clipit101
New Member
Posts โข 23
Likes โข 0
December 2009
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Bank charges!, by clipit101 on Apr 25, 2008 1:04:46 GMT 1, Been listening to radio 2 today and surely most people have heard that were one step closer to getting back all the unlawfull bank charges that have been slapped on us. I heard one guy today though ranting on about how we should give the banks a break as they have been so good in giving us free banking over the years and that why should we kick them when there down. Well i personally am gonna kick as hard as i fucking can. Now i personally feel that this guy and anyone else who stands by him should get shafted up the arse by a ten foot pole untill he can taste metal. So i want to start something here along with our good friend Martin Lewis, so when we do win this pointlessly drawn out court battle we sue for damages. I know alot of people are saying if we make there existance difficult were only making it worse for ourselfs. So who is the guy that is telling us that were making it worse for ourselfs... Nah cant be the banks! Rant over! ;D
Been listening to radio 2 today and surely most people have heard that were one step closer to getting back all the unlawfull bank charges that have been slapped on us. I heard one guy today though ranting on about how we should give the banks a break as they have been so good in giving us free banking over the years and that why should we kick them when there down. Well i personally am gonna kick as hard as i fucking can. Now i personally feel that this guy and anyone else who stands by him should get shafted up the arse by a ten foot pole untill he can taste metal. So i want to start something here along with our good friend Martin Lewis, so when we do win this pointlessly drawn out court battle we sue for damages. I know alot of people are saying if we make there existance difficult were only making it worse for ourselfs. So who is the guy that is telling us that were making it worse for ourselfs... Nah cant be the banks! Rant over! ;D
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Bank charges!, by veralynn on Apr 25, 2008 7:37:28 GMT 1, 'unlawful'? as in illegal? I'm not so sure about that and this one has some time to run - I thought the ruling was that the matter can now be reffered to the OFT and then it will have to go back to court to establish whether the charges are fair or not? By the way, aren't the charges in question in relation to people who take the bank's money on an unauthorised basis? If someone broke into my house and took my money without my authority wouldn't that make them a thief?
'unlawful'? as in illegal? I'm not so sure about that and this one has some time to run - I thought the ruling was that the matter can now be reffered to the OFT and then it will have to go back to court to establish whether the charges are fair or not? By the way, aren't the charges in question in relation to people who take the bank's money on an unauthorised basis? If someone broke into my house and took my money without my authority wouldn't that make them a thief?
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Bank charges!, by imbue on Apr 25, 2008 16:25:22 GMT 1, 'unlawful'? as in illegal? I'm not so sure about that and this one has some time to run - I thought the ruling was that the matter can now be reffered to the OFT and then it will have to go back to court to establish whether the charges are fair or not? By the way, aren't the charges in question in relation to people who take the bank's money on an unauthorised basis? If someone broke into my house and took my money without my authority wouldn't that make them a thief?
I am so happy that the banks are going to lose. The charges are ridiculous and totally unfair! My charges started when I was back at college...
I had a standard current account with no overdraft or any special features. I used to withdraw the little money I had from cash points or spend some online. One day I managed to go overdrawn by approximately ยฃ1. I then received a letter telling me I was going to be charged ยฃ28 for this 'Un-authorised' overdraft. I thought this was ridiculous, why was my card accepted if it did not have enough funds?! The ยฃ28 was taken from my account a month later taking me overdraft again! This still happens and I have lost ยฃ100's as they seem to "conveniently" take charges when my account does not have enough funds. I have also received several "maintenance" charges, I do not even know what these are?!
'unlawful'? as in illegal? I'm not so sure about that and this one has some time to run - I thought the ruling was that the matter can now be reffered to the OFT and then it will have to go back to court to establish whether the charges are fair or not? By the way, aren't the charges in question in relation to people who take the bank's money on an unauthorised basis? If someone broke into my house and took my money without my authority wouldn't that make them a thief? I am so happy that the banks are going to lose. The charges are ridiculous and totally unfair! My charges started when I was back at college... I had a standard current account with no overdraft or any special features. I used to withdraw the little money I had from cash points or spend some online. One day I managed to go overdrawn by approximately ยฃ1. I then received a letter telling me I was going to be charged ยฃ28 for this 'Un-authorised' overdraft. I thought this was ridiculous, why was my card accepted if it did not have enough funds?! The ยฃ28 was taken from my account a month later taking me overdraft again! This still happens and I have lost ยฃ100's as they seem to "conveniently" take charges when my account does not have enough funds. I have also received several "maintenance" charges, I do not even know what these are?!
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funyoung
Junior Member
Posts โข 1,040
Likes โข 20
February 2008
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Bank charges!, by funyoung on Apr 25, 2008 16:31:49 GMT 1, 'unlawful'? as in illegal? I'm not so sure about that and this one has some time to run - I thought the ruling was that the matter can now be reffered to the OFT and then it will have to go back to court to establish whether the charges are fair or not? By the way, aren't the charges in question in relation to people who take the bank's money on an unauthorised basis? If someone broke into my house and took my money without my authority wouldn't that make them a thief?
Not my understanding. My understanding is that the scale of the charges was disproportionate to the unauthorised overdrafts. They can't be stopped from charging as that is their perogative. They can be stopped from charging TOO much as the 'fees' or 'charges' are to cover administration which should not cost the amount people were charged.
'unlawful'? as in illegal? I'm not so sure about that and this one has some time to run - I thought the ruling was that the matter can now be reffered to the OFT and then it will have to go back to court to establish whether the charges are fair or not? By the way, aren't the charges in question in relation to people who take the bank's money on an unauthorised basis? If someone broke into my house and took my money without my authority wouldn't that make them a thief?Not my understanding. My understanding is that the scale of the charges was disproportionate to the unauthorised overdrafts. They can't be stopped from charging as that is their perogative. They can be stopped from charging TOO much as the 'fees' or 'charges' are to cover administration which should not cost the amount people were charged.
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dmandpenfold
Junior Member
Posts โข 2,466
Likes โข 10
December 2006
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Bank charges!, by dmandpenfold on Apr 25, 2008 16:38:24 GMT 1, If you are overdrawn interest at a commercial rate is fair....however who knows to the exact pound how much is in their account at any one time, given things like direct debits etc which we are now forced into accepting unless we choose to pay an "admin fee" to our phone or utility company.
If your account does not have enough funds, the request should be refused by the bank or accepted and interest charged for the 'loan'. Charges are unnecessary when you look at the billions banks make.
Banks remember are responsible for the current "credit crunch" (i hate this phrase by the way - self fulfilling prophecies etc), which if a true phenomenon will affect the economies of most countries, increase the costs on our borrowing, slow our economies, put people out of work, out of their houses etc etc all as a result of completely irresponsible lending and then packaging and on-selling of loans on the markets.
Then we could mention the 50 billion or so in loans the Bank of England is likely to dole out, admittedly with strings attached, but why not it is after all 'our' tax money that is bailing them out.
Dont get me wrong, banks are a business and need to make money as a commercial enterprise, but it's time the sector had a slightly different approach to the welfare of us all.
If you are overdrawn interest at a commercial rate is fair....however who knows to the exact pound how much is in their account at any one time, given things like direct debits etc which we are now forced into accepting unless we choose to pay an "admin fee" to our phone or utility company.
If your account does not have enough funds, the request should be refused by the bank or accepted and interest charged for the 'loan'. Charges are unnecessary when you look at the billions banks make.
Banks remember are responsible for the current "credit crunch" (i hate this phrase by the way - self fulfilling prophecies etc), which if a true phenomenon will affect the economies of most countries, increase the costs on our borrowing, slow our economies, put people out of work, out of their houses etc etc all as a result of completely irresponsible lending and then packaging and on-selling of loans on the markets.
Then we could mention the 50 billion or so in loans the Bank of England is likely to dole out, admittedly with strings attached, but why not it is after all 'our' tax money that is bailing them out.
Dont get me wrong, banks are a business and need to make money as a commercial enterprise, but it's time the sector had a slightly different approach to the welfare of us all.
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Bank charges!, by alsbabar on Apr 25, 2008 16:39:35 GMT 1, not going to say how much i won back, but last year, I won back all my charges and my wifes, and that was back dated to 6 years, so it was a nice 4 figure sum returned. Anyone need any assistance with getting their claim together PM, I can point you in the right direction
not going to say how much i won back, but last year, I won back all my charges and my wifes, and that was back dated to 6 years, so it was a nice 4 figure sum returned. Anyone need any assistance with getting their claim together PM, I can point you in the right direction
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Bank charges!, by daveanthony28 on Apr 25, 2008 16:41:19 GMT 1, not going to say how much i won back, but last year, I won back all my charges and my wifes, and that was back dated to 6 years, so it was a nice 4 figure sum returned. Anyone need any assistance with getting their claim together PM, I can point you in the right direction
nice...hoping the floodgates will open agin soon & my claim will get pushed through, I'm going to get my first Banksy !!
not going to say how much i won back, but last year, I won back all my charges and my wifes, and that was back dated to 6 years, so it was a nice 4 figure sum returned. Anyone need any assistance with getting their claim together PM, I can point you in the right direction nice...hoping the floodgates will open agin soon & my claim will get pushed through, I'm going to get my first Banksy !!
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angryboy
New Member
Posts โข 366
Likes โข 1
October 2007
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Bank charges!, by angryboy on Apr 25, 2008 16:45:59 GMT 1, It will be nice for folk to get their charges back but the negative is from some point in the future everyone will have to pay to have a bank account. It will be the end of free banking whether or not you ever go over your overdraft limit or miss a payment.
It will be nice for folk to get their charges back but the negative is from some point in the future everyone will have to pay to have a bank account. It will be the end of free banking whether or not you ever go over your overdraft limit or miss a payment.
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Bank charges!, by alsbabar on Apr 25, 2008 16:46:19 GMT 1, anyone thinking of doing it, get it sorted, go and visit the www.consumeractiongroup.co.uk and see how to claim back there
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Art-el
Art Gallery
Junior Member
Posts โข 1,708
Likes โข 5
May 2006
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Bank charges!, by Art-el on Apr 25, 2008 17:08:01 GMT 1, It will be nice for folk to get their charges back but the negative is from some point in the future everyone will have to pay to have a bank account. It will be the end of free banking whether or not you ever go over your overdraft limit or miss a payment.
I see the big banks & corps are winning the war of PR media bullshit.
Lets not roll over and accept their the BS ''but the negative is from some point in the future everyone will have to pay to have a bank account''
Not having a dig at you dude, but united we stand and all that
It will be nice for folk to get their charges back but the negative is from some point in the future everyone will have to pay to have a bank account. It will be the end of free banking whether or not you ever go over your overdraft limit or miss a payment. I see the big banks & corps are winning the war of PR media bullshit. Lets not roll over and accept their the BS ''but the negative is from some point in the future everyone will have to pay to have a bank account'' Not having a dig at you dude, but united we stand and all that
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Bank charges!, by Guest on Apr 25, 2008 17:36:50 GMT 1, It's payback time!
It's payback time!
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Bank charges!, by alsbabar on Apr 26, 2008 0:12:00 GMT 1, Bank charges are not legally enforceable if they are penalties. Penalty clauses in contracts in English (and Scottish) law for breach of contract are not legal if the penalty exceeds the actual cost of the breach of either party.
Nobody believes that it costs a bank ยฃ25 to ยฃ39 to return a DD, SO or cheque. It is purely a money making scheme, and a lucrative one at that - last year Which! estimated that the top 4 UK high street banks made ยฃ3 Billion from these charges alone. One in five bank customers incur these types of charge, and because its a bank imposing them, most assume that the bank must be legally entitled to do so.
It is believed that this is also a breach of the 1999 Consumer Credit Act (Unfair Terms in Consumer Contracts) - the OFT is already investigating the charges levied by Credit Card Companies - and possibly the Supply of Goods and Services Act.
Bank charges are not legally enforceable if they are penalties. Penalty clauses in contracts in English (and Scottish) law for breach of contract are not legal if the penalty exceeds the actual cost of the breach of either party.
Nobody believes that it costs a bank ยฃ25 to ยฃ39 to return a DD, SO or cheque. It is purely a money making scheme, and a lucrative one at that - last year Which! estimated that the top 4 UK high street banks made ยฃ3 Billion from these charges alone. One in five bank customers incur these types of charge, and because its a bank imposing them, most assume that the bank must be legally entitled to do so.
It is believed that this is also a breach of the 1999 Consumer Credit Act (Unfair Terms in Consumer Contracts) - the OFT is already investigating the charges levied by Credit Card Companies - and possibly the Supply of Goods and Services Act.
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kj
New Member
Posts โข 76
Likes โข 0
December 2007
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Bank charges!, by kj on Apr 26, 2008 1:11:08 GMT 1, It seems like sooo much hassle to get that money back though doesn't it? I wish there was an easier way. I lost my job and went overdrawn by ยฃ6. I obviously didn't know I was over and the bank decided to wait a few days before informing me (because those few days = more fees, clearly). I got charged ยฃ15 a day for it plus an initial fine for going overdrawn. Last week I got a letter from the bank saying that in a couple of weeks time, they're taking ยฃ111 or something... all because I went ยฃ6 OD for a few days. That's definitely not an interest fee and have no idea where they pulled the figure from. I haven't got that money to give them, so I'll end up overdrawn and repeating the entire process again.
It seems like sooo much hassle to get that money back though doesn't it? I wish there was an easier way. I lost my job and went overdrawn by ยฃ6. I obviously didn't know I was over and the bank decided to wait a few days before informing me (because those few days = more fees, clearly). I got charged ยฃ15 a day for it plus an initial fine for going overdrawn. Last week I got a letter from the bank saying that in a couple of weeks time, they're taking ยฃ111 or something... all because I went ยฃ6 OD for a few days. That's definitely not an interest fee and have no idea where they pulled the figure from. I haven't got that money to give them, so I'll end up overdrawn and repeating the entire process again.
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Bank charges!, by alsbabar on Apr 26, 2008 1:48:24 GMT 1, no way is it too much hassle, just a little bit of effort and you could get all your money back going back 6 years!!
no way is it too much hassle, just a little bit of effort and you could get all your money back going back 6 years!!
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Bank charges!, by alsbabar on Apr 26, 2008 12:43:13 GMT 1, keep in mind all you who are thinking of claiming that all claims are on hold till 22nd May, pending appeal by the banks. However you should in the meantime write to your bank and request under the Data Protection Act, all bank statements, in particular all charges against your account since you opened your account with them. Enclose a cheque (not cash) for ยฃ10 (they may use it they may not). The bank have by law, up to 40 days to send you this information.
Again use the Consumeractiogroup forum for more information and guidance.
keep in mind all you who are thinking of claiming that all claims are on hold till 22nd May, pending appeal by the banks. However you should in the meantime write to your bank and request under the Data Protection Act, all bank statements, in particular all charges against your account since you opened your account with them. Enclose a cheque (not cash) for ยฃ10 (they may use it they may not). The bank have by law, up to 40 days to send you this information.
Again use the Consumeractiogroup forum for more information and guidance.
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funyoung
Junior Member
Posts โข 1,040
Likes โข 20
February 2008
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Bank charges!, by funyoung on Apr 26, 2008 13:41:22 GMT 1, keep in mind all you who are thinking of claiming that all claims are on hold till 22nd May, pending appeal by the banks. However you should in the meantime write to your bank and request under the Data Protection Act, all bank statements, in particular all charges against your account since you opened your account with them. Enclose a cheque (not cash) for ยฃ10 (they may use it they may not). The bank have by law, up to 40 days to send you this information. Again use the Consumeractiogroup forum for more information and guidance.
Very true. But hold off claiming until this is resolved (if you can afford to). People are having accounts closed after the reimbursement of the fees. After all why would the bank want you now as a customer? (Not everyone mind). So make sure you are going to win before annoying the bank. Changing banks is a hastle I can do without.
keep in mind all you who are thinking of claiming that all claims are on hold till 22nd May, pending appeal by the banks. However you should in the meantime write to your bank and request under the Data Protection Act, all bank statements, in particular all charges against your account since you opened your account with them. Enclose a cheque (not cash) for ยฃ10 (they may use it they may not). The bank have by law, up to 40 days to send you this information. Again use the Consumeractiogroup forum for more information and guidance. Very true. But hold off claiming until this is resolved (if you can afford to). People are having accounts closed after the reimbursement of the fees. After all why would the bank want you now as a customer? (Not everyone mind). So make sure you are going to win before annoying the bank. Changing banks is a hastle I can do without.
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Bank charges!, by alsbabar on Apr 26, 2008 13:43:50 GMT 1, best thing to do is have a parachute account in reserve (another bank account with another bank), in case they do close your account.
No questions that you will win, if you do it right, cases have been dismissed because the claimant was sloppy. Follow the guidelines on CAG site and you wont go wrong.
best thing to do is have a parachute account in reserve (another bank account with another bank), in case they do close your account.
No questions that you will win, if you do it right, cases have been dismissed because the claimant was sloppy. Follow the guidelines on CAG site and you wont go wrong.
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funyoung
Junior Member
Posts โข 1,040
Likes โข 20
February 2008
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Bank charges!, by funyoung on Apr 26, 2008 13:48:02 GMT 1, best thing to do is have a parachute account in reserve (another bank account with another bank), in case they do close your account. No questions that you will win, if you do it right, cases have been dismissed because the claimant was sloppy. Follow the guidelines on CAG site and you wont go wrong.
Watchdog used to have 'model' letters for you too. Should ask the chap with the record sleeves to get in touch for us (having built up a rapport).
best thing to do is have a parachute account in reserve (another bank account with another bank), in case they do close your account. No questions that you will win, if you do it right, cases have been dismissed because the claimant was sloppy. Follow the guidelines on CAG site and you wont go wrong. Watchdog used to have 'model' letters for you too. Should ask the chap with the record sleeves to get in touch for us (having built up a rapport).
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Bank charges!, by alsbabar on Apr 26, 2008 13:50:33 GMT 1, You can get template letters from CAG site - plus its a forum so you can talk to others and get feedback, guidance etc
You can get template letters from CAG site - plus its a forum so you can talk to others and get feedback, guidance etc
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shaunyboy
New Member
Posts โข 559
Likes โข 38
March 2008
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Bank charges!, by shaunyboy on Apr 26, 2008 15:33:03 GMT 1, Free banking is a misnomer. While it is true we generally don't pay specific fees for having bank accounts, all banking costs are carefully worked out and taken out of the interest they offer us for saving with them and are in the rates they charge us for loans and overdrafts. So in reality we pay for our banking only differently than others overseas.
Don't feel too sorry for 'em though as they still make billions of pounds profit every year.
Barclays to 31 Dec 07 made ยฃ5,095,000,000 profit after tax. HSBC to 31 Dec 07 made $20,445,000,000 profit after tax.
Not too shabby.
Free banking is a misnomer. While it is true we generally don't pay specific fees for having bank accounts, all banking costs are carefully worked out and taken out of the interest they offer us for saving with them and are in the rates they charge us for loans and overdrafts. So in reality we pay for our banking only differently than others overseas.
Don't feel too sorry for 'em though as they still make billions of pounds profit every year.
Barclays to 31 Dec 07 made ยฃ5,095,000,000 profit after tax. HSBC to 31 Dec 07 made $20,445,000,000 profit after tax.
Not too shabby.
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Bank charges!, by alsbabar on Apr 26, 2008 15:35:22 GMT 1, Total Bank Charges Returned : ยฃ19,568,182 to 9416 people. This was last count prior to all claims were put on hold.
Total Bank Charges Returned : ยฃ19,568,182 to 9416 people. This was last count prior to all claims were put on hold.
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Bank charges!, by veralynn on Apr 26, 2008 20:26:29 GMT 1, I wonder if the banking industry in the main generate any of their profit from 'Retail' business?
I wonder if the banking industry in the main generate any of their profit from 'Retail' business?
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Bank charges!, by stillborncrisps on Apr 27, 2008 13:15:49 GMT 1, Free banking is a misnomer. While it is true we generally don't pay specific fees for having bank accounts, all banking costs are carefully worked out and taken out of the interest they offer us for saving with them and are in the rates they charge us for loans and overdrafts. So in reality we pay for our banking only differently than others overseas.
Agreed - uk banks have always offered 'free banking', before all this penalty BS was introduced in the 90s.
They make so much money just from using the money you leave in your account and mortgage/loans interest, they're hardly gonna go under when the charges get scrapped, they're just gonna 'only' be able to make the sort of profits they did in the 70s & 80s.
In the future if they start trying to charge for your account, just ditch the twats coz there'll always be another bank to use for free. If everyone was pro-active and voted with their feet like this the greedier banks would have to change tactics.
Free banking is a misnomer. While it is true we generally don't pay specific fees for having bank accounts, all banking costs are carefully worked out and taken out of the interest they offer us for saving with them and are in the rates they charge us for loans and overdrafts. So in reality we pay for our banking only differently than others overseas. Agreed - uk banks have always offered 'free banking', before all this penalty BS was introduced in the 90s. They make so much money just from using the money you leave in your account and mortgage/loans interest, they're hardly gonna go under when the charges get scrapped, they're just gonna 'only' be able to make the sort of profits they did in the 70s & 80s. In the future if they start trying to charge for your account, just ditch the twats coz there'll always be another bank to use for free. If everyone was pro-active and voted with their feet like this the greedier banks would have to change tactics.
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