Today's the day...

platypus · 24 Apr 2008 at 09:02

http://news.bbc.co.uk/1/hi/business/7364422.stm

Edit: Update, the banks have lost, but the charges have been deemed "not necessarily unfair".

hargi · 24 Apr 2008 at 09:06

nice wig

Scania · 24 Apr 2008 at 09:08

Lets hope....

Hang on, if the Banks lose, we will still pay in the long run..... :mad:

Mat · 24 Apr 2008 at 09:10

R124/LA420 said:
Lets hope....

Hang on, if the Banks lose, we will still pay in the long run.....

Yep if they lose the right to just charge the people who can't look after their own affairs, they will charge everyone instead.... good thinking Joey Public!

Slinwagh · 24 Apr 2008 at 09:18

We plan to appeal the ruling...............

Sankari · 24 Apr 2008 at 09:21

The BBC has estimated that last year the banks refunded about £784m to nearly 378,000 customers.

And long may it continue!

Sankari · 24 Apr 2008 at 09:21

Mat said:
Yep if they lose the right to just charge the people who can't look after their own affairs

Wrong. This case is not about prohibiting default charges, but ensuring that they are not extortionate. Even if they lose the case, they'll still be able to charge people for defaults; they just won't be able to charge at their original rates.

they will charge everyone instead.... good thinking Joey Public!

They already charge everyone else. There's more to banking fees than default charges.

hargi · 24 Apr 2008 at 09:22

Evangelion said:
And long may it continue!

thats over £2000 each?

afraser2k · 24 Apr 2008 at 09:23

So what happens to all the pensioners that had to get an account for their pension who will probably have to pay a monthly fee for the service?

Wiggins · 24 Apr 2008 at 09:25

Lets hope he got out of the right side of the bed this morning.

I am one of those that are on hold for claiming back my charges. If he loses to the bank I will have no alternative but to find him and make sure he has the right pair of concrete boots

HEADRAT · 24 Apr 2008 at 09:25

Well I'm sure we end up footing the bill for the banks somehow, either as customers or taxpayers!

I don't understand our culture anymore, those that make bad decision and get themselves in horrible debt seem to have no responsibility for their actions, that goes for individuals as well as huge banks!

So as an individual it's a double whammy, I will end up paying as an individual customer for other bad debt and as a taxpayer for Northern Rock and the rest of the banking system :confused:

Crazy!

HEADRAT

Jimmeh · 24 Apr 2008 at 09:28

Interstingly, my bank recently approached me with an offer to take away my overdraft and put it into a low interest loan. Do they know something we don't?!

afraser2k · 24 Apr 2008 at 09:29

HEADRAT said:
Well I'm sure we end up footing the bill for the banks somehow, either as customers or taxpayers!

I don't understand our culture anymore, those that make bad decision and get themselves in horrible dept seem to have no responsibility for their actions, that goes for individuals as well as huge banks!

HEADRAT

It was too easy to get credit and people forgot about high interest rates for a while.

Mad old tory · 24 Apr 2008 at 09:32

While i do agree the charges seem greatly excessive, the basic principle of charging people for unauthorised overdrafts is sound. People are always moaning about the lack of financial discipline in this country and then moan when measures are put in place to stop indiscipline.

HEADRAT · 24 Apr 2008 at 09:34

afraser2k said:
It was too easy to get credit and people forgot about high interest rates for a while.

I do hold the banks partly culpable but this has to come down to personal responsibility IMHO, we are all adults.

The banks can hardly talk though, the current problems with the banking sector is all to do with greed, they lent too much to those who just could sustain that debt.

bsoltan · 24 Apr 2008 at 09:35

...the teddy bears have their picnic.

afraser2k · 24 Apr 2008 at 09:37

HEADRAT said:
I do hold the banks partly culpable but this has to come down to personal responsibility IMHO, we are all adults.

The banks can hardly talk though, their current problems with the banking sector was all to do with greed, they lent too much to those who just could sustain that debt.

Agreed. Also, with the "credit crunch" hopefully it'll return the housing market to sane levels though obviously some will lose out.

HEADRAT · 24 Apr 2008 at 09:40

Again I blame the banks for runaway house price inflation, they were lending people four and 5 times income, just pure greed on the part of the banks, also the FSA for letting them get away with it!

Mat · 24 Apr 2008 at 10:05

Evangelion said:
Wrong. This case is not about prohibiting default charges, but ensuring that they are not extortionate. Even if they lose the case, they'll still be able to charge people for defaults; they just won't be able to charge at their original rates.

They already charge everyone else. There's more to banking fees than default charges.

My point was that if the banks lose, we, the customers, will all lose in the long run. The banks will want to recoup their potential losses and my guess is that they will do it by spreading the costs in a way that they deem fair and charging everyone, for example, charging all account holders a fee for administering their account regardless of the type.

djohn · 24 Apr 2008 at 10:14

Office of fair trading have just won the case. All charges to be repaid to customers. Sky news.