Banks win in High court (overdraft charges etc)

[Uncle Spielberg]

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.

Lets get this right. I said self employed people have suffered FAR more than employed people during the last 2 years and I stand by that. I am fully aware that 60% of my profession being wiped out does not matter to anyone as I am a suit and no one cares about suits. But the devastation that brings on people and their families does not mean anything less.

However it is not something people empatise about like the coal miners and there will no marches to protect white collar workers or any " brassed off " style films with Ewan McGregor starring as a mortgage broker whose income has been obliterated as frankly no one gives a shit.

And that is a FACT.

 

[Beach Hut]

Lets get this right. I said self employed people have suffered FAR more than employed people during the last 2 years and I stand by that. I am fully aware that 60% of my profession being wiped out does not matter to anyone as I am a suit and no one cares about suits. But the devastation that brings on people and their families does not mean anything less.

However it is not something people empatise about like the coal miners and there will no marches to protect white collar workers or any " brassed off " style films with Ewan McGregor starring as a mortgage broker whose income has been obliterated as frankly no one gives a shit.

And that is a FACT.

Indeed this is exactly the same with me as I wear a suit and no-one will have a march if I lost my job either.

BTW I don't think many people here really worried too much about miners either as not exactly a common trade in the South bar I think one coal pit in Kent.

In fact I would rather they didn't, unemployment is the way of the world at present with boom bust economies and something we have to learn to live with.

 

[clapham_gull]

Lets get this right. I said self employed people have suffered FAR more than employed people during the last 2 years and I stand by that. I am fully aware that 60% of my profession being wiped out does not matter to anyone as I am a suit and no one cares about suits. But the devastation that brings on people and their families does not mean anything less.

However it is not something people empatise about like the coal miners and there will no marches to protect white collar workers or any " brassed off " style films with Ewan McGregor starring as a mortgage broker whose income has been obliterated as frankly no one gives a shit.

And that is a FACT.

If there was, how many marks would you give it out of ten ?

 

[mistahclarke]

can't be arsed to go through 7 pages to see if anyone has pointed out the fact most other countries (well, the 7 I have lived in anyway) all charge for having an account. You might get "free banking" if you pay enough in each month, but generally they charge a fiver a month for the privilege of using their cash machines and keeping your money safe. In Oz, they charge you for using someone else's cash machine.

While I agree banks are a complete rip off, mostly you can get your fee credited if it's once in a while.

They are a law unto themselves and need taking down a peg or two, mainly due to the fact you can't cancel your account over the phone. That really annoys me. You shouldn't have to go into the branch to do that, where's the consumer rights?

 

[drew]

£ 180 k . In any case are you seriously saying someone who has a 2/3 drop in income is ok

Sorry but are you seriously suggesting that someone whose income drops to £60k is not better off than someone whose income drops to £10k.

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.

If you don't like the charges then you could always try and take your custom elsewhere! Banks aren't charities. I don't get overdrawn. I manage my account online and despite the fact I no longer work, haven't once gone overdrawn. Perhaps if people do go over any authorised overdraft regularly then perhaps the banks should take away their debit cards. Make it harder for them to get money and therefore harder for them to spend what they haven't got.

 

[clapham_gull]

Sorry but are you seriously suggesting that someone whose income drops to £60k is not better off than someone whose income drops to £10k.



If you don't like the charges then you could always try and take your custom elsewhere! Banks aren't charities. I don't get overdrawn. I manage my account online and despite the fact I no longer work, haven't once gone overdrawn. Perhaps if people do go over any authorised overdraft regularly then perhaps the banks should take away their debit cards. Make it harder for them to get money and therefore harder for them to spend what they haven't got.

.. but why would banks remove the "facility" for people to go overdrawn. They actively encourage it.

 

[Super Steve Earle]

.. but why would banks remove the "facility" for people to go overdrawn. They actively encourage it.

Actually the Banks just provide debit cards for customers to get easy access to their money. It's up to the customer to ensure they only spend what they have.

 

[Half Time Pies]

Sorry but are you seriously suggesting that someone whose income drops to £60k is not better off than someone whose income drops to £10k.



If you don't like the charges then you could always try and take your custom elsewhere! Banks aren't charities. I don't get overdrawn. I manage my account online and despite the fact I no longer work, haven't once gone overdrawn. Perhaps if people do go over any authorised overdraft regularly then perhaps the banks should take away their debit cards. Make it harder for them to get money and therefore harder for them to spend what they haven't got.

I agree, the banks certainly are not charities, they are huge money making organisations who have brought the international financial system to its knees with their irresponsible lending practices and greed. The british tax payer is not a charity but it has been expected to bail these organisations out with billions of pounds. Perhaps we the british public should have let these banks go to the wall as it was their fault, they were the irresponsible ones, no?

The reason that people can't go elsewhere is because all the major banks have colluded and fixed their charges.

I fully agree that the banks should not lend money to people who cant afford it, this is after all what has got us in to this mess.

 

[Uncle Spielberg]

Sorry but are you seriously suggesting that someone whose income drops to £60k is not better off than someone whose income drops to £10k.



If you don't like the charges then you could always try and take your custom elsewhere! Banks aren't charities. I don't get overdrawn. I manage my account online and despite the fact I no longer work, haven't once gone overdrawn. Perhaps if people do go over any authorised overdraft regularly then perhaps the banks should take away their debit cards. Make it harder for them to get money and therefore harder for them to spend what they haven't got.

Your not thick are you so I can only assume you are doing this to get a bite. Er , yes someone who earns £ 60k pa is better off than someone who earns £ 10k per annum, well done but it dpends on what the persons committments are doesn't it. Also the lower wage earner will be on all sorts of benefits.I am out of here too many pompous, virtuous bores.

 

[Herr Tubthumper]

The reason that people can't go elsewhere is because all the major banks have colluded and fixed their charges.

...this is a very interesting point. I would not be too surprised if the OFT raise this next. Numerous companies, excessively high and similar charges...hmmmmm. History tells us something is not quite right.

 

[ROSM]

.. but why would banks remove the "facility" for people to go overdrawn. They actively encourage it.

Not every transaction get's checked to a bank account. many are under a floor limit so the pin gets checked against the chip and whether the card is cancelled/lost/stolen.

For those that do get checked, there is also the weighing up of whether the transaction gets debited straight away and the potential embarassment of declining the transaction. The decision in these cases is usually based on a risk assessment of the individual.

I wouldn't say it is encouraged, but it is allowed.

But also, if someone feels the need for the cash and they dont have it available then ask for an overdraft to be agreed or extended - then no nasty banker is going to take the excess fee. With telehone banking etc it is v v quick to do.

 

[ROSM]

...this is a very interesting point. I would not be too surprised if the OFT raise this next. Numerous companies, excessively high and similar charges...hmmmmm. History tells us something is not quite right.

But they're not similar - there is a wide discrepancy between banks, mutuals etc on this. The one common thing is that an unauthorised debt costs significantly more than an authorised one.

And to hear Martin lewis on TV last night squealing about 'where's the justice' and this is a 'technicality' was embarassing. The fact is that the OFT backed the wrong horse in this case in the law they tried to use. It would be like suing soimeone for defamation and then actually finding that the more sensible approach would have been to seek action for invasion of privacy.

 

[Herr Tubthumper]

But they're not similar - there is a wide discrepancy between banks, mutuals etc on this. The one common thing is that an unauthorised debt costs significantly more than an authorised one.

The table I saw last night which detailed the charges for going overdrawn by the main high street banks prior to the challenge (i.e. from a couple of years back) had them all pretty much the same. They have subsequently changed I agree. Some have come down about 2-300%. But prior, to the challenge they were all very similar.

 

[Herr Tubthumper]

The table I saw last night which detailed the charges for going overdrawn by the main high street banks prior to the challenge (i.e. from a couple of years back) had them all pretty much the same. They have subsequently changed I agree. Some have come down about 2-300%. But prior, to the challenge they were all very similar.

In fact, today's Guardian carries a similar table backing up my statement.