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Ever felt you've been robbed?

johpal
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Registered: 20-04-2008

Ever felt you've been robbed?

So, the banks (or now, the Government) don't have to pay back the (alledged) "unfair charges" on overdrafts, etc.
I hear the bleats about "you signed up to the terms and conditions", etc. However, going only pennies overdrawn and being slapped with a massive "fine" just isn't fair; it is out of all proportion. It seems the banks are now free to continue this legalised "extortion", with only the cautionary wag of the finger from the politicians. Who believes these people will mend their ways without being caned to within an inch of their lives?
Bankers? Please substitute the second letter of the alphabet with the 23rd letter!
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Re: Ever felt you've been robbed?

What a shame..... actually, as "we" now , technically "own" the banks, "we" will not be paying "ourselves" back the money "they " took off us....  Cry
which may well be another way to approach it.... if, and when, the banks go back to "private" ownership....  Undecided
nadger
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Re: Ever felt you've been robbed?

Much as I, in one way, feel sorry for people who've been charged over the odds by the banks I have to be practical and welcome the Supreme Court decision.
Having enjoyed free banking for years I don't want to return to the days when I, as we all did then, paid transaction charges. The banks will get get their money somehow and it's really just a question of how they do it.
Government/Bank of England policy on interest rates has already reduced what we get on our savings to a pittance without being charged for all our direct debits.
johpal
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Re: Ever felt you've been robbed?

I'm not saying the banks ought not to charge for people running up an overdraft. I feel the "fine" ought to be proportionate; a few pennies for a day isn't going to cost the bank tens of pounds to send me an automated letter to inform me of the fact. Several hundred pounds over a few weeks, fair enough...
"Free" banking doesn't exist of course; all that lovely money, moving from one account to another and taking days in the process, earns quite a nice little bit of interest for the banks. However, have you noticed how quickly a transaction appears on your statement, if you have the audacity to make a cash withdrawal from an ATM?
Fairness is all I ask.
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Re: Ever felt you've been robbed?

It was said this morning that if you have an account with a French bank and you go overdrawn 3 times the account will be closed and you will be blacklisted.
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nadger
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Re: Ever felt you've been robbed?

Quote from: johpal
"Free" banking doesn't exist of course; all that lovely money, moving from one account to another and taking days in the process, earns quite a nice little bit of interest for the banks. However, have you noticed how quickly a transaction appears on your statement, if you have the audacity to make a cash withdrawal from an ATM?
Not really fair as I can put money into someone else's account instantly, on the internet, with the fast pay system they now use.
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Re: Ever felt you've been robbed?

Quote from: nadger
Much as I, in one way, feel sorry for people who've been charged over the odds by the banks I have to be practical and welcome the Supreme Court decision.
Having enjoyed free banking for years I don't want to return to the days when I, as we all did then, paid transaction charges. The banks will get get their money somehow and it's really just a question of how they do it.
Government/Bank of England policy on interest rates has already reduced what we get on our savings to a pittance without being charged for all our direct debits.

I got 3 points to make here and each one is on each issue you've raised:
1) I don't welcome it. Clearly you support big business who is out to rip off the little man. Real peoples lives are made miserable by banks who then goan destroy the economy and put those same folks out of work. They then can't repay the banks and have their lives made even more difficult. Still, I'm glad you appreciate their hard work Wink
2) No one wants to pay for banking but then not many folks like using banks and being paid just once a month either. It makes it very hard to budget and stretch from one pay day to another. Frankly I'd rather pay a quid or two for a transaction than be hit £35 a time for being overdrawn a few pennies for a day or two. That is extortionate and just makes life worse for those already struggling.
3) You're lucky to even have savings. Do you know how many folks are out there desperately struggling to survive on £45.50pw Jobseekers? Do you think they have savings? The banks don't think twice about taking advantage of these people. You're complaining about your interest on your savings not being much but you don't realise how lucky you are to even be able to save. There is always someone worse off.
Quote from: nadger
Quote from: johpal
"Free" banking doesn't exist of course; all that lovely money, moving from one account to another and taking days in the process, earns quite a nice little bit of interest for the banks. However, have you noticed how quickly a transaction appears on your statement, if you have the audacity to make a cash withdrawal from an ATM?

Not really fair as I can put money into someone else's account instantly, on the internet, with the fast pay system they now use.

But not every bank does this. Some banks will clear a cheque the same day, others will take 3 days where as the one I use now takes a week. johpal was talking about transferring money electronically the safe way. We can all go to bank and make a direct deposit but when you're working every hour god sends on the national minimum wage to try and pay those extortionate bank charges you keep being crippled by then when do you find the time?
It's always those who have money who think they're hard done by and look down there nose at those who don't have it. Those with money always accuse those without it of financial mis-management. Those who have money are usually so stupid they don't have a clue about poverty and therefore can't really comment on it anyway.
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Re: Ever felt you've been robbed?

Agree, word for word 100%
nadger
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Re: Ever felt you've been robbed?

There are always two sides to any argument and I don't deny that a lot of people won't like what I said.
My reason for supporting the court's decision has nothing to do with supporting big business - it's purely personal for the reasons I stated.
Having worked until past my 70th birthday, as a one man band, should I really feel guilty about now being debt free - I think not. I'd have loved to have packed it in at 65 but that wasn't viable so I, in common with a lot of other people, kept working until it was.
I don't like the way the banks screwed up the worlds economy and put loads out of work but that's not a reason for me to want to contribute fees/charges to subsidise other peoples borrowing.
I do, however, think that limits should be placed on what banks and credit cards can charge people as £35 for a few pence overdrawn is OTT.

pierre_pierre
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Re: Ever felt you've been robbed?

I think the main point about the decision is that the people concerned made no attempt to control their accounts, they took an unauthorised overdraft and were charged, if they had an arrangement with the bank, they would maybe have had a small charge
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Re: Ever felt you've been robbed?


I work overseas a lot and use bank accounts in several countries. My accounts in the UK are the only ones that allow me to have an unauthorised overdraft.
Cannot help but think that if the UK banks did not allow unauthorised overdrafts, but just 'bounced DD's S/O and cheques the UK Banks would be in the dire straight they are at present.
But its the greed of the banks by allowing U/O as a means of increasing revenue that led the fiasco.
My solution would be to draw a line, any overdrafts must be authorised

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Re: Ever felt you've been robbed?

Quote from: pierre_pierre
I think the main point about the decision is that the people concerned made no attempt to control their accounts, they took an unauthorised overdraft and were charged, if they had an arrangement with the bank, they would maybe have had a small charge

On the contrary most people try very hard to control their money. Cr@p happens, someone rinses your card, you get phished or someone gets your financial details somehow and that is it: You're screwed. Then someone like you comes along and (as I said in my previous post) accuses the victim of financial mis-management. Well done pierre, you've just proven the point perfectly. There really is one born every minute.
The banks should not allow unauthorised overdrafts anyway. It's like a bribe to them to help themselves to your money. They sting you for being overdrawn without authorisation yet they are the ones who did it to you in the first place. I say if the funds ain't there they shouldn't pay them. It's not fair to pay them and then blame the account holder saying that they did it. The very fact that they let you go into overdraft and pay it makes it authorised in the first place so really the banks are still in the wrong to sting you anyway. If they didn't want to pay it they wouldn't so clearly they intended to pay it when they start crying that it was unauthorised!
The fact of the matter is it will always be the poor who pay the price while those with plenty of money are busy trying to put them down.
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Re: Ever felt you've been robbed?

Also the way the banks manage your accounts on your behalf is questionable.
http://news.bbc.co.uk/1/hi/business/8378141.stm
I, too, have been a victim of this.
There have been times when a payment was due on a Monday but the on-line statement was showing it at just after 6pm on the Friday. The funds were not available till an automated payment was made on the Monday.
On more than one ccasion the system flagged an unauthorised overdraft, added fees and refused the payment causing me to uncur charges not of my own doing. This had a subsequent domino effect ending with nearly £200 of charges - all this beyond my control.
I am one of the lucky ones that got a 'goodwill payment' around two years ago that gave me back a good deal of the charges but there is still an account (now closed) on hold over the charges which doesn't seem like I will get anything else from Sad

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Re: Ever felt you've been robbed?

Yeah I've been had like that too. DD's due to go out next week (after funds have come in) and mysteriously they manage to pay them early! The SO had this happen 5 days early once. The bank refused to explain it saying that the system did it automatically. Refused to refund the charges too.
Twats.
It's all a setup. Frankly I think now if a bank does that to you, open another account and have money go there instead. Then tell the former bank that you're in a position to negotiate if they want you back.
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Re: Ever felt you've been robbed?

Much as I don't really want to agree with okrzynska and their "all 'rich' people are stupid" - "All 'poor' people are downtrodden saints" philosophy, the fact is, that if I ran a business, and had a term in my contracts with consumers saying, "payment is due on completion, and late payment will accrue a charge of £35 per day, until full payment is made", it could (and probably would), be challenged in the courts under the Unfair Terms in Consumer Contracts Regulations.
It's quite probable in my opinion that this term would be deemed unfair, and as such void, unless I could demonstrate that I was actually out of pocket by that amount.  In fact, if the court really didn't like it, they could deem the entire contract to be void, and I may not get any money at all.
What's the difference between this and what the banks do? Except that my business would be small enough to be allowed to go bankrupt, whereas we all now know that, whatever happens, that can't be allowed to happen to the banks.
As to that being the "end of free banking", only if customers didn't vote with their wage packets and move to a bank that offered free current accounts.
John