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Bank Charges
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Fair ...Unfair? Post your views 
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why though? what about them is unfair?
And I've never incurred a bank charge btw.
A while ago I was living alone and renting a flat I THOUGHT I could afford. Always paid my rent and bills at the beginning of the month, that was never an issue, but always seemed to struggle a bit the week (sometimes fortnight) before payday.
One particular month I went past my overdraft. Matter of pence, but went past it nonetheless, and BANG - they walloped a thirty quid charge on me. I kicked up a fuss, as you do, and they paid back the thirty pounds "as a gesture of good will", but warned me that should I go overdrawn again, they wouldn't be able to be so lenient.
Lo and behold, depsite being as careful as I could be, a couple of months later I went overdrawn again. And I must stress, this was not due to any kind of extravagant lifestyle, I just needed food; but banks don't give a shit about that. Cue more charges. Eventually, because I was then short the following month, I ended up going overdrawn again and it turned into this massive, vicious cycle. Pay-day comes around, the bills get paid, the bank charges get paid and then I'm left short.
Frankly, I feel the banks are greedy little bastards. They don't even TRY to help people get out of a sticky financial situation, they thrive on it, and believe me... I've asked for help from them on numbers of occasions. I've paid hundreds of pounds in bank charges over the years and eventually moved to shared accomodation because I'd had enough of the financial struggle.
I understand the side of the argument where people say "you should be more careful with your money!", but what if you are bloody careful but still, from time to time, get stuck? It's wrong of them to steal money from us so willingly and so often. Plain and simple.
And Katralla is right - why are banks so willing to give you money when you haven't actually got it, but then charge you through the roof as punishment? Where's the fairness in that?
I went into my bank and spoke to the manager and she very kindly refunded me the £25 though.
But couldn't you say that you are stealing from them, if you go over the overdraft limit? You are taking their money without asking.
And which would you rather? They give you the money, or refuse to give you any. Especially if there is a long line behind you in the checkout in the supermarket...
Precisely. There were a couple of occasions many moons ago when I was quite aware I didn't have money in the account, but was desperate for something or another - most likely food / toiletries - that I went to the supermarket and put it on my card, knowing that the chip and pin would accept it.
My fault for going overdrawn, granted; but the banks make it far too easy for people to do this now. The money is too accessable.
So they could stop something going over the limit by £2 - if they stop it, you know you don't have money left. If they let you take the money out they fuck you for a £30 charge - guess which system they back?
The way our society works, it's near impossible to dispose of banking services unless you're a hermit living in a caravan or have decided to go back to nature and live in the woods.
Yet you will have a go at anything and everything in the politics and debate thread, court case or not?
Just to say, it's getting a bit weird the way you seem to be selectively commenting on what Stargalaxy says a lot of the time. It's really better to follow debates rather than individuals.
This is going to hit those hardest who are just surviving whether they have incurred charges in the past or not.
That is a poor argument for letting the banks carry on with what is an illegal practice.
I'm not sure it's a good analogy.
I havn't said it's always the customers fault if they go over the limit. I havn't said it's a girls fault if she's raped after taking no precuations.
?
No, you are borrowing their money with their explicit agreement. They authorise every card transaction and every withdrawal.
They also charge you 30% APR interest for the borrowing. W"hich is, of course, where they make the real money.
Excuse me, I'm already paying a fortune for my bank account. My in-credit interest rate is about 1%, which means that I am paying 4.5% to the bank for having my money there. Which is, of course, why my savings are with a bank that pays a better rate of interest.
A lot of people already have "premium" accounts, where there is a fee and banks will push those accounts more.
The fines they charge are not the bread-and-butter for the banks, they're just a nice bonus and if they are deemed illegal "free" banking won't end. One bank will always break ranks (just as Nationwide did when Barclays, RBS and HSBC tried to charge people for ATM transactions ten years ago) and that will prevent anything happening.
I dont think we'll see the complete end of free banking, somone will still offer it.