 |
|
| Do you think bank charges are fair? |
| AGAINST - you know its a ripoff |
|
90% |
[ 9 ] |
| FOR - you believe Banks dont make enough money |
|
10% |
[ 1 ] |
|
| Total Votes : 10 |
|
| Author |
Message |
soueupa
Joined: 24 Jun 2009
Posts: 21
Location: UK LONDON
|
 Posted: Mon Jun 29, 2009 11:01 pm Post subject: BANK CHARGES - Ripoff? |
 |
|
I'm back again guess i'm on a roll..........or maybe just lost it ?
As I pointed out in an earlier post i'm unemployed, so in my present predicament, up to my eyeballs in debt, every little helps.
I filled for a refund of my bank charge penalty fees about two years ago and am outraged that these banks have been able to postpone the courts ruling yet again in order to evade paying back all the money they stole from their customers accounts whilst hiding behind their rules & regulations telling everyone who even dared to ask why ?
"Well you did sign an agreement with us authorising us to fleece your account as & when and for amounts we deem suitable".
"After all its only fair"
NO it bloody well isn't, in my case anyway. I would consider £5 fair not a hefty £38 for going £2 overdrawn.
Anyway please share your views and take the vote, it wont hurt a bit and I wont levy any fee's.
Thanks
 |
|
| Back to top |
|
 |
FYI
Joined: 29 Jun 2009
Posts: 65
|
| Posted: Mon Jun 29, 2009 11:17 pm Post subject: |
|
|
Yes! Complete rip off!!!
What I'd like to know is, how the hell have they got away with it?!
Can you believe I owe my bank money...did I mention they are all made up of their own charges?...Yes, charge upon charge upon charge....wow it never ends! |
|
| Back to top |
|
|
Lunatic
Joined: 14 Apr 2008
Posts: 206
|
| Posted: Tue Jun 30, 2009 5:10 am Post subject: |
|
|
that is why i still keep only a debit card.
i do NOT need a credit card. not at the moment.
but i let my colleague to explain, that if i needed a loan in the future, they might cause me troubles cos lacking a credit history...
well, my current account classic is still ok. is this not a credit history? no other loans, always able to manage my own money... i have just realised that they accept the credit history only from you to them. does not matter how well you manage your commitments to anyone else.
so get a credit card, get to the risk of overdrawn, but for god sake: watch it! get an illusion of financial freedom and become a slave of money, or pay.
this system is set to catch the weak fish. and: you will get money borrowed when you convince them that you actually do not need it.
banking is just a bussiness as any other. they charge you for their services. and if you missed the pay back without any charges, then... pay charges!
virtual money... |
|
| Back to top |
|
|
FYI
Joined: 29 Jun 2009
Posts: 65
|
| Posted: Tue Jun 30, 2009 11:46 am Post subject: |
|
|
Erm Lunatic I think you seem to have lost the point there...
The point is that the banks will charge you hefty amounts for going overdrawn on your account, even by a measly little £1.
Credit cards is not the topic of conversation, bank charges are.
 |
|
| Back to top |
|
|
soueupa
Joined: 24 Jun 2009
Posts: 21
Location: UK LONDON
|
| Posted: Tue Jun 30, 2009 12:15 pm Post subject: |
|
|
wow - i'm seeing a picture here
its no wonder Banks have been able to impose these ridiculous charges and get away with it for so long.
seems like the majority dont mind being fleeced.
In my book this is downright Daylight Robbery, if enough people stood up and made a noise the Banks would no doubt be forced into reviewing their policy on these charges.
Lets get this right Banks are financial institutions and therefore entitled to make profits, but isn't this supposed to come from the money you have deposited , whether this is £1 or £1 000,000 is irrelevant.
Not so long ago these charges didnt exist at all, but slowly , slowly they managed to apply them willy nilly onto a gullible British public. |
|
| Back to top |
|
|
FYI
Joined: 29 Jun 2009
Posts: 65
|
| Posted: Tue Jun 30, 2009 3:55 pm Post subject: |
|
|
HA! Some moron has voted "for" the banks!
If the people don't want to stand up for themselves then they deserve to be charged left right and centre and I hope they never see there money again!
What a bunch of pansies the British public are!
Haha what a laugh!
|
|
| Back to top |
|
|
Lunatic
Joined: 14 Apr 2008
Posts: 206
|
| Posted: Tue Jun 30, 2009 7:53 pm Post subject: |
|
|
| FYI wrote: | Erm Lunatic I think you seem to have lost the point there...
The point is that the banks will charge you hefty amounts for going overdrawn on your account, even by a measly little £1.
Credit cards is not the topic of conversation, bank charges are.
|
i understand what you mean.
and i agree: the charges are quite high.
BUT
you have signed the "contract", didnt you?
because it is a contract. the bank offers you a service (go to minus, use the money that you do not have at the moment, their money). if you agree with terms and conditions, whatever they are, the bank is in the right.
nobody pushed on you to sign.
agree or disagree
sign or do not.
and if you do, do not be shocked. it must have been in the contract, or in some additional conditions which you could or should not accept.
watch your money, or pay what you have signed for.
OR do not get into the risk of overdrawn...
bankers, especially certain branches, are liars.
my colleague received a leaflet with very good looking offer for loan. these leaflets were printed fromt he central. he went to the branch shortly after that and they kept saying, it is not true anymore and tried to sell him a different loan instead. of course - more suitable for THEM.
he again had an option: take it or let it be.
bankers are f*ckers, but contrat is contract.
in my home country, there is no such a free bank account, without any fee as you can get here. ALL OF THEM charge you something. there is no option to have an account for free. parasites. and hardly any employer will give you salary in cash. almost all of them insist to send you the salary on the bank account. you have to pay, does not matter what...
you still have more freedom here in the UK. just find the way to take most of its advantages. be smart and WATCH YOUR MONEY. |
|
| Back to top |
|
|
FYI
Joined: 29 Jun 2009
Posts: 65
|
| Posted: Thu Jul 09, 2009 10:35 am Post subject: |
|
|
Never knew any bank butt kissers before, guess I just met one!
Their charges are still a rip off.
|
|
| Back to top |
|
|
Tinkerbell37
Joined: 16 Jun 2009
Posts: 17
|
| Posted: Sun Jul 12, 2009 10:56 pm Post subject: |
|
|
Hi Soueupa,
Sorry to hear about the problems you're having with your bank regarding bank charges. You have been given entirely misleading information by your bank in that they have put your claim on hold whilst the OFT case is proceeding through the Courts.
When you are in receipt of benefits, as I presume you are given that you're unemployed, the banks are prohibited from taking charges from your account as the said benefits are means tested. By the way, this applies to anyone getting benefits from the DWP.
People on benefits are specifically excluded from the court case criteria, as they are considered to be in financial hardship, so you don't have to wait for the outcome of the case. If you have been getting benefits for the past 6yrs, for unemployment, ill health or other reasons, then you can claim back your charges for the whole of that period, plus interest at 8%.
If you have been in receipt of benefits for a part of that time, then you can claim your charges back for that period and interest at 8%. If you incurred charges whilst working, then they are subject to the outcome of the case, so you would have to wait for those monies.
There is specific legislation that needs to be quoted when claiming back charges taken from benefits, which is a too lengthy to go into here but with the right stroppy letter to the right department, with the appropriate law included, it should procure the right result!
To address comments Lunatic made, with all due respect the person doesn't know anything about contract law! I have a law degree and specialise in contract and consumer credit.
Regardless of whether you have signed a "contract", the issue is one of fairness. Where a customer is charged a fee say £30.00 for a returned cheque and that sum is disproportionate to the cost to the bank incurred by processing/informing you of the same, it is considered a financial penalty and consequently legally unenforceable. There are plenty of cases going back to the late 19th century that support this position.
By the way, sending an automated letter to you to advise of the returned cheque, which is exactly what happens, nobody actually looks at your account when you go overdrawn, costs pence, arguments vary, but its between 50p-£2.50. A far cry from £30, £40 etc...I'm sure you'll agree!
There is a huge misconception amongst people that if you sign something that's it, you're tied in, buggered, screwed for its duration! Not so! That used to be the case under the Common Law but the law through Equity sought to mitigate the harshness of some Common Law rulings and legslation has gone a long way to stop Companies running roughshod over individuals.
That's why you shouldn't believe ill-informed remarks about your rights when you sign something! You have more rights than you think!
As a consumer you have very little choice re banks as they all operate on pretty much the same terms and conditions, so whatever sub-standard service they offer will generally be offered by all, which also amounts to unfairness as you have no "real" choice, something the regulatory bodies are on to!
Please ignore comments to the effect that the banks are in the "right"! I've never heard such nonsense! You start thinking like that and you'll never challenge anything or anyone that looks as though they should be respectable...but isn't! Does the credit crunch ring any bells? Irresponsibility, greed and a wilful disregard for customers strike anyone as a reason not to trust banks and bankers under any circumstances???
I'm not overreacting before anyone suggests it, given that that the banks almost brought the country and the economy to its knees, my comments are proportionate.
To anyone who is getting bank charges there is a way out and you can still claim your charges back! All banks operate what are known as "basic bank accounts" which don't rely on a credit check. You don't get a cheque book or overdraft, but apart from that you can do all normal banking s/o's, d/d's etc... I generally recommend Co-op but they all have them! If your in dispute obviously don't open a basic a/c with the same bank!lol
Ideally, move out of the banking group you're in! You don't need to tell your present bank anything, just move your business, you don't need to tell your new bank either why your moving. Don't close your old account.
You can then do all your regular banking with your new a/c and allow charges to accrue on your old a/c that won't be taken from your monies and get them back as part of your claim.
I hope all this information helps! Email me is anything is unclear.
Kind regards,
Tinkerbell.  |
|
| Back to top |
|
|
KILLSCAM
Joined: 24 Jun 2009
Posts: 24
Location: Beautiful Britain
|
| Posted: Tue Jul 14, 2009 2:46 pm Post subject: |
|
|
| Tinkerbell37 wrote: | Hi Soueupa,
Sorry to hear about the problems you're having with your bank regarding bank charges. You have been given entirely misleading information by your bank in that they have put your claim on hold whilst the OFT case is proceeding through the Courts.
When you are in receipt of benefits, as I presume you are given that you're unemployed, the banks are prohibited from taking charges from your account as the said benefits are means tested. By the way, this applies to anyone getting benefits from the DWP.
People on benefits are specifically excluded from the court case criteria, as they are considered to be in financial hardship, so you don't have to wait for the outcome of the case. If you have been getting benefits for the past 6yrs, for unemployment, ill health or other reasons, then you can claim back your charges for the whole of that period, plus interest at 8%.
If you have been in receipt of benefits for a part of that time, then you can claim your charges back for that period and interest at 8%. If you incurred charges whilst working, then they are subject to the outcome of the case, so you would have to wait for those monies.
There is specific legislation that needs to be quoted when claiming back charges taken from benefits, which is a too lengthy to go into here but with the right stroppy letter to the right department, with the appropriate law included, it should procure the right result!
To address comments Lunatic made, with all due respect the person doesn't know anything about contract law! I have a law degree and specialise in contract and consumer credit.
Regardless of whether you have signed a "contract", the issue is one of fairness. Where a customer is charged a fee say £30.00 for a returned cheque and that sum is disproportionate to the cost to the bank incurred by processing/informing you of the same, it is considered a financial penalty and consequently legally unenforceable. There are plenty of cases going back to the late 19th century that support this position.
By the way, sending an automated letter to you to advise of the returned cheque, which is exactly what happens, nobody actually looks at your account when you go overdrawn, costs pence, arguments vary, but its between 50p-£2.50. A far cry from £30, £40 etc...I'm sure you'll agree!
There is a huge misconception amongst people that if you sign something that's it, you're tied in, buggered, screwed for its duration! Not so! That used to be the case under the Common Law but the law through Equity sought to mitigate the harshness of some Common Law rulings and legslation has gone a long way to stop Companies running roughshod over individuals.
That's why you shouldn't believe ill-informed remarks about your rights when you sign something! You have more rights than you think!
As a consumer you have very little choice re banks as they all operate on pretty much the same terms and conditions, so whatever sub-standard service they offer will generally be offered by all, which also amounts to unfairness as you have no "real" choice, something the regulatory bodies are on to!
Please ignore comments to the effect that the banks are in the "right"! I've never heard such nonsense! You start thinking like that and you'll never challenge anything or anyone that looks as though they should be respectable...but isn't! Does the credit crunch ring any bells? Irresponsibility, greed and a wilful disregard for customers strike anyone as a reason not to trust banks and bankers under any circumstances???
I'm not overreacting before anyone suggests it, given that that the banks almost brought the country and the economy to its knees, my comments are proportionate.
To anyone who is getting bank charges there is a way out and you can still claim your charges back! All banks operate what are known as "basic bank accounts" which don't rely on a credit check. You don't get a cheque book or overdraft, but apart from that you can do all normal banking s/o's, d/d's etc... I generally recommend Co-op but they all have them! If your in dispute obviously don't open a basic a/c with the same bank!lol
Ideally, move out of the banking group you're in! You don't need to tell your present bank anything, just move your business, you don't need to tell your new bank either why your moving. Don't close your old account.
You can then do all your regular banking with your new a/c and allow charges to accrue on your old a/c that won't be taken from your monies and get them back as part of your claim.
I hope all this information helps! Email me is anything is unclear.
Kind regards,
Tinkerbell. |
At last someone who actually know's what they are talking about  |
|
| Back to top |
|
|
Tinkerbell37
Joined: 16 Jun 2009
Posts: 17
|
| Posted: Wed Jul 15, 2009 12:13 am Post subject: |
|
|
Well thank-you Killskam for those positive remarks! Much appreciated!
I wanted to dispel the myths about bank charges and more importantly in the wider context contract and consumer credit law generally!
I get so tired of reading comments made by would be "lawyers" and legal pontificators on subjects of which they no nothing! If you really don't know the law please say nothing, because there may be people who read your comments who are looking for advice and end up suffering financially through comments made by the likes of Lunatic! 
If in doubt as to the accurcy of any purported legal advice given, you should always check it independently before acting upon it.
I wish everyone success in reclaiming their bank charges-take no crap from anyone! Every "no" means you're getting closer to the man/woman who will settle your claim just to get you to piss off!lol
Remember persistence pays off!
Regards,
Tinkerbell.  |
|
| Back to top |
|
|
punk rocker
Joined: 10 Jul 2009
Posts: 171
Location: London
|
| Posted: Wed Jul 15, 2009 3:09 am Post subject: Re: BANK CHARGES - Ripoff? |
|
|
| soueupa wrote: | I'm back again guess i'm on a roll..........or maybe just lost it ?
As I pointed out in an earlier post i'm unemployed, so in my present predicament, up to my eyeballs in debt, every little helps.
I filled for a refund of my bank charge penalty fees about two years ago and am outraged that these banks have been able to postpone the courts ruling yet again in order to evade paying back all the money they stole from their customers accounts whilst hiding behind their rules & regulations telling everyone who even dared to ask why ?
"Well you did sign an agreement with us authorising us to fleece your account as & when and for amounts we deem suitable".
"After all its only fair"
NO it bloody well isn't, in my case anyway. I would consider £5 fair not a hefty £38 for going £2 overdrawn.
Anyway please share your views and take the vote, it wont hurt a bit and I wont levy any fee's.
Thanks
|
Contrary to popular belief, a banker's job is not to help with you with your finances in any way at all. It is to sell you stuff. Stuff like Payment Protection Insurance.You going overdrawn on your account was a dream come true for your bank because they know you'll pay the fine.
Just imagine......Tens of thousands of other people with your bank overdrawn on their accounts too right now.....
Do the math....
£38.00 multiplied by tens of thousands at least= GOLDRUSH!
So, my tip for beating the bankers?
Quit spending on the credit card, create a budget and stick to it no matter what. This way, you don't go overdrawn and you save yourself £38.00. |
|
| Back to top |
|
|
soueupa
Joined: 24 Jun 2009
Posts: 21
Location: UK LONDON
|
| Posted: Wed Jul 15, 2009 10:20 am Post subject: |
|
|
"Tinkerbell37"
Thank's for all your advice and wise suggestion's,very much appreciated.
"Ideally, move out of the banking group you're in! You don't need to tell your present bank anything, just move your business, you don't need to tell your new bank either why your moving. Don't close your old account"
Have just implement the above. ( New account with CO-OP as I understand it their max. charges for going overdrawn is £19.50, not that I plan to go overdrawn but at least its a more realistic penalty )
Also planning to send a letter requesting a refund under Financial Hardship.
Keep you posted once i'm in receipt of their reply.   |
|
| Back to top |
|
|
Tinkerbell37
Joined: 16 Jun 2009
Posts: 17
|
| Posted: Thu Jul 16, 2009 9:21 am Post subject: |
|
|
Hi Soueupa,
Glad to be of help and changing your bank account was a wise move!
I have to say that even £19.50 is not a reasonable charge, its still a penalty, but hopefully you won't find yourself in that position again!lol
Regarding reclaiming your charges, I'm afraid just claiming financial hardship is unlikely to get you the result you want. If you don't go armed with the right legal arguments at the outset, you will in all likelihood find yourself being given the runaround. This is because the banks are so desperate not to pay out any monies to anyone and they home in on people who are perhaps new/inexperienced in reclaiming charges. I thought it best to make you aware of this.
You might have thought that in the aftermath of the credit crunch and financial mis-management across the whole of the banking system that bankers would have learned some humility by now, not so they're worse than ever!
Regards,
Tinkerbell. |
|
| Back to top |
|
|
City Plumber
Joined: 28 Feb 2007
Posts: 399
Location: Essex
|
|
| Back to top |
|
|
Tinkerbell37
Joined: 16 Jun 2009
Posts: 17
|
| Posted: Tue Jul 28, 2009 6:40 pm Post subject: |
|
|
As usual you're wrong again!
When you're in financial hardship different rules apply, as such circumstances are not subject to the OFT case. If you're in receipt of benefits and you don't go armed with the right legislation when you write to your bank about the charges they will give just you the runaround, which defeats the object.
They will tell you your case is subject to the Court case etc etc...It is infinitely better to tackle them in the right way at the outset so you can get your money back straight away! Otherwise if they put your complaint on hold pending the outcome, you are then left with the option of going to the FOS and because they are deluged with disputes it could take up to 9 months before they get to your case!
The advice given was to help avoid that scenario and it was given freely and any further advice would have been given on the same basis. If the poster had contacted me by email, he would have been given help with the letter and the best person to contact at his bank, not info I could post on this forum obviously!
The website you've provided a link to offers merely template letters, which is not what I was offering.
Poor little pathetic C/P, you try to poor scorn on everything, it's a sad little life you lead! Oh dear, you're so confused, desperate and dodgy, that's you honey! 
Tinkerbell. |
|
| Back to top |
|
|
City Plumber
Joined: 28 Feb 2007
Posts: 399
Location: Essex
|
| Posted: Tue Jul 28, 2009 10:42 pm Post subject: |
|
|
| Tinkerbell37 wrote: | As usual you're wrong again!
When you're in financial hardship different rules apply, as such circumstances are not subject to the OFT case. If you're in receipt of benefits and you don't go armed with the right legislation when you write to your bank about the charges they will give just you the runaround, which defeats the object.
They will tell you your case is subject to the Court case etc etc...It is infinitely better to tackle them in the right way at the outset so you can get your money back straight away! Otherwise if they put your complaint on hold pending the outcome, you are then left with the option of going to the FOS and because they are deluged with disputes it could take up to 9 months before they get to your case!
The advice given was to help avoid that scenario and it was given freely and any further advice would have been given on the same basis. If the poster had contacted me by email, he would have been given help with the letter and the best person to contact at his bank, not info I could post on this forum obviously!
The website you've provided a link to offers merely template letters, which is not what I was offering.
Poor little pathetic C/P, you try to poor scorn on everything, it's a sad little life you lead! Oh dear, you're so confused, desperate and dodgy, that's you honey!
Tinkerbell. |
Afraid not Tinks, all the information about claiming bank charges back whether it's a hardship case or not, is freely available from that site that's why it has millions of followers/readers and that is why 1000s have had the return of their bank charges. If their wrong send the site an email, fortunately they are not wrong, for money saving ideas and other financial issues it is one of the best sites to visit for free up to date clear non waffle information. That's why he gets invited to be on television and radio programmes giving consumers the information they need. And you get to end up on Gumtree touting for business.... Work it out for yourself, your the one with the duh.... oops I've done that one now...
Oh yeah nearly forgot as someone who is currently having dealings with the FOS the timescale is 8 weeks for the institution to deal with the complaint. They are not that with complaints, I telephonend them, answered within 3 or 4 rings, told them the problem, they sent a letter to both myself and the institution I had a complaint about within 24hrs. Said institution is now dealing with my complaint... Just goes to show your an out of date, probably out of work useless touting legal advisor.. Here's their website it's free, it's jargon free and it's waffle free give it ago http://www.financial-ombudsman.org.uk/ |
|
| Back to top |
|
|
soueupa
Joined: 24 Jun 2009
Posts: 21
Location: UK LONDON
|
| Posted: Wed Jul 29, 2009 12:41 pm Post subject: |
|
|
"Tinkerbell37" + "City Plumber"
Come on guys stop your bickering, there's hardly any need for it, after all the whole point of having forum is to debate post queries and offer advice/help right?
Anyway just a quick update.
I sent a letter requesting a refund of all my fees and that they look into my case again under financial hardship.
Received reply and a form to list all my expenses and income on Monday.
After reading the accompanying letter enclosed I was given a choice to either fill out the form and send it off or call a direct number and give the required information over the phone.
So yesterday I did the latter (phoned), was told it could take up to 4 weeks to receive a reply as to whether my claim is successful or not.
 |
|
| Back to top |
|
|
soueupa
Joined: 24 Jun 2009
Posts: 21
Location: UK LONDON
|
| Posted: Fri Sep 18, 2009 5:20 pm Post subject: |
|
|
UPDATE.......
Result got £750 pay off |
|
| Back to top |
|
|
Lunatic
Joined: 14 Apr 2008
Posts: 206
|
| Posted: Sat Sep 19, 2009 6:18 pm Post subject: |
|
|
good news!
just a bit related to this topic, but i want to share my experience with you.
i still have only a visa debit card. classic account only. i try to reduce any unnecessary expenses. i have two saving accounts - isa cash and easy saver - that means enough money, so i do not need to go to overdraft. BUT it happened to me recently, just by a mistake. i have sent too much money into my saving account and then forgot to watch the current one. i went just over 30 pounds as an unplanned overdraft. and they started to charge me 15 pounds for every day of being in this state plus 15 pounds for going into an unplanned overdraft itself. it happend on 11 august, and i received the letter informing me about this fact on the 14th. then the bank statement said it will be totally 75 pounds. just for over 30 quid which i paid back from my saving account just several minutes after i received that letter and read it.
what would happened if the letter was lost? i do not check my account on internet every single day. they say they have the top limit for this, but it is still quite a lot of money, isnt it?
this made me upset.
but, today things turned to good. rose (the lovely and chatty lady) cancelled this fee, because i am a good client, and this happend first time in several years and by mistake.
i feel pleased.
good things happen! |
|
| Back to top |
|
|
oweny
Joined: 22 Feb 2009
Posts: 10
|
| Posted: Sun Sep 20, 2009 12:12 pm Post subject: Bank charges/ debt management |
|
|
Did you know under the 1992 social security administration act they cant take benefits for charges!
Did you know if your in debt on benefits, debt management you can get them stopped using government legislation!
owen |
|
| Back to top |
|
|
jimmy50000
Joined: 21 Oct 2009
Posts: 1
Location: edinburgh
|
| Posted: Wed Oct 21, 2009 11:01 am Post subject: |
|
|
| i think they should bring back hanging for the w...ankers lol i mean bankers |
|
| Back to top |
|
|
echobeach2008
Joined: 06 Nov 2009
Posts: 8
Location: liverpool
|
| Posted: Fri Nov 06, 2009 3:57 pm Post subject: bank charges |
|
|
i have been waiting 2 years for my bank charges so they owe me money as well still havent seen any of it said it wont be resolved till next year tough luck  |
|
| Back to top |
|
|
montyzuma
Community Moderator
Joined: 25 Jul 2007
Posts: 7532
|
| Posted: Sat Nov 07, 2009 12:00 am Post subject: |
|
|
| why 2 years? |
|
| Back to top |
|
|
|
Powered by phpBB © 2001, 2005 phpBB Group
|
Gumtree
Search
Register
Log in
Profile
Memberlist
FAQ
