Bank charges

[inactionman]

Anyone else seen that this? http://news.bbc.co.uk/1/hi/business/6169539.stm. It's on the money program tonight.

The 'penalty charges' banks use for bounced cheques, going over your overdraft, unfulfilled direct debits, etc. are illegal as the charges are not proportional to the costs involved, i.e. the banks are making a profit (which is against case law and financial regulations). So you can take them to the small claims court and get them back for the last 6 years (plus contractual interest at 28% APR). Generally the banks bottle it and settle for the full amount just prior to the court hearing, although apparently you'll have to reject some settlements they offer first (too low, or too many strings attached according to this site http://www.penaltycharges.co.uk/).

When I had some money problems a few years ago I racked up quite a few charges, and apparently this now works out at ~£1700, result! I'll be starting proceedings shortly!

 

[Will]

Apparently a lot of banks just refund on receipt of a letter.

Though I've only had one bank charge ever, and it was about 8 years ago, so I'm not going to bother writing in.

 

[Utini]

Oh man, the amount of times ive gone over my limits and paid the bigass charges etc regardless, i could be in for a fortune!

 

[JingleBells]

Heh, this has created a 30+ thread on our work newgroup, lots of old people discussing how banks never used to be free and you'd pay using potatoes etc....

I've (thankfully) never been charged, although they tried once when a transfer messed up, and refunded it "as a goodwill gesture as you've never been charged before".

 

[Kryten]

Written/emailed a few times on behalf of my wife/father in law regarding credit card charges and have in all occasions had the charges either fully returned or dropped to £12. It's certainly worth doing - for the sake of a stamp costing 30p or an email costing 3 minutes of time (or a little longer if like me you like inserting some long words to make it sound good). Think of it as a few more pints at the weekend

 

[mank!]

they've just charged me £30 for being £1.93 overdrawn. naturally i'm overdrawn because they charged me for the account.

they probably owe me thousands, cheers.

 

[Frizz]

First Direct, are *****. First farking bank to start charging come Feb unless you're in excess of £1500. Hah, a student's really gonna be able to manage that.*

*Summons effort to leave*

*Me

 

[JingleBells]

Well my flatmate has been told by egg that the reason some of his card transactions have failed is because the magnetic strip is faulty, which is amazing seeing as he's only used it online


(In reality it's due to address changes but thats not interesting )

 

[Tom]

Right I'm gonna do this this week as I'm sure they've stung me for £100 or so over the last few years. Thats £100 beer money.

 

[leggy]

I am probably owed about a hundred pounds from the last 6 years or so. I would be wary of kicking up a fuss as I like my small overdraft and don't want them to take it away. Having read my Ts and Cs again I see they can remove my right to it without much notice.

These charges have usually come from being a few pence over my overdraft limit. Nonsense to be honest.

 

[inactionman]

Remember leggy that you can charge interest at your overdraft rate! My actual charges are only ~£800, with interest (worked out separately for each charge using a handy spreadsheet on the penalty charges site) over the last 6 years it works out to the £1700 figure, so it may be worth claiming.

 

[Wij]

Banks have feelings too

 

[Chilly]

seems a bit unfair to me. rewarding financially unstable and irresponsible (or plain unlucky) people with a 38% savings account. Whereas I who never incurred such a charge have to stick with 4%.

 

[Guest]

tbh you all smell of wet dogs,


my bank (Natwest) lets me off upto 2 bank charges a year, so if you get one, just ring up and complain, they let you off, i suspect most banks are like that.

 

[WPKenny]

I rang up natwest to complain and they couldn't give a shit.

I cba to go through all the letter writing for the 60 quid it's cost me but good luck to those who're looking for more.

 

[inactionman]

<funny twinkling noise in background> And so it begins...</funny noise>

Just sent the initial letter sent to the bank, we'll see what happens.

As to the fairness of this, well firstly it's the bank's fault, the charges are disproportionate and therefore unlawful, so if they didn't do it they wouldn't get themselves into the mess. Secondly those people who get the penalty charges pretty much subsidise current accounts for everyone else through these charges, and that's not really fair is it? Plus we all know what fat cats the high street banks are, so I'm after the buggers for all I can!

 

[yaruar]

I'm going to laughing like a mad bugger when they impliment charges for current accounts again, mainly because i pay for mine at the moment anyway and also because it will annoy the smug bastards who never go overdrawn.

 

[Guest]

do you actually HAVE to have a fkin bank account in the UK, what about one in another country??????/

 

[inactionman]

LOL! Apparently mortgage early redemption charges are similarly unlawful, although not as well tested! Some claims have been made and all have been settled in full so far before it got to court. Starting proceedings for mine with a data subject access request, that will be about another £4k! Anyone else really glad about this? :worthy:

 

[Sockstuff]

I run a small bank in Kent. I charge £1 for every £1 that is withdrawn.

 

[raw]

My mates girlfriend worked for barclays and stole 40k before they realised, just paying the overdue charges from peoples accounts into another account, they fired her and took her to court, the solicitors we're retards and didnt bring the evidence they had on 3 seperate occasions so she got fined 250 quid and 50 hours community service, funny or what

Fuck knows what she did with the 40k either

 

[Doomy]

My mates girlfriend worked for barclays and stole 40k before they realised, just paying the overdue charges from peoples accounts into another account, they fired her and took her to court, the solicitors we're retards and didnt bring the evidence they had on 3 seperate occasions so she got fined 250 quid and 50 hours community service, funny or what

Fuck knows what she did with the 40k either

Your avatar may provide clue

 

[Ch3tan]

She purchased her very own pissing monkey?

 

[raw]

She purchased her very own pissing monkey?

hahaha

 

[Tom]

hehe. I've just sent First Direct a letter demanding £225 plus interest be paid back to me within 14 days I didn't even realise it was that much