Soldato
- Joined
- 13 Sep 2007
- Posts
- 3,951
I have never once had a single bank charge.
Today's the day...
- Thread starter platypus
- Start date
Soldato
As it's clearly laid out in the terms and conditions agreed to by both bank and customer, I'd argue it's a service
...and you'd be wrong to do so!
Many banks classed this as a 'penalty' up until this all came to court when they swiftly changed their wordingsWell, not to be selfish but I’ve been enjoying free banking for years as banks levy charges on those who cannot handle their finances correctly.
If this test case means that banks will retaliate by imposing monthly charges to ensure they keep their profits up, then I’m not at all happy with the result. Part of me is saying that levying such a charge onto consumers is wrong, but then its also wrong to ‘dip’ into banks funds when you don’t keep a track of your current finances.
Now, I’m not advocating that ‘everyone’ has gone out to mismanage their accounts, and I’m sure banks are just as guilty for allowing automatic payments to go through, or debit card transactions to pass to allow the charge, but most do not operate their accounts with a comfortable buffer.
Free banking has been something I’ve enjoyed, and thanks to all those who’ve now complained those who do manage their accounts correctly might have to foot the bill for this…
Please, do not feel I’m taking this out of those who have been charged unfairly, but those who’ve been mismanaging with knowledge of this, shameful to then complain.
Nice, those who abide by banks and manage correctly, now pay for those who cannot. Great idea, thumbs up, top job guys..
If this test case means that banks will retaliate by imposing monthly charges to ensure they keep their profits up, then I’m not at all happy with the result. Part of me is saying that levying such a charge onto consumers is wrong, but then its also wrong to ‘dip’ into banks funds when you don’t keep a track of your current finances.
Now, I’m not advocating that ‘everyone’ has gone out to mismanage their accounts, and I’m sure banks are just as guilty for allowing automatic payments to go through, or debit card transactions to pass to allow the charge, but most do not operate their accounts with a comfortable buffer.
Free banking has been something I’ve enjoyed, and thanks to all those who’ve now complained those who do manage their accounts correctly might have to foot the bill for this…
Please, do not feel I’m taking this out of those who have been charged unfairly, but those who’ve been mismanaging with knowledge of this, shameful to then complain.
Nice, those who abide by banks and manage correctly, now pay for those who cannot. Great idea, thumbs up, top job guys..
Soldato
You could say the same for scrotes who vandelise things, commit crimes and inflate our taxes, or better still what about bad drivers who cause accidents and inflate our insurance premiums.
agreed.
there is nothing to say at this stage that everyone is now goign to have to pay extra for there account or anything like that.
is there?
no I agree, but nothing to say it's not going to happen either. I'm just venting a frustration, nothing more. I'm fine..
It just irks me when those think they can get away with it, and then create hardship for those who do no wrong, but it is life and that's the way it is.
I can, we can, all of us can moan and groan.... Time to vote with our feet, and change banks when it happens to the one that gives the better deal?
Wait and see, all anyone can now do.. this opened a can of worms today, didn't it?
Soldato
[TW]Fox;11560898 said:
But do you agree with the banks method of charging you for not having enough funds to pay their previous set of charges?
ie, you go £10 over and recieve a £30 charge, putting you £40 in the red. You have no other funds to balance your account and a few days later they apply a further £30 charge, making you £70 overdrawn. You then recieve a payment of £50 into your account, putting you back to only £20 overdrawn. A few days after that you recieve another £30 charge, meaning that you are still £50 overdrawn.
Is that a fair system?
Soldato
Great. I have no charges to reclaim, so all I have to look forward to now is fees being introduced for things that are currently free, as the banks try to locate other sources of income.
Soldato
You get what you pay for in life.. if they introduce charges as a result of this or anything else then you will get a better service right ?
but they will still have the charges! just at a lower rate (hopeuflly) they may not even introduce higher fee's for free things
That is largely irrelevant.but they will still have the charges! just at a lower rate (hopeuflly) they may not even introduce higher fee's for free things
With the profit margins being generated by these charges gone, banks will seek to reclaim those margins elsewhere.
Soldato
They really only have themselves to blame though. If you offer someone something when they desperately need it, many (not all) will take it and worry about the consequences (charges) afterwards.
The consumer should be aware of the charges but at the end of the day the charges at some banks were very over the top. The charges I have been given have been minimal as "Nationwide" offer very competitive rates but even so... to some they are a lot.
Why? The banks won't be getting any more money so service probably won't improve.
#
Well, erm you’d like to think so, but I somehow doubt that. The sceptic in me will say that banks aren’t interested in giving good service, they are in this for profit, and quite rightfully so.
If, or when they scrap free banking, do not assume that this will mean an increase in quality of banking services. Just means transactions or monthly banking will incur charges, but the service will remain the same.
You could argue that the introduction of banking fees means a guaranteed income for banks, as they will be able to flow the charges to number of accounts, as at the moment, banks do not know just how much they’ll make in overdraft charges, they’ll have a good idea, however predicting how many will ‘dip’ over into the red isn’t precise, so charging your account could mean they ‘could’ offer a better service, but I’m more inclined to feel they’ll offer a tree of services, the more you pay, the more services you get etc…
Halifax already offer accounts where you get preferential services for a monthly fee. However, just how good of an increase in service is this for the price charged? Little I’d say, but not from using the service can I say for sure, however lowered overdraft charges, and refunding of these charges means banks will look to recoup the funds elsewhere.
Credit Card companies /providers are already doing so.
Also, debit card tranactions are already free for consumers, the merchant I believe picks up the bill for each transaction, so we already in some way pay for banking... So, not totally free, we pay for transactions in some form, as I bet the retailer passes this charge on somehow.
I don't know enough to fully comment on card transactions and the charges.
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Soldato
I have no knowledge about monthly paid for banking services but as a consumer if you pay for something and you are not receiving the service or goods in line with the terms and conditions then the providor has an even greater duty to sort that out.
As it stands you pay nothing for your banking service so what do you think that means you will get in return ?
We have all been very lucky really never having to pay for such services but im sure many (not all) would happily pay if it meant they got a greater service.
I guess it just depends what you use your bank for and how often you need to contact them or use there other services.
yes i agree.
but everyone seems to 'know' that they will be charging for all free features!
What has that got to do with anything? Who is to blame is irrelevant. They will still do their utmost to maintain and increase their profit margins.
Not really, but most people seem to be making a fairly well informed guess, given the history of Banks, that they will be recouping these losses elsewhere.
I guess this all boils down to one issue –
Banks make money from those who cannot manager their accounts, and those who can have exploited this, and enjoyed reasonably free banking. Banks divert the costs of none profitable accounts to those who are in the red, and not managing correctly.
Sour grapes thinking that the freebie banking services will come to end? If it does? I want to bank at a bank where loads of bad at managing their accounts, means the bank is profitable enough to provide me, with a buffer free services.
I wonder how I’d feel if I was however in debt? I really should watch what I’m saying shouldn’t I? Not all are able to keep afloat, as I first said, I’m perhaps being selfish.. I realise this.
I will apologise if I’m offending anyone who is in debt through circumstances beyond their control, I’m lashing out at those who just think they can spend what they don’t have, and expect to be refunded..
Banks make money from those who cannot manager their accounts, and those who can have exploited this, and enjoyed reasonably free banking. Banks divert the costs of none profitable accounts to those who are in the red, and not managing correctly.
Sour grapes thinking that the freebie banking services will come to end? If it does? I want to bank at a bank where loads of bad at managing their accounts, means the bank is profitable enough to provide me, with a buffer free services.
I wonder how I’d feel if I was however in debt? I really should watch what I’m saying shouldn’t I? Not all are able to keep afloat, as I first said, I’m perhaps being selfish.. I realise this.
I will apologise if I’m offending anyone who is in debt through circumstances beyond their control, I’m lashing out at those who just think they can spend what they don’t have, and expect to be refunded..
i currently pay for my banking with lloyds, for that i get extra features with the account