Bank Charges D Day

[Acidmouse]

I'm just happy the correct decision has been made.

I also believe the decision was unanimous, which if I'm not mistaken means there is no further route for appeal?

Maybe people will start taking responsibility for managing there own finances now?

+1. The BBC covered this in the morning, using some semi mong lady harping on about £1500 overdraft charges she occured over a 2 year period. She was a fuking idiot and couldn't control her money or her life. People who continally go over their limits deserve huge fines!!

[lazaroonie]

I'm just happy the correct decision has been made.

I also believe the decision was unanimous, which if I'm not mistaken means there is no further route for appeal?

Maybe people will start taking responsibility for managing there own finances now?

and maybe the banks will be persuaded to put a fair charging model in place that isnt solely designed to increase their profits at a cost to people who can least afford it.

and maybe people will realise that banks are purely there to sell them stuff they dont need and treat them with the utter contempt that they deserve.

[Acidmouse]

But if you are spending money thats not yours why should the banks let them ?

[lazaroonie]

I'm just happy the correct decision has been made.

I also believe the decision was unanimous, which if I'm not mistaken means there is no further route for appeal?

Maybe people will start taking responsibility for managing there own finances now?

+1. The BBC covered this in the morning, using some semi mong lady harping on about £1500 overdraft charges she occured over a 2 year period. She was a fuking idiot and couldn't control her money or her life. People who continally go over their limits deserve huge fines!!

is everything in your world so black and white ?

is there no room for any mitigation ? perhaps you would like to explain why they deserve huge fines, using the broad brush strokes of generalisation that you seem to be so comfortable with.

[Acidmouse]

If someone makes a single mistake and breaks their overdraft limit is it safe to say if you ring them up and explain the situation they will drop the charges or negotiate them? if someone continually abuses their account and uses the banks money why should they avoid fines? its easy to agree to higher overdraft limit, sadly this takes a little commonsense and forsight for most people so they take the easy route and blame the banks? I don't get it.

[SuperJez]

The fair ruling, the charges should stand 100%......and I hate banks as well

[lazaroonie]

But if you are spending money thats not yours why should the banks let them ?

oftent these cases arent as simple as that. it is not a simple case of someone spending 20 quid too much and then getting charged 30 quid for it. It is more often, when there is already a very tight budget in place, the uncontrollable spiral that this creates. the people that suffer from it are the ones who can least afford it.

so you get charged 30 quid for the bank returning a 20 quid direct debit. you are now 30 quid overdrawn
then, a couple of weeks later you get hit with another charge, for every day you are overdrawn without permission. say 20 quid a day for a maximum of 3 days (rbs charged in this way)
(note that your idea that you are spending the banks money is nonsense. the bank are now actually spending your money for you)

you are now 90 quid overdrawn. your small salary goes in, but you are now 90 quid behind your budget. so you phone up the  bank - 'hi, im a bit short can i have a 100 quid overdraft ?'

' sorry, your profile is not the type we want to lend money to. bye'.
(translates as - we can give you an od and charge you 5 quid for it, or we can refuse, and continue to rake in 60 quid per month).

so this continues..month after month...all because of one mistake/oversight/whatever. perhaps you can suggest a solution to this ?

[lazaroonie]

its easy to agree to higher overdraft limit, sadly this takes a little commonsense and forsight for most people

its not so easy if you are one of the estimated 25% of people in this country who have no access to mainstream credit products.

[Acidmouse]

I agree its not great for some people on a really tight budget, often difficult to break the cycle of debt and paying bills but its not the banks fault. It many of these people went to the citizens advice bureau or other free debt advice groups I am sure they would give them some great help on finding a solution.

But it all comes down to people spending more then they have, that's a fact no one can deny. If it is not the banks money they are spending when they go over their limits then who's is it exactly?

[StuartHopkin]

I agree its not great for some people on a really tight budget, often difficult to break the cycle of debt and paying bills but its not the banks fault. It many of these people went to the citizens advice bureau or other free debt advice groups I am sure they would give them some great help on finding a solution.

But it all comes down to people spending more then they have, that's a fact no one can deny. If it is not the banks money they are spending when they go over their limits then who's is it exactly?

It could acrtually be anyones as banks have to clear down their borrowings at then end of every day i believe.

[lazaroonie]

I agree its not great for some people on a really tight budget, often difficult to break the cycle of debt and paying bills but its not the banks fault. It many of these people went to the citizens advice bureau or other free debt advice groups I am sure they would give them some great help on finding a solution.

But it all comes down to people spending more then they have, that's a fact no one can deny. If it is not the banks money they are spending when they go over their limits then who's is it exactly?

i have already explained why it isnt as simple as saying 'people spending more than they have'. and if you have ever been in debt its always not so simple to look for advice. its a bit like telling someone with depression to 'give themselves a shake'. Yes, with the correct help people can get out of the spiral of debt, but kicking them when they are down doesnt help.

also the idea that 'we are stealing from the banks' is a myth which the banks are happy to perpetuate.

[G1BTW]

[X] Laz pwns bank charges debate

[mondatoo]

I agree its not great for some people on a really tight budget, often difficult to break the cycle of debt and paying bills but its not the banks fault. It many of these people went to the citizens advice bureau or other free debt advice groups I am sure they would give them some great help on finding a solution.

But it all comes down to people spending more then they have, that's a fact no one can deny. If it is not the banks money they are spending when they go over their limits then who's is it exactly?

Still don't make it fair to charge someone £40 for going £15 overdrawn,then charging £20 or summit crazy like that for them sending you a letter telling you you went overdrawn,sure seems fair.At the time everyone was claiming it back succesfully i was gutted i'd never been overdrawn before lol,that sure still is the case

[Acidmouse]

So it is the banks duty is to allow people (who continually break the rules they signed up to) free money whenever they want it without any consequences? because they are in a difficult situation? I am not sure that is what banks are there for. Maybe they shouldnt charge them a thing and just close their accounts.

Not over keen on the depression comparison tbh. More often than not people make decisions in life that lead to dept, mental health problems is an illness.

[mondatoo]

So it is the banks duty is to allow people (who continually break the rules they signed up to) free money whenever they want it without any consequences? because they are in a difficult situation? I am not sure that is what banks are there for. Maybe they shouldnt charge them a thing and just close their accounts.

Not over keen on the depression comparison tbh. More often than not people make decisions in life that lead to dept, mental health problems is an illness.

How about charging in proportion to how much the person went overdrawn ?? 100%+ interest is robbery imo