Banking Fees -

House

House

House

Soldato
Joined
16 Jun 2005
Posts
3,158
Location
Back in the UK
The young lad who works with me is dancing around like hes won the lotto or something.

Hes filled in one of these "claim back your fees" things and reckons hes up for over 2 grand in fees back.

Now I'm sorry but for the last 2 years hes been here every month he over runs his overdraft and racks up some WELL PUBLISHED charges against his account. Now hes just going to get all this back?

Ok If this is the case I'd like my speeding fine from 2002 paid back by Leeds police, It didnt cost then £60 to nick me so I think should get it back. Oh and I want my electricty bill back as well, fancy them making a profit of someone for using electricity I mean its scandalous.

Kiss goodbye to free banking for all.

Oh and the "it's unfair on the poor argument" doesnt wash, Agree an overdraft and stick to it.

I ran up over 10k of debt at uni and NEVER got charges a fine or fee by the bank just interest because i TALKED to the people i owed money to and didnt spend UNAPPROVED overdrafts.

/vent
 
You probably won't get much support in your view, there are far to many people who think personal irresponsibility is cool on the forums and the banks are evil...

I agree with you entirely though, I would love to see the banks just start to close accounts when people have proven consistantly irresponsible and unwilling to accept it.
 
Why are they not fair?

They are published,

You could pick your bank by the one with the lowest charges but people don't they go for the one that gives them a free iPod/railcard or whatever.

It the fees are too high then use another bank.
 
WIBSBOT said:
I would agree with you if the charges were fair but they are not.
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What is fair though?
Surely the banks, as private businesses, can charge what they like for their services?
As long as they aren't operating a price fixing scheme amongst themselves I don't see what the problem is.

Some companies charge extortionate re-stocking fees if you return an item - it's their perogative and it should be for the banks too. If you don't like it then you don't have to bank there.
 
Because it's against the law, they cannot charge penalties over and above what it has cost them to deal with it.

It's also against the law to charge re-stocking fees in certain circumstances (distance selling regs).

If it is a bank or a shop breaking the law it is still breaking the law, and whatever your social views can and should be stopped.
 
House said:
They are published

You could pick your bank by the one with the lowest charges but people don't they go for the one that gives them a free iPod/railcard or whatever.

It the fees are too high then use another bank.
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Agreed, I think people are making the mistake of not completely understanding the difference between penalty charges and overdraft charges.

Penalty Charges, eg a charge for a bounced cheque are unfair, and soon to be illegal, as the banks refuse to state how it is they have to charge [£38] to recoup their losses.

Overdraft charges are published, and agreed upon by a legally bound document called a contract. If you don't want to stick to the terms, dont agree an overdraft. Its simple. And people whining about it should learn to handle their money.

@House - the person at your work is exactly why banking is going to get a whole lot worse, I doubt we'll see many, if any at all, free accounts in a years time.
 
Telescopi said:
Because it's against the law, they cannot charge penalties over and above what it has cost them to deal with it.

It's also against the law to charge re-stocking fees in certain circumstances (distance selling regs).

If it is a bank or a shop breaking the law it is still breaking the law, and whatever your social views can and should be stopped.
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On this part, agreed, currently the level of penalty charge (not the charge itself) is disproportionate, and as such it's unenforceable hence why banks will generally pay them back.

However, that raises a couple of issues, the first being whether the law is correct and appropriate in this situation (I believe it isn't), and secondly, if the law is correct and appropriate, what alternative method should the bank have to deal with those who refuse to abide by their terms and conditions. As I said earlier, I believe banks should be free to terminate their business relationship with someone if they consistantly prove unable to manage their money appropriately, something that other people (usually those who claim banks are evil) seem to also disapprove of. Remember, it is not the banks job to regulate your spending to the cash available.

If everyone tried to take responsibility for their own actions, things would improve dramatically.
 
Telescopi said:
Because it's against the law, they cannot charge penalties over and above what it has cost them to deal with it.
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Why? So you cant charge for something more than it cost you?

Its a charge for a breach of contract and as such is surely ment to be punitave.
 
personally i think the banks should just give them the fingers, point them to the door and close their accounts!

They shouldnt spend money that they dont have! END OF

When are these people going to realise that Banks are companies out there to make money! You go overdrawn (aka i'll spend some money i dont have for that 98" Dell 0.01ms XVGA Ultra WideScreen TFT) you get charged. DOnt like it well f off then and go elsewhere!

I've been overdrawn a few times in 2006 and go charged £100 for each instance but you dont see me filling a complaint! I spent money i didnt have - i got charged for it. PERIOD!

Frankly i think banks should charge more to stop idiotys spending money that they dont have. That el teach em!!!
 
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House said:
Its a charge for a breach of contract and as such is surely ment to be punitave.
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its not tho!
it is not a fine for breach of contract, it is an admin fee for an error on your part.
 
Its only a matter of time before banks scrap thees charges in a massive media hoo-haa and then promptly slap monthly fees on every type of account, much like they already do on premium accounts.
 
Mat said:
Its only a matter of time before banks scrap thees charges in a massive media hoo-haa and then promptly slap monthly fees on every type of account, much like they already do on premium accounts.
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yup
I pay for my business account, why shouldn't everyone else pay for their accounts
 
Good on him! I'm doing the same at the moment.

It may be irresponsible to accrue these charges, but it is unlawful the ammount the banks charge.

Who's pocket is the money better in? Your mates or some billion pound corporation?

I would say your mates personally.

Paul
 
photoshop said:
personally i think the banks should just give them the fingers, point them to the door and close their accounts!

They shouldnt spend money that they dont have! END OF

When are these people going to realise that Banks are companies out there to make money! You go overdrawn (aka i'll spend some money i dont have for that 98" Dell 0.01ms XVGA Ultra WideScreen TFT) you get charged. DOnt like it well f off then and go elsewhere!

I've been overdrawn a few times in 2006 and go charged £100 for each instance but you dont see me filling a complaint! I spent money i didnt have - i got charged for it. PERIOD!

Frankly i think banks should charge more to stop idiotys spending money that they dont have. That el teach em!!!
Click to expand...

You got charged £100 :eek: :eek: for going overdrawn? How can you find that fair? I would find another bank if I were you.

Paul
 
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