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Bank Charges.. Only One Possible Outcome??

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

  1. Surfer

    Capodecina

    Joined: Dec 31, 2005

    Posts: 11,179

    Location: Glasgow

    well i'd advise the person in question to check that though im not 100% sure.
     
  2. platypus

    Caporegime

    Joined: Jul 25, 2003

    Posts: 38,980

    Location: Rhône-Alpes+Cambridge

    No, that is the case.
     
  3. Surfer

    Capodecina

    Joined: Dec 31, 2005

    Posts: 11,179

    Location: Glasgow

    what does that mean? source?
     
    Last edited: Jan 15, 2008
  4. itsallaboutyou

    Hitman

    Joined: Mar 11, 2005

    Posts: 981

    Heh

    Quite right - but I think the issue does need to be discussed - as it is intrinsically related? No?

    Tom*
     
  5. platypus

    Caporegime

    Joined: Jul 25, 2003

    Posts: 38,980

    Location: Rhône-Alpes+Cambridge

    Exactly what it says. Banks will continue to levy penalty charges, or "service charges", until they are told it is illegal to do so.
     
  6. Surfer

    Capodecina

    Joined: Dec 31, 2005

    Posts: 11,179

    Location: Glasgow

    i'm kinda glad i got back my money before all the cases were stayed now :D
    ohh and platypus im pretty sure that my bank didnt continue to charge me whilst i had my legal action against them. I said to them i would just add such future charges to my list (that occurred during the process)
     
  7. platypus

    Caporegime

    Joined: Jul 25, 2003

    Posts: 38,980

    Location: Rhône-Alpes+Cambridge

    Yeah, I'm sure that if you're in current proceedings with the bank they would temporarily suspend putting any more charges on your account, but that just makes sense. And it's account specific too, ie. not everyone claims back charges.
     
  8. Stinky

    Sgarrista

    Joined: Mar 28, 2005

    Posts: 9,160

    i really wish i had claimed before now tbh. :(

    left it to late and lacked the motivation. if i had got them back i wouldnt be in the position i am now :(

    just need to hope that i can get them to at least reduce them this afternoon. or i am stuffed for yet another month and then probably be in the same postion this time next month :(
     
  9. Surfer

    Capodecina

    Joined: Dec 31, 2005

    Posts: 11,179

    Location: Glasgow

    Yes thats what i meant. Thats why i'd advise that person taking action to mention that to their bank.
     
  10. Keltyx

    Gangster

    Joined: Sep 12, 2003

    Posts: 461

    Location: Swansea, UK

    I find it amusing that the people who manage thier accounts well regard themselves as "good" customers. If you keep a small balance in your account consistently and never go overdrawn the bank will be making no money off you at all. The people who are being charged these fees are making the banks millions in profits.

    If you ran a company who would you regard as your best customers, the ones who make you minmal profit, or the ones who make you good profits?

    In effect, the "bad" customers are subsidising the "good" customers. If the "bad" customers manage thier accounts perectly the banks will be making less income off them, so to recoup that money they will need to start charging elsewhere, hence the introduction of monthly fees.
     
  11. Things change I've changed

    Capodecina

    Joined: Jul 27, 2005

    Posts: 11,875

    Location: The Orion Spur

    was there really any need for that post, it's all related anyway, why lower the tone, I'm not saying I'm right, I'm just expressing my opinion, I'll leave it up to the judge to decide whether it's right or not.
     
  12. itsallaboutyou

    Hitman

    Joined: Mar 11, 2005

    Posts: 981

    Its true - but its a sad state of affairs - but I know that if I was in charge of a profit making enterprise, I would certainly do my best to retain the 'best' cutomers, meaning the so called 'revolvers' - as they make the money.

    This was my reason for starting this thread - to try and gauge people's reactions to the possibility of introducing bank charges.. So thanks for not sitting on the fence!! :)



    Tom*
     
    Last edited: Jan 15, 2008
  13. platypus

    Caporegime

    Joined: Jul 25, 2003

    Posts: 38,980

    Location: Rhône-Alpes+Cambridge

    Do we regard ourselves as good customers? I'd say I have good common sense when it comes to money, and I can manage my finances well. I've never said I'm a good customer for a bank to have, (although I actually would actually, given how much I have in savings with them).

    I don't recall anyone saying "I'm a better customer then you because I don't go overdrawn".

    I don't think anyone is deluded enough to imagine that customers in financial difficulties are banks "favourite" customers.

    ^Just to clarify, yes banks obviously like having customers that they can fine, in order to rack up huge profits, but banks are a fairly stagnant financial institution, and like order and profitability based on as much prediction as is possible in the financial world, something that customers who may or may not be able to pay don't help.
     
    Last edited: Jan 15, 2008
  14. itsallaboutyou

    Hitman

    Joined: Mar 11, 2005

    Posts: 981

    I'm in the same boat.. And as a result - the bank have opted now to leave me alone - wheareas they used to try and sell me loans, overdrafts and the like...

    I've recently moved my savings from a large building society to my bank in the shape of a fixed rate bond - so hopefully that'll get them off my back for a while!

    As for being a 'good' or indeed a 'bad' customer, in terms of profitability, I am definitely 'bad' - the bank administer my account for free in my eyes. I dont use my overdraft, so there's not a lot of debit interest to be deducted and I always pay my bills on time...but on the flip side in terms of my credit rating etc, I know that I wont have trouble getting a loan or mortgage providing it is within my means etc... so in that case, I'm a 'good' customer as I will not have trouble making repayments etc...

    Its a point that can't be stressed enough. It is a sad state of affairs whereby the bank prefer customers who default occasionally as they make money off them! However, we have to live with it...

    Agreed - but I to think there are some underhand tactics in play...

    Will be interesting to see how this pans out...

    Tom*
     
    Last edited: Jan 15, 2008
  15. platypus

    Caporegime

    Joined: Jul 25, 2003

    Posts: 38,980

    Location: Rhône-Alpes+Cambridge

    Well interestingly enough, Natwest sent me a credit card offer with a rather nice insurance deal as a sweetener, so I decided to take them up on it, with no actual plan to ever use the credit card. They then of course proceeded to reject my application, even though they'd requested I apply :rolleyes:.

    Tools.
     
  16. itsallaboutyou

    Hitman

    Joined: Mar 11, 2005

    Posts: 981

    Heh - how I love the Gnatwest... I applied for a gold card about 6 months ago and they offered me a standard card with a £4,500 limit on it... :rolleyes:

    2 months later, they'd upped it to £5,500, which is the minimum threshold for a gold card!:rolleyes:

    Its shocking really.. bearing in mind the only thing I put on it is petrol 4 times a month and I usually pay it off before it's even debited!:)

    Fun Fun Fun..

    Tom*

    //edit - FAR too many smilies!
     
  17. andyp

    PermaBanned

    Joined: May 31, 2005

    Posts: 1,628

    Location: South Yorkshire

    I get loads of junk through the letterbox wanting me to have credit cards.

    Anyone who's read any of my previous about banks etc. will know how absurd that is.
     
  18. intellix

    Gangster

    Joined: Dec 7, 2007

    Posts: 302

    Location: Derbyshire, Tibshelf

    how can bank charges be justified?? thats crazy

    Fat corporate arseholes sit back and enjoy more money than they can spend in profits by making their customers unhappy about how much debt theyre being forced into by rolling charges every month. Why should a charge cost 90quid?

    We have a Robin Hood :) Martin from www.moneysavingexpert.com

    I seriously hope banks lose their test case and have to repay everyone their money back.

    Question: Why should the bosses at Northern Rock get paid 100k in bonuses for what has happened? especially since the taxpayer has to pay for it all now
     
  19. itsallaboutyou

    Hitman

    Joined: Mar 11, 2005

    Posts: 981

    I would imagine if they did - that a workaround would be introduced - possibly by an amendement to the Terms and Conditions or Terms of Service.

    As per the original thread - if this happens - I can see everybody who holds an account with a high street bank having to pay for the privilege - which is bad.

    Its a bonus for those who have legitimately been 'conned' out of money - but for the millions of us who havent incurred any bank charges or indeed claimed them back it may spell the end of free banking which the banks would be able to do quite easily.

    Thats not to say that the problem couldnt be rectified by switching banks - but imo that would simply compound the problem and if it happened in any great number - it could create a period of unrest and see interest rates rise...

    Not to mention the hassle of switching direct debits etc...

    As I keep saying, it will be interesting to see how this one pans out!

    Tom*
     
  20. stevenazari1

    PermaBanned

    Joined: Oct 21, 2007

    Posts: 1,518

    I dont think the public would accept having to pay for the service, considering their money is already being used by the bank. Personally I would rather have my cash in hand and put it in my piggy bank that goes "oink" everytime I put something in. Its my money, I earned it. why must I have a bank account to recieve money I have worked for? further to that question why should a bank charge me if I MUST have a bank account to be paid.