the USA but I already pay £13 a month for my bank account plus
 
The Mad Rapper said:
You are niave.

Banks are a business, they exist to make money, they aren't you're best friend, regardless of marketing spin!
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I thought they were working with the government in such a way. But then again, the government could be seen as a business too.

I'll just ask my company to pay me in cash instead :rolleyes:
 
With HSBC when I go overdrawn they simply state how much overdrawn I am, i.e. -£5, with NatWest they do the same, only they add another £30 as a charge, why does one bank charge while the other bank doesn't?
 
I think I've only ever had three bank charges.

Two of those were direct debits for the same day, and I simply forgot to have the money ready in the bank account.

The other charge was because of a bouncy cheque - which was essentially the bank's own fault.

In all three instances, I got my charges back within the week.
 
Whoa - Some good responses here!

I think people are very naive when it comes to the banks.. they tout themselves as helpful entities - when in reality, as mentioned further up^ - they are solely a money making enterprise (which all businesses aspire to be!)

I only ask - because Natwest, my bank of 16 years keep trying to 'upgrade' me to one of their paying accounts - whether it be advantage gold, blue or premier - does anybody else have these accounts? Do you benefit from having one? (I must stress that I have no intention of taking them up on their offer!)

Tom*
 
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