*fills out paperwork*
Today's the day...
- Thread starter platypus
- Start date
*fills out paperwork*
Hold your horses...
http://news.bbc.co.uk/1/hi/business/7364422.stm
"But more hearings are expected which may delay the cases of claimants, who should not expect an automatic pay-out. "
serious?????
http://news.sky.com/skynews/article/0,,30400-1313853,00.html
sky source
well its a good result so far for me, i've learnt my lesson for screwing up my money, but getting some of it back would help pay it back a lot!!!
it is a snowballing effect! get charged makes you sort, which then makes you go overdrawn, so you get charged again!!
sky source
well its a good result so far for me, i've learnt my lesson for screwing up my money, but getting some of it back would help pay it back a lot!!!
it is a snowballing effect! get charged makes you sort, which then makes you go overdrawn, so you get charged again!!
Caporegime
The banks would be stupid to introduce new fees or bump up existing ones to compensate for any money they might lose on this decision, because:
(a) OFT would simply come back to bite them all over again
(b) customers would vote with their feet, taking their accounts to banks which had not raised charges or introduced new ones
If they know what's good for them, they'll bend over and take it.
Everyone will be having a go.I honestly can't see that happening... they will find another way to screw us over.
It'll be a vicious circle. They'll screw us by charging for us to have a bank account OFT will get involved again and then we'll be back to square one.
Never had an over draft, never gotten into debt (owe nothing on my 2 Credit Cards that the bank gave me for god knows what) and always try and manage my money well.
If my bank turned around and tried to charge me I'd move to a building society with instant access.
M.
Soldato
Unfortunately this is true. One avenue of income has been closed to them, in all likelihood. So they will find another one.
They are operating what is basically a legal cartel, and agree most of these types of things together; they would all do it.
Exactly. What people fail to realise in this situation is that banks do take money to run, which they get from their customers. If that money is withdrawn and they are prevented from getting it by any other means, then like any other business, the bank will fold. It is simply not an option for us to pay the banks nothing.
Caporegime
No, I don't think they would.
There's plenty of variation between banks and bank charges already. They know that they can be fined for price-fixing, and they know that if the products they offer are too similar, they can't be sure of winning customers from each other.
So they are forced to diversify; which means that the punter gets to shop around for the best deal.
Caporegime
Is anyone suggesting that we should pay the banks nothing? Surely not.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Soldato
UK banks will just have to start using the same model used in most of the rest of the world... monthly fees for banking. Handling our accounts doesn't make them any money on average, and quite possibly costs *them* money unless we keep quite a few thousand in accounts which don't pay much interest.
Banks make their profits from selling their customers mortgages & loans, and out of penalising those who borrow money without prior arrangement. If someone borrows my money without asking I'm inclined to punch them, so I always thought £40 was letting folk off lightly... though I do appreciate there are some financially illiterate people out there who can be sucked into a debt spiral by bank charges. So it's not all black & white.
But I do believe that most bank charges are incurred by the financially lazy rather than the financially vulnerable. I've always valued free banking greatly and even when I was unemployed I stayed in the black by counting the pennies (sometimes quite literally!)
Andrew McP
Banks make their profits from selling their customers mortgages & loans, and out of penalising those who borrow money without prior arrangement. If someone borrows my money without asking I'm inclined to punch them, so I always thought £40 was letting folk off lightly... though I do appreciate there are some financially illiterate people out there who can be sucked into a debt spiral by bank charges. So it's not all black & white.
But I do believe that most bank charges are incurred by the financially lazy rather than the financially vulnerable. I've always valued free banking greatly and even when I was unemployed I stayed in the black by counting the pennies (sometimes quite literally!)
Andrew McP
Soldato
Why can't they just have a standard but fair penalty charge like with credit cards (£16 limit) 
Caporegime
This is good news. So much for paying £50 (£24 of that charge being an "administration charge" for an automated letter) of fees because of a £1 overdraft breach.
Soldato
[TW]Fox;11560898 said:
It is that simple but to call the british public 'dumb' is nothing but damn right arrogant and insulting.
Because of the high cost of living in this country, a lot of people need credit to help them live there lives, its often through no fault of their own that they have to live this way.
I am guessing you still live at home and other than your car/s you dont have the responsibilities of a mortgage/child ?
Soldato
[TW]Fox;11560898 said:
Couldnt agree more.