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Bank Charges

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    purplebutterfly wrote: »
    You cant expect the banks not to charge you

    I can.

    I pay for the overdraft through the prohibitively expensive interest rate.
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    SkiveSkive Posts: 15,286 Skive's The Limit
    Kermit wrote: »
    I can.

    I pay for the overdraft through the prohibitively expensive interest rate.

    There should be measures to try and discourage people from going beyond the agreed borrowing limit. IMO.
    Weekender Offender 
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Jim V wrote: »
    Just to say, it's getting a bit weird the way you (Mr G) seem to be selectively commenting on what Stargalaxy says a lot of the time.
    You're not alone in noticing that. I can only assume that he's either got a crush on me, or hasn't got anything better to do than try to get me to discuss something I've allegedly said at some time in the past.

    Anyway, let's get this out of the way. It's true that I've spoken out in favour of bank charges in the past. It's true that I've said some of them seem highly excessive and that banks do themselves no favours by revealing to authorities such as the FSA how they calculate them. However, this is now the subject of a court battle which I'm following just as closely as everyone else. If the court rules against bank charges, I will happily accept that I was wrong to defend them.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Skive wrote: »
    There should be measures to try and discourage people from going beyond the agreed borrowing limit. IMO.
    Slapping extraordinarly high penalties (up to £80 or so with HSBC) is hardly the way to go about it though is it?

    Given that most of the people who go over their agreed limit are in financial difficulties, and that taking a further £80 away is very likely going to make them go over the limit again the next month, you can see both the fundamental flaw of such system and the conflict of interests from the bank.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Aladdin wrote: »
    Slapping extraordinarly high penalties (up to £80 or so with HSBC) is hardly the way to go about it though is it?

    Given that most of the people who go over their agreed limit are in financial difficulties, and that taking a further £80 away is very likely going to make them go over the limit again the next month, you can see both the fundamental flaw of such system and the conflict of interests from the bank.


    :yes:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    stargalaxy wrote: »
    Anyway, let's get this out of the way. It's true that I've spoken out in favour of bank charges in the past. It's true that I've said some of them seem highly excessive and that banks do themselves no favours by revealing to authorities such as the FSA how they calculate them. However, this is now the subject of a court battle which I'm following just as closely as everyone else. If the court rules against bank charges, I will happily accept that I was wrong to defend them.

    You base your opinion of morality on a court decision? My opinion is that it is fair that if the bank incurs any extra costs as a result of you going overdrawn, then it's fair enough that they should get them back. If they can demonstrate to the court that the letter they send costs them £30, then I'll happily endorse them as fair. But like I said, I don't see how they can incur more costs than blockbusters when you forget to take a video back, and they only charge a nights rental. The figures that have been suggested of around a £12 maximum still seem ridiculously excessive.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Aladdin wrote: »
    Slapping extraordinarly high penalties (up to £80 or so with HSBC) is hardly the way to go about it though is it?

    I agree. I think your card being rejected or your direct debit to the gas company not going through is enough of a discouragement tbh. Everything else is shameless profiteering.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'm With Stupid wrote: »
    You base your opinion of morality on a court decision?
    I never said anything about the morality or immorality of bank charges.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The simple solution is to agree a larger overdraft limit, then if you do go into it by a few quid you won't get charged.
    My OD limit is £500, i've never been into it more than 30-40 quid.

    BTW, the banks are bastards, but it's easy to get round the charges, if they agree.
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    SkiveSkive Posts: 15,286 Skive's The Limit
    Aladdin wrote: »
    Slapping extraordinarly high penalties (up to £80 or so with HSBC) is hardly the way to go about it though is it?


    Well no, I was arguing that it wasn't.
    Weekender Offender 
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    Teh_GerbilTeh_Gerbil Posts: 13,332 Born on Earth, Raised by The Mix
    Unfair and stupid. So I was a cock, I fucked up, (THANKS PAYPAL, YOU ARE DICKS) and got myself into debt.

    How does the bank help me? I know, give him MORE DEBT! That'll help him out.

    A rip off, unfair, technically illegal, and most of all, just a profit making scheme of kicking a man when he is down.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    cuppatboys wrote: »
    Fair ...Unfair? Post your views :)

    a rip off, once upon a time having a bank account ANY bank account was an investement, for the privelage of holding your money you got interest and were not charged for the holding of you money. then things like cheques, debit and credit cards came along and we find there is no living without a bank account, so what happens banks take advantage want to make more money and can afford to give us minimal interest rates as we have to put our money in them anyway. so I had a Lloyds TSB account with "a" checkbook only, I got a letter informing me I was going to be charged 4 £ a month for the privelage of having a checque book I used once a month, then it went up to 6 £ luckily by then I had returned to the UK and opened an account with nationwide BS now not only do I get real interest on my money even in a current account (4.5 % after tax can you beat that ?) and it don't cost a penny to have a debit card and oh a checquebook.

    My leaving Llyods meant the withdrawral of some thousands of pounds, no they weren't too happy and tried to convince me to stay with investement plans so they want me to lock my money up for 3 years to get 4.5 % interest the same I get at nationwide wilst having 24/7 access to my money I mean do they think I'm stupid ? previously I had locked my money in a wounderous offshore investment with lloyds and what was the great rate of interest ? 1.4 % pft. I've also had huge privacy issues with lloyds (like third parties being given info about all my accounts the person responsable mysteriously moved branch temporarily whilst the row went on naturally WAS NOT sacked great policy)

    my advice use a bulding society you won't be feeling like the piss is being taken out of you
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