Bank charges become a testing case - in whos favour do you think

[QfanatiQ]

BBC source http://news.bbc.co.uk/1/hi/business/7233581.stm

It now appears the judge is going to make up his mind based on the case.

I dont think many (if any of us) know the little details, but i have a horrible feeling this will not go the common man way, i even think it will not have any bearing on capping certain fees.

I am fortunate enough (at present) not to worry about such charges, but i do hope even if the banks are not brought bak in a hard line, they at least have certain groudn rules and cappings on fees.

I guess we will need ot wait and see.

Anyone have any view on what they think will become the standard?

Cheers.....Q

[Argyll]

If you read moneysavingexpert they think the opposite.

[Realist]

If the banks win they will keep things as it is and we all pay the over charged fee's, but if the common man wins then banks will just make us pay a monthly fee to cover there costs.

I would rather pay a one off £35 quid (Halifax) than a monthly fee anyday.

[Over Carl]

As much as I can easily say people know they will be eligible for charges if going PAST overdraft limits and should take the punishment for bad judgement, the other side is that the country is getting free banking out of this and the poorest end up paying the most.

Looking at it that way I suppose an annual charge would be fairest.

[trueblue924]

i hope there is some cap put on it lower than 30 quid like it is now and the banks dont really need to put a monthly charge on there accounts as they make billions each year anyway i think they will put a cap on it myself at around ten pounds

[Argyll]

Yes but there is actually no fee for being overdrawn per se. What the banks say is that is charges to cover the letter they send you and administaration charges.

However nothing is actually done administration wise except send out a letter. The argument is that the costs are not a true reflection of the cost to send out a letter.

Many who have already taken their case to court and won say they do not dispute a charge but it is not fair to charge £35 plus instead of £2-£3 and that is the argument. Not the charge itself but the amount.

[blacksheep]

As much as I can easily say people know they will be eligible for charges if going PAST overdraft limits and should take the punishment for bad judgement, the other side is that the country is getting free banking out of this and the poorest end up paying the most.

Looking at it that way I suppose an annual charge would be fairest.

more than likely it will end up the poorest paying for that again as banks will more than likely offer 'free' banking for those paying in over £xxxx a month.

[nitelife]

it would take a brave bank to charge fees (in the beginning) as loads of their customers would change to other banks who hadn't introduced the fee (yet). I do agree though, its probably only a matter of time.

[ibleedred]

We all pay a fee one way or another.

from the £5 a month contract that offers "free overdraft upto £500"

Or ust getting charged at £3-4 for using a few hundred £ of your overdraft.

Either way, their is some cost involved for banking.

the £30 ish is disgusting though and should be changed.

What I don't believe - is that people should be allowed to claim the money back - we/they all knew the costs involved in going past a agreed limit - you can't then cry about it afterwards

[QfanatiQ]

If you read moneysavingexpert they think the opposite.

Thats a good site, i did nto think of going there. Cheers for the reminder

it would take a brave bank to charge fees (in the beginning) as loads of their customers would change to other banks who hadn't introduced the fee (yet). I do agree though, its probably only a matter of time.

If you are overdrawn and goign over this limit etc, it can be hard to change account.

We all pay a fee one way or another.

from the £5 a month contract that offers "free overdraft upto £500"

Or ust getting charged at £3-4 for using a few hundred £ of your overdraft.

Either way, their is some cost involved for banking.

the £30 ish is disgusting though and should be changed.

What I don't believe - is that people should be allowed to claim the money back - we/they all knew the costs involved in going past a agreed limit - you can't then cry about it afterwards

Some accounts and fees are different. The one time o got a nasty charge (9 years back £50) was for going over my limit on my student account. It was £30 for the letter and £20 for going over the agreed amount. Other accounts woudl just charge for the letter and of course you may have a higher rate of interest if you then og over the agreed. A lot of factors and all depends on what type of account you have.

I have two accounts, one of these i can have 500 over with no charges and no interest as long as it is balanced out within the month. I owudl not need this, but good buffer to have, not sure what me fees are if i were to then not balance out at the end of the month.

The money saving expert is a good sight as linked above. That was a poor oversight on my part. I shoudl have included that link.

Cheers.....Q

[Fusen]

We all pay a fee one way or another.

from the £5 a month contract that offers "free overdraft upto £500"

Or ust getting charged at £3-4 for using a few hundred £ of your overdraft.

Either way, their is some cost involved for banking.

the £30 ish is disgusting though and should be changed.

What I don't believe - is that people should be allowed to claim the money back - we/they all knew the costs involved in going past a agreed limit - you can't then cry about it afterwards

as a student I get free £1250 overdraft which I haven't actually gone into yet as I don't like the idea of being in debt to the bank and my main debit card with halifax doesn't have any sort of overdraft, so I'm literally getting free banking

[ibleedred]

as a student I get free £1250 overdraft which I haven't actually gone into yet as I don't like the idea of being in debt to the bank and my main debit card with halifax doesn't have any sort of overdraft, so I'm literally getting free banking

It is a little different though mate.

All the banks want you as their customer as the likely hood is you will earn a decent wage, hence the first 3-5 years FOC.

However, when you start using your account, then options will be made available, and nearly all will cost you something.

[Fusen]

It is a little different though mate.

All the banks want you as their customer as the likely hood is you will earn a decent wage, hence the first 3-5 years FOC.

However, when you start using your account, then options will be made available, and nearly all will cost you something.

oh yeah, I understand the idea that they are investing in me as benefiting them in the future but there is pretty much no one I'm keeping my overdraft account open once I leave uni

[DB]

They are a bunch of greedy cunts, so all charges should be refunded, its only the poor people who get charged. Its meaningless to high earners so it has been seen as unimportant till now.

Banks disclose multi million pound profits and expect the common man not to ask for some back?

Look at it like this, as an oversight your tv license direct debit bounces.
£12 is all it is, but you only have a tenner in. That £2 over will cost you £35 charge, plus £30 for every day its left overdrawn for a maximum of 3 days.

Thats £125 charged for a £2 oversight. Anyone who thinks this is acceptable is a fuckin idiot.

[Fusen]

plus you have the whole idea that you are already overdrawn so a lot of people don't have the money in the first place then get charged and have to pay back even more money that they don't have in a very short timeframe

[DB]

I say fuck the consequences it has on society as a whole, the people with money have enjoyed a lifetime of free banking so its about the cunts got charged