Bank Charges

[Javlingames]

Good morning,

This morning it will be decided if bank charges are unfair, can somebody please tell me that if they are deemed as unfair, do we all get our charges back?

Thanks in advance

[Dynamic Entertainment]

Yep, and this afternoon a squadron of pigs will be departing from Heathrow, Terminal 5 :D

[Bouncy Dancefloor]

the short answer is yes, the long answer is no

the resolution of these court cases are years away. The big Banks against the nation in a court of law!

This court case is not about whether the charges are unfair. This court case will decide whether the banks HAVE to be fair or not. Once this court case is decided (if its in OUR favour) they can and will appeal (again!)

Once the appeals are done, then a new court case will begin deciding whether the charges are unfair or not. Then Another court case will be had to decide whether the banks have to give you the money back (without you asking for it - which is fair) or whether you have to go and ask them for the money back, which will ultimately save them money if you have to ask for the money!

[djgordyp]

Good morning,

This morning it will be decided if bank charges are unfair, can somebody please tell me that if they are deemed as unfair, do we all get our charges back?

Thanks in advance

If they are deemed unfair then yes. You can only claim back six years so start a claim now even though it will be stayed when it reaches the court stage. That way your case will be in the system and the six year rule won't apply.
I can recommend a couple of good sites for advice if you're interested.

[Reminisce disco]

djgordyp,

Can you recommend the sites please!!!!

[Daryll]

Bank charges are legal , but unlawful ( you work that one out :confused: )

For all info on this any other money matters http://www.moneysavingexpert.com/reclaim/

Daryll

[SilverlineDiscos]

I hate bank charges, why charge if somebody else's cheque bounces for example?

I have had a few troubles with bank charges but after a filed complaint they gave me my money back and about an extra £5!!! Well chuffed :D

[djgordyp]

djgordyp,

Can you recommend the sites please!!!!

The site that I use is http://consumeractiongroup.co.uk/forum/ which is absolutly brilliant. They have template letters for requesting information held about you by financial institutions and for requesting copies of your credit agreement etc. Not only does it deal with bank charges but also a myriad of other things. Such as, how to deal with debt collectors, PPI, employment problems, parking tickets, benefit related issues and more.

This site isn't run by any agency or charity. It all started when one guy managed to reclaim all his bank charges and decided to try and help others do the same.
Have a look, even if you don't have bank charges to reclaim, I'll bet you find some information in there that will be useful.

I managed to reclaim all my bank charges (£2,500) with the help of this site. That was just before the test case started. Now my next target is PPI on a loan I had. Did you know that a bank can't make you take their insurance on a loan. What I mean is they can't say "you can only have the loan if you take our insurance".

[Danno13]

All seems alot of effort to me, just channel that into organising your finances properly in the first place and you won't get charges!

:sofa:

[DeckstarDeluxe]

All seems alot of effort to me, just channel that into organising your finances properly in the first place and you won't get charges!

:sofa:

I took out a rather large loan to buy my second rig i.e replacing cheap nasty kit with far better equipment. So the PPI will be interesting.

[djgordyp]

All seems alot of effort to me, just channel that into organising your finances properly in the first place and you won't get charges!

:sofa:
That's ok if you :- a) are disciplined enough b) can afford to bounce back from those charges or c) think those extortionate rates are fair.
For instance, I exceeded my overdraft limit (accidently) by the price of a song download (79p). It ended up costing me £35 because they paid the bill and £28 because I exceeded my overdraft that month. If you're not on a good enough income that's where your troubles begin

Interestingly enough the sort of thing I mentioned has sparked a bit of a discussion on the CAG site. The banks call this an unauthorised overdraft. The thing is, iif it was paid then it must have been authorised. If you are not allowed to exceed your overdraft limit then why pay it. Simple, because they'll make a fortune doing that.

Bring back the days when you were paid in cash and you could decide if the bank could have it.

[nigelwright7557]

Good morning,

This morning it will be decided if bank charges are unfair, can somebody please tell me that if they are deemed as unfair, do we all get our charges back?

Thanks in advance

Its only bank charges on people who go into the red or go above their overdraft.

I accidentally forgot to pay off my Mastercard one month and they charged me £26 for the pleasure !

[rob1963]

All seems alot of effort to me, just channel that into organising your finances properly in the first place and you won't get charges!

:sofa:

That's what I do with my personal accounts, and I don't think I've ever paid a penny in charges.

If only my business account was the same.

I only pay in a few cheques each month & draw the money out when they've cleared a couple of days later, and my monthly charges resulting from that are usually about £12 - £15.

That's about £3 to £4 in charges for every cheque I pay in, and I know for a fact that although it might have gone up a bit since I left the bank, it only used to cost them about 50p to clear a cheque.

:bang:

[Vectis]

Rob you really should look into opening an Abbey business account.

So long as you're pushing less than £3k a month through it, and less than 100 cheques/month, there are no charges.

All I use it for is clearing cheques. I send them away in the freepost envelopes they send you, and once a month I do a balance transfer (online) out into my main (non-Abbey) account.

Not cost me a cent in the last 18 months or so.
:beer1:


http://www.anbusiness.com/

[rob1963]

Rob you really should look into opening an Abbey business account.

So long as you're pushing less than £3k a month through it, and less than 100 cheques/month, there are no charges.

All I use it for is clearing cheques. I send them away in the freepost envelopes they send you, and once a month I do a balance transfer (online) out into my main (non-Abbey) account.

Not cost me a cent in the last 18 months or so.
:beer1:


http://www.anbusiness.com/

I'm going to have to consider your advice, Vectis.

Either that, or I need to increase my prices to cover the charges.

:shrug:

[Vectis]

I'm going to have to consider your advice, Vectis.


I know it's a toughie - I was extremely anti-Abbey for a long time since a bad experience many moons ago (when the Brits owned it) but for free cheque laundering you can't go wrong :o

[rob1963]

I know it's a toughie - I was extremely anti-Abbey for a long time since a bad experience many moons ago (when the Brits owned it) but for free cheque laundering you can't go wrong :o

I still prefer the idea of increasing my prices!

:shrug:

[djgordyp]

That's what I do with my personal accounts, and I don't think I've ever paid a penny in charges.

If only my business account was the same.

I only pay in a few cheques each month & draw the money out when they've cleared a couple of days later, and my monthly charges resulting from that are usually about £12 - £15.

That's about £3 to £4 in charges for every cheque I pay in, and I know for a fact that although it might have gone up a bit since I left the bank, it only used to cost them about 50p to clear a cheque.

:bang:
That's not the same thing as being charged around £30 or thereabouts for a retuned direct debit etc. which is classed as an unfair penalty.

Industry experts have worked out it would cost the bank no more than £3-£4 to do this so you can work out the profit margin for yourself.

As I said earlier with charges like that you can see how easy it is for things to get out of control. I saw months where I was paying over £150 in charges.

Once you get into that situation it's very hard to break the vicious cycle.

[Bouncy Dancefloor]

hsbc also do a free business banking account, from memory, you get to pay in about 12 cheques a month