Bank charges reclaiming - bad news

The Supreme Court just ruled in favour of the banks, and put a dampener on bank charge reclaiming...

BOO HISS!!!

[Dave20046]

balls

More detail here:

http://news.bbc.co.uk/1/hi/business/8376906.stm

http://www.moneysavingexpert.com/new...m/2009/11/test

Can't believe they've ruled against after so much clarity in favour to date. Looks like the new Supreme Court has a point to prove about itself...

If the banks were rich then they'd have been forced to pay back jo-public but now the banks are broke so now dont have to pay. convenient.

(im just gutted cos I was waiting to hear about over a £1000 of my claims )

Originally Posted by leedsmatt7

i'm just gutted cos I was waiting to hear about over a £1000 of my claims

+1

Their behaviour reminds me of traffic wardens - all about revenue raising. How can you justify taking c.£100 every month off someone with F-all money and then, what a surprise, they go OD again the next month and get charged more, etc etc. It was never about deterring people from going OD - if it had been they would have done helpful things like text you your balance when it gets low, cut you some slack, etc

[Dave20046]

Originally Posted by leedsmatt7

If the banks were rich then they'd have been forced to pay back jo-public but now the banks are broke so now dont have to pay. convenient.

(im just gutted cos I was waiting to hear about over a £1000 of my claims )

I reckon they've been bought out.

[timwilky]

Am I the only one who actually thinks that if people operated their current accounts within the rules then they would not have been charged in the first place.

Of course the banks make money out of all those current accounts that play it fair an stay in the black, but they make more money out of those silly enough to spend more than they have in their accounts.

I wouldn't lend money to people I regard as high risk, so I wouldn't expect my bank to do it either unless there was sufficient financial reward to letting risky customers operate beyond their financial limits.

I have a pre agreed overdraft facility with my bank of £2000. If I should ever need to go into the red, it is simply interest I would pay, not a penalty. Why don't those who need to be regularly overdrawn agree it with their manager first?

dont go overdrawn where you dont have an overdraft facility

hope that helps

Originally Posted by Fizzy Fish

+1

Their behaviour reminds me of traffic wardens - all about revenue raising. How can you justify taking c.£100 every month off someone with F-all money and then, what a surprise, they go OD again the next month and get charged more, etc etc. It was never about deterring people from going OD - if it had been they would have done helpful things like text you your balance when it gets low, cut you some slack, etc

CASE and POINT fizzy, maybe you should have represented jo-public in court lol.

[Gazza77]

Originally Posted by timwilky

Am I the only one who actually thinks that if people operated their current accounts within the rules then they would not have been charged in the first place.

Of course the banks make money out of all those current accounts that play it fair an stay in the black, but they make more money out of those silly enough to spend more than they have in their accounts.

I wouldn't lend money to people I regard as high risk, so I wouldn't expect my bank to do it either unless there was sufficient financial reward to letting risky customers operate beyond their financial limits.

I have a pre agreed overdraft facility with my bank of £2000. If I should ever need to go into the red, it is simply interest I would pay, not a penalty. Why don't those who need to be regularly overdrawn agree it with their manager first?

+1.

However, I do think there should be a cap on charges after a certain point to prevent the debt just spiralling from charges on top of previous charges, which is part of the issue here.

Instead, the bank should just freeze the account until it is brought back within the terms agreed for its use; either into the black or back to within the pre-agreed overdraft limit. Failure to do so within a set time-scale would then mean that the bank would have to follow the same debt collection procedures as any other creditor would have to do.