Banks win in High court (overdraft charges etc)

[chimneys]

With respect you haven't got a clue have you. Enjoy your comfy life. Nothing like empathy and you have nothing like empathy.

In his finest Kenneth Williams voice: "Empathy! Empathy! They've all got it in for me!" (Nearly!).

 

[Herr Tubthumper]

i heard the US regulator was modelling the entire US economy on a single Dell desktop.

If only he'd have used a Mac.

 

[seagullsovergrimsby]

Agree. I don't pay bank charges, so I don't want to have to start paying a monthly / annual fee just to subsidise people who regularly overdraw.

I also agree , why should we have to pay a monthly/annual charge on a current account because people cannot manage their own account properly. Had the ruling gone the other way , the banks would have simply introduced charging on current accounts making everyone worse off - people get compensated and we all end up having to pay £2 a time to get cash from an ATM. What I expect to happen is the OFT will attempt to negotiate with the banks to further review overdraft charges so that they are in line with the true cost of the processes involved and if they dont play ball threaten to pursue another legal challenge on a different clause.

 

[Beach Hut]

With respect you haven't got a clue have you. Enjoy your comfy life. Nothing like empathy and you have nothing like empathy.

I have every clue as some of my best friends are IFAs - where do I renew my mortgage do you think.

I empathised with many of them as they don't bang on about how hard times are nor do they slag me off as I have a salaried job.

I am sure you might just manage to see the difference............

 

[Half Time Pies]

I also agree , why should we have to pay a monthly/annual charge on a current account because people cannot manage their own account properly. Had the ruling gone the other way , the banks would have simply introduced charging on current accounts making everyone worse off - people get compensated and we all end up having to pay £2 a time to get cash from an ATM. What I expect to happen is the OFT will attempt to negotiate with the banks to further review overdraft charges so that they are in line with the true cost of the processes involved and if they dont play ball threaten to pursue another legal challenge on a different clause.

Why should it be down to people, who for whatever reason, find themselves in financial difficulty and cant afford to meet their financial commitments to subsidise everyones free banking?

 

[Deleted User X18H]

I have every clue as some of my best friends are IFAs - where do I renew my mortgage do you think.

I empathised with many of them as they don't bang on about how hard times are nor do they slag me off as I have a salaried job.

I am sure you might just manage to see the difference............

Can't you leave him alone having a go at me is fair game and in truth historically I deserve it.

But your verbal tirade at US just because he is frank about the tough times he is having in his business dealings is so unnecessary.

At least he has had the bottle to go it alone. Your laundry basket must be overflowing today Hilda.

 

[chimneys]

I have every clue as some of my best friends are IFAs - where do I renew my mortgage do you think.

............

Why always use an IFA?

1. They are not whole of market (HSBC/First Direct wont deal with them on their most competitive products of late for example)- was furious with my "former" IFA when I wasnt alerted to their market leading mortgage at the time.

2. Some cracking impartial websites (FSA I think) available.

Good IFAs like US (going on what others have said) have a purpose for complicated cases, but otherwise they are unfortunately going to go the way of travel agents/ insurance brokers etc etc.

 

[beorhthelm]

Why should it be down to people, who for whatever reason, find themselves in financial difficulty and cant afford to meet their financial commitments to subsidise everyones free banking?

...and why should those that stay in credit and look after their finances pay for those that dont... and around, and round we could go all night. lets point out that for the sad state of affairs some get into, alot of others get into debt due to their own selfishness and greed.

 

[seagullsovergrimsby]

Why should it be down to people, who for whatever reason, find themselves in financial difficulty and cant afford to meet their financial commitments to subsidise everyones free banking?

People who find themselves in financial difficulty have the option to arrange an AUTHORISED overdraft facility to help them through the tough times and if they are not sensible enough to go down that route it is their own responsibility for being harshly penalised. My current account has never been in the red since I opened it in 1980 and there are millions more who operate their current account in this way.

 

[Half Time Pies]

...and why should those that stay in credit and look after their finances pay for those that dont... and around, and round we could go all night. lets point out that for the sad state of affairs some get into, alot of others get into debt due to their own selfishness and greed.

The wouldn't be paying for those that don't though would they? They would be paying a (hopefully) fair cost for the service that they receive.

Whereas those that go overdrawn are paying disproportionate and frankly extortionate charge for the service that they receive.

 

[Beach Hut]

Why always use an IFA?

1. They are not whole of market (HSBC/First Direct wont deal with them on their most competitive products of late for example)- was furious with my "former" IFA when I wasnt alerted to their market leading mortgage at the time.

2. Some cracking impartial websites (FSA I think) available.

Good IFAs like US (going on what others have said) have a purpose for complicated cases, but otherwise they are unfortunately going to go the way of travel agents/ insurance brokers etc etc.

Simple, the deals an IFA has put me on for mortgages are at least £100 cheaper than where I was.

When I had a mortgage advance to build a conservatory and switched the deal including the extra £20K was still £100 cheaper than what I had paid without the additional money added on.

 

[Beach Hut]

Can't you leave him alone having a go at me is fair game and in truth historically I deserve it.

But your verbal tirade at US just because he is frank about the tough times he is having in his business dealings is so unnecessary.

At least he has had the bottle to go it alone. Your laundry basket must be overflowing today Hilda.

Oh a little joke and Jedward appear the double act of self protection.

It is not a verbal tirade as such just a reminder that the person who started the verbal tirade and criticism of salaried staff should think twice.

 

[Half Time Pies]

People who find themselves in financial difficulty have the option to arrange an AUTHORISED overdraft facility to help them through the tough times and if they are not sensible enough to go down that route it is their own responsibility for being harshly penalised. My current account has never been in the red since I opened it in 1980 and there are millions more who operate their current account in this way.

You make it sound like the banks always agree to requests for additional authorised lending, they don't.

The banking system is designed to encourage unauthorised lending as it is such a money spinner.

 

[clapham_gull]

Due to my experience with banks in the past I haven't bothered chasing round this time to get the "best deal" on my new mortgage.

I'm moving soon and have decided to stay with the slightly "old fashioned" Building Society I'm been with for years.

They are competitive anyway, but if there is a slightly cheaper deal I'd rather pay the extra to know they won't put on the pressure.

Sat through all the paperwork filling last week and right at the outset I was told it wasn't the policy of the company to try and add extras during the mortgage application.

They arrange an optional extra meeting a week later to present you with their Building and Life Insurance quotes. They make a point of telling you to write down every detail about your sick pay and any other benefits you get at work to ensure you don't end up buying something you don't need.

It's the way they have always been with us and it's a world away from how the High Street Banks operate.

Can you imagine a bank asking you go away and minimise what they offer you for sale ?

Of course, at the end of the day they want our custom and want us to stay - but as they are so incredibly easy to deal with and the hard sale is completely non existent they've done their job.

 

[BensGrandad]

What I cannot understand is that one of my sons is paid monthly and has an overdraft but on occassions he has gone to the shops and bought something using his debit card which has taken him over his overdraft limit, so he has incurred charges, why couldn't the bank have just refused the payment on his debit card.

 

[Beach Hut]

Going back to the subject I have no sympathy with the likes of people as per BGs mail as they chose to go overdrawn therefore should pay.

I would be very surprised if free banking disappeared or interest free purchase credit cards as now Tescos etc want a slice of the action then these types of things will remain.

 

[Half Time Pies]

What I cannot understand is that one of my sons is paid monthly and has an overdraft but on occassions he has gone to the shops and bought something using his debit card which has taken him over his overdraft limit, so he has incurred charges, why couldn't the bank have just refused the payment on his debit card.

Because it is in their interests to levy him an unfair charge and generate profits for their shareholders.

 

[clapham_gull]

What I cannot understand is that one of my sons is paid monthly and has an overdraft but on occassions he has gone to the shops and bought something using his debit card which has taken him over his overdraft limit, so he has incurred charges, why couldn't the bank have just refused the payment on his debit card.

I've wondered the same thing, but debit cards don't really work like that or haven't for years.

Some systems (trains for instance) don't even make contact to the bank at all.

They simply check the pin against the card.

 

[beorhthelm]

What I cannot understand is that one of my sons is paid monthly and has an overdraft but on occassions he has gone to the shops and bought something using his debit card which has taken him over his overdraft limit, so he has incurred charges, why couldn't the bank have just refused the payment on his debit card.

its this sort of practice and procedure that should be the focus of the OFT.

 

[Beach Hut]

I've wondered the same thing, but debit cards don't really work like that or haven't for years.

Some systems (trains for instance) don't even make contact to the bank at all.

They simply check the pin against the card.

That is only when purchasing a ticket from a portable ticket machine - all the other railway systems authorise on-line.

NB with WiFi and GPRS portable ticket machines will be able to authorise on-line as well.