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Bank Charges.. Only One Possible Outcome??

Discussion in 'General Discussion' started by itsallaboutyou, Jan 14, 2008.

  1. itsallaboutyou

    Hitman

    Joined: Mar 11, 2005

    Posts: 981

    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*
     
  2. Rotty

    Don

    Joined: Oct 18, 2002

    Posts: 40,076

    Location: Notts

    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
     
  3. Burnsy2023

    Man of Honour

    Joined: Nov 17, 2003

    Posts: 36,368

    Location: Southampton, UK

    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
     
  4. vanandjuanunited

    Soldato

    Joined: Oct 20, 2005

    Posts: 5,231

    Agreed. Rather than bending over each time you go overdrawn everyone will be doing it every month or through increased interest rates on their products.
     
  5. SB118

    Sgarrista

    Joined: Oct 18, 2002

    Posts: 7,569

    Location: "Sunny" Plymouth

    I think it would be nice that the people caught in the penalty charge trap end up NOT paying for everybody elses account charges.
     
  6. Rotty

    Don

    Joined: Oct 18, 2002

    Posts: 40,076

    Location: Notts

    I'm not saying it will happen either just that it would be in the interests of good customers if it did :)
     
  7. Burnsy2023

    Man of Honour

    Joined: Nov 17, 2003

    Posts: 36,368

    Location: Southampton, UK

    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
     
  8. [DOD]Asprilla

    Capodecina

    Joined: Nov 10, 2003

    Posts: 14,036

    Location: Surrey, by the river

    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.
     
  9. Stinky

    Sgarrista

    Joined: Mar 28, 2005

    Posts: 9,162

    i looking forward to seeing this progress :)
     
  10. Dup

    Sgarrista

    Joined: Mar 10, 2006

    Posts: 9,967

    Location: East Lancs

    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.
     
  11. fullspizz

    Wise Guy

    Joined: Oct 18, 2002

    Posts: 1,670

    Location: Niptons Ridge

    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?
     
  12. Dup

    Sgarrista

    Joined: Mar 10, 2006

    Posts: 9,967

    Location: East Lancs

    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.
     
  13. JAzz

    Mobster

    Joined: Oct 18, 2002

    Posts: 3,112

    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.
     
  14. The Mad Rapper

    Banned

    Joined: Oct 18, 2002

    Posts: 9,480

    You are niave.

    Banks are a business, they exist to make money. They aren't your best friend, regardless of marketing spin!
     
  15. MrMoonX

    PermaBanned

    Joined: Dec 31, 2007

    Posts: 10,038

    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
     
  16. Dup

    Sgarrista

    Joined: Mar 10, 2006

    Posts: 9,967

    Location: East Lancs

    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:
     
  17. pyro

    Capodecina

    Joined: Nov 23, 2002

    Posts: 16,167

    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?
     
  18. The Mad Rapper

    Banned

    Joined: Oct 18, 2002

    Posts: 9,480

    I'd ask for Gold or food myself, both are worth more than cash at the moment ;)
     
  19. basmic

    PermaBanned

    Joined: Apr 10, 2004

    Posts: 13,144

    Location: Darlington, County Durham

    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.
     
  20. itsallaboutyou

    Hitman

    Joined: Mar 11, 2005

    Posts: 981

    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*