Today's the day...

Stinky · 24 Apr 2008 at 15:17

iv-tecman said:
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.

this is true, customers that fall into debt are seen to the bank as great customers, the likes of you, fox and mike that have no debt are rubbish customers because you dont make them any money.

however, once these customers get in debt, the banks jump on them offering them more and more loans at a extortionate rate causing them to get into further debt! this is what i see as unfair! why dont they just stop offering services??

el_dazza · 24 Apr 2008 at 15:38

Brilliant news.

Tobes · 24 Apr 2008 at 15:46

After skimming all the pages and only seeing a argument going on I need to ask a question which may already of been answered.

Does this mean I can claim back charges now?

platypus · 24 Apr 2008 at 15:47

Tobes said:
After skimming all the pages and only seeing a argument going on I need to ask a question which may already of been answered.

Does this mean I can claim back charges now?

Not yet, and possibly not ever. We won't know for definite until later in the year.

el_dazza · 24 Apr 2008 at 15:48

Tobes said:
After skimming all the pages and only seeing a argument going on I need to ask a question which may already of been answered.

Does this mean I can claim back charges now?

Well I'm certainly going to sort mine out! It seems the banks have until May 22nd to decide to appeal?

Tobes · 24 Apr 2008 at 15:48

platypus said:
Not yet, and possibly not ever. We won't know for definite until later in the year.

Ahh ok. Thanks very much

Dolph · 24 Apr 2008 at 15:49

Tobes said:
After skimming all the pages and only seeing a argument going on I need to ask a question which may already of been answered.

Does this mean I can claim back charges now?

No, the case isn't decided and the restrictions haven't been lifted. All that's been said is that the OFT can investigate the charges.

mrochester · 24 Apr 2008 at 16:16

Personally I think the fairest way to do things is to dramatically reduce account charges, and introduce a monthy fee for all customers. Why anyone thinks it's their god given right to be able to bank for free is beyond me. You pay for your mobile, gas/electricity and other products and services you use, so why the heck does anyone think it's their right to enjoy free banking at the expense of the poorest people?

Stinky · 24 Apr 2008 at 16:23

el_dazza said:
Well I'm certainly going to sort mine out! It seems the banks have until May 22nd to decide to appeal?

which no doubt they will appeal. then it will be another 3 months again lol.

hopefully they will just take it, i am still waiting on mine, but have been told to wait untill after today. so just waiting for barclays to write to me!

Stinky · 24 Apr 2008 at 16:25

mrochester said:
Personally I think the fairest way to do things is to dramatically reduce account charges, and introduce a monthy fee for all customers. Why anyone thinks it's their god given right to be able to bank for free is beyond me. You pay for your mobile, gas/electricity and other products and services you use, so why the heck does anyone think it's their right to enjoy free banking at the expense of the poorest people?

your going to have to back that up now. lol

i totally agree with you. but you'll have people say how the poor people wouldnt have to pay if they could keep themself in check, however me and you both know its not always as easy as that

Dolph · 24 Apr 2008 at 16:26

Stinky said:
which no doubt they will appeal. then it will be another 3 months again lol.

hopefully they will just take it, i am still waiting on mine, but have been told to wait untill after today. so just waiting for barclays to write to me!

Even if they don't appeal this judgement, it's not clear whether any further action will be taken. This judgement only said the OFT had juristiction over the issue, it said nothing about the legality of the charges.

SiHH · 24 Apr 2008 at 16:33

Stinky said:
i currently pay for my banking with lloyds, for that i get extra features with the account

Anything useful ?

Energize · 24 Apr 2008 at 16:34

Stinky said:
this is true, customers that fall into debt are seen to the bank as great customers, the likes of you, fox and mike that have no debt are rubbish customers because you dont make them any money.

Actually banks make a much greater return on people who have deposits rather than debts.

SiHH said:
Anything useful ?

Generally the "features" aren't worth the money to the vast majority, espically after you've read the terms and conditions. As the post below mine ilustrates.

Banks won't charge for accounts because one bank wouldn't and then everyone would flood to them.

TheDean · 24 Apr 2008 at 16:34

Energize said:
Actually banks make a much greater return on people who have deposits rather than debts.

As long as they don't invest it in the sub-prime markets

TheDean · 24 Apr 2008 at 16:36

Dolph said:
Even if they don't appeal this judgement, it's not clear whether any further action will be taken. This judgement only said the OFT had juristiction over the issue, it said nothing about the legality of the charges.

You don't honestly think the OFT will do nothing do you? Or course they're going to scrap them, or at least heavily reduce them :rolleyes:

Stinky · 24 Apr 2008 at 16:37

SiHH said:
Anything useful ?

* Worldwide travel insurance for you and your partner,
* AA Breakdown Cover,
* Mobile phone insurance,
* £250 interest-free Planned Overdraft‡,
* Sentinel® Card Protection,
* Save My NumbersTM- all you need to do is register,
* collect one Airmile per £1 spent through the Lloyds TSB AIRMILES Travel Service or claim a 6.5% discount (Price Match Guarantee applies) on package holidays, charter flights, international flights with hotel/car hire and more,
* Airport lounge access or Airport Meet and Greet service at selected airports,
* competitive tiered interest rates and instant access with an Advantage Saver,
* No more £1 charge on overseas purchases with your Platinum debit card,
* a VISA debit card you can use in over 500,000 places in the UK and 18 million outlets worldwide,
* 24/7 access to PhoneBank on 0845 3 000 000. You can speak to our advisors or use our quick automated service,
* the efficiency and control of Internet banking, if you are registered,
* Personal Tax Return Service that makes completing your tax return simple, for £99 + VAT per tax return.

from the site.

SiHH · 24 Apr 2008 at 16:40

Stinky said:
from the site.

The first 3 things on the list are pretty good.

How much do you pay for the privelege if you dont mind me asking ?

Stinky · 24 Apr 2008 at 16:41

£12 a month :eek:

but considering the AA membership is about £90 a year anyway

mrochester · 24 Apr 2008 at 16:41

Stinky said:
your going to have to back that up now. lol

i totally agree with you. but you'll have people say how the poor people wouldnt have to pay if they could keep themself in check, however me and you both know its not always as easy as that

The poorest are only some of those
Who suffer, but they suffer all the same. The people complaining about their free banking being under threat are as bad as those complaining about the charges. They're both as selfish as each other.

GarethDW · 24 Apr 2008 at 16:41

Stinky said:
<snip>

I think the 4th one could be pretty interesting to some of the people who have posted in this thread so far.