Banks win Supreme Court case...

[pa_broon74]

... on overdraft charges.

https://news.bbc.co.uk/1/hi/business/8376906.stm

Surprised?

I was rather hoping the banks would get another kicking to be honest. I have no vested interest as I don't have any charges to recoup.

But when a bank (or any other large corporate entity) goes to court to try and stop something about their business practices being investigated, you have to be suspicious.


____________________
Didn't catch anything.

[Hetzer]

Oh gee, what a suprise. Wow. Fancy that. The scum who have helped ruin this country get yet another let-off.

Execute every banker on a salary over £40k per annum.
____________________
"There's the horizon! Ride hard, ride fast and cut down all who stand in your way!"

[Itchy]

Banking isn't so bad in this country you should see it in other places,

Charges to put money INTO your bank account
Charges to pay bills
Charges to take money out
Charges to use ATMs
Charges to setup DDs
Charges to pay DDs
Charges for bank statements

etc
____________________
Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.

[Hetzer]

[pa_broon74]

I just wonder how it would've went had there been no recession or credit crunch...

I'd like to believe the judicial process is inviolate...

But...

I don't have much sympathy for folk who willfully and avariciously spend money that isn't their own, but being charged £35 for going as little a £2 O/D still seems unfair to me.


____________________
Didn't catch anything.

[Hetzer]

[Itchy]

[pa_broon74]

[Fortuna]

You have to wonder.
The Supreme court was set up as the highest court so that cases didn't have to go to the house of lords any more, except........
It's still lords who make the decisions, and now even more unerving is the fact that the house of commons can have a say in the outcomes.
The guy who made the final decision was Lord Phillips, not a judge!
Each and every court before this one agreed the fees were infact unlawful yet the banks kept appealing until it got to the supreme court. They then got what they wanted from a Lord. Go figure.

[Hetzer]

[Phoenix]

If they ruled that the charges were to be investigated then it would result in the banks losing a fairly large income stream, the banks need to make money, the government keep pumping it in so it'd be stupid to cut off a revenue stream for them by forcing charges to be cut, it was done to help "save" banks I assume.

Personally I think just cutting their salaries down to justifiable levels would've proved just as useful and scrapping the whole bonus malarky since they effectively became publicly owned for the meantime.

[daemonoid]

A few points:

1. Personally I haven't paid a penalty fee for about 10 years - I arrange my overdraft, occasionally I have had a fee charged and I simply asked them to waive it and they did (it has happened about 3 times). This means I quite like the idea of others being charged fees - essentially I get cheaper banking because someone else pays more for it.

2. This ruling doesn't mean there aren't ways to get charges back... the judge / lord alluded to other (more appropriate) laws that may be used instead to fight the charges and the doors are now re-opened for individuals to fight the charges.

3. There is a lot of complaining, but not much action from the consumer point of view - have any of you actually changed bank accounts? I got hit by some hefty fines by Lloyds (about 10 years ago!) just before my second year at uni... they bounced a cheque I wrote, this took me into my overdraft, so they charged a fee, I avoided using the account for nearly a month while waiting for my student loan so they reduced my overdraft due to unusual activity - this meant another fee as the balance had changed. Altogether £75 worth of charges for a cheque for less than £25 in the first place! This made me change banks to co-operative who are probably one of the less evil banks around... it may be a small consumer protest, but if more people bothered then banks would soon change their tune.
____________________
current: ducati monster 750
past: hyosung gt250r, bajaj pulsar 180, hyosung gt 125 comet
@thomasgarrard | www.straitjkt.com | www.racingseven.com

[Ste]

Regardless of what you will of banks and bankers... the services banks provide to current account holder aren't free. It costs money to have staff in each branch. It costs money to have call centres staffed. It costs money to rent the buildings they use. Everything they do costs money but it doesn't cost you a penny unless you go overdrawn or start writing cheques that bounce. If you do either of those then you'll be charged the fees which you agreed to when opening the account, they also send you a leaflet of the fees along with their terms and conditions every time there's a slight chance to the wording of the t&c.

If you don't like the fees then you could just use your account for receiving your monthly pay and then withdraw it in cash. You can do everything by cash, you'll always know what your 'balance' is, you'll never be able to go overdrawn or have a cheque bounce. It's that easy.

Or, if you want the services offered by your bank that you don't get with a bundle of cash then you'll have to stick to what their terms and conditions are.

[Hetzer]

I love banks. You can get tens of thousands out of them and never have to pay it back, if you know how the system works.

That's consumer action, playing the vermin at their own game.
____________________
"There's the horizon! Ride hard, ride fast and cut down all who stand in your way!"

[Ste]

Okay then, how'd you get tens of thousands out a bank and never have to pay it back?

[Hetzer]

[Ste]

Use it against you? If anyone wanted to use the contents of your posts against you then I'm pretty sure there's more than enough posts where you've talked about doing illegal stuff.

Quite easy to get tens of thousands from a bank, not paying it back is very easy, the only problem is I don't get how you'd stop them coming after you for the money. What's stopping them getting court orders and sending bailiffs after you who'll take your possessions and continue doing so until everything has been repaid? And surely if you do it once then banks aren't going to give you any type of credit again?

[Hetzer]

[Fortuna]

[Ste]

[Hetzer]

[lostboy]

I got charged £30 for a letter telling me I was £0.57p overdrawn, The worst part is my wages were in the system as I got paid 4 hours later, so the bastards tried making money off me twice! I must admit I'm with Hetzer on this one kill the bastards!
____________________
Never invite a vampire into your house you silly boy!

[Hetzer]

[Ste]

[lostboy]

too fucking right I wouldn't have minded the slapped wrist but what a kick in the balls when they have got my money already in their system and making more money off it, I was not a happy chappy. did take a while to get them to cancel though, needless to say I also changed banks but I admit I was overdrawn before anyone points out that the banks were right to do this as I had used money not technically mine.
____________________
Never invite a vampire into your house you silly boy!