I bet Mey is in mourning about now

[Marc]

BBC NEWS | Business | Banks lose overdraft charges case

 

[soze]

I'm really torn over this poor fuckers who get caugth by accident and then it spirals i feel sorry for.

But the people who let there finaces get stupid drive a new car but miss card and loan payments ect i do not feel sorry for if im honest.

 

[Mey]

Though the losing of the first round in the test case was indeed disappointing, it is infact fairly insignificant. The first part was more of a question of law, rather than a judgement on how fair they are.

The judge ruled that the OFT can look at the fairness of charges. Not that the charges themselves were unfair. At any rate even if the banks do lose the cynic in me says they will just find another way to "make money".

It worries me slightly mind you that if the OFT goes against the banks the sheer volume of money having to be repaid by the banks to costumers in a short time scale could very well cripple some of the small banks adding to the credit crunch significantly.

Hopefully we will find something equally as evil to campaign against after this is over and done with, I hope it is TV licence fee's!

 

[Golena]

What's going to happen is everyone is now going to have to pay a charge to bank regardless in order to compensate for those people who are unable to look after their finances.
As if paying their welfare wasn't bad enough already!

Hopefully after bringing in the charge then banks will simply refuse to pay out if the account is going to go over the overdraft. Let the direct debits etc, simply bounce instead of honouring them with a charge to the user and let them worry about all their stuff getting reposessed instead.

I know someone who got caught in a so called spiral. Instead of cutting back on everything for a month and getting himself back in the clear, he kept pissing money away down the drain then whined at the bank for repeatedly charging him. The first thing everyone should learn is that draining your bank account to the last penny every month then bitching when you fook up and get charged is not the way to manage finances!

 

[Laddey]

My demonbitch mother got like £2000+ back

 

[Mey]

Lloyds TSB has already made a move to a thing they call the "ultra debit card" which has stricter limits on it, it'll work in a similar way to a cashpoint card in that if you don't have the money it will just point blankly refuse to do any transactions, a bitch if you get paid on monday but have no food on friday.

I think they will be offering it to people who repeatedly struggle with their own finances.

If the move to a monthly charge for normal current accounts happens I hope they don't charge staff xD

 

[Rubric]

Lloyds TSB has already made a move to a thing they call the "ultra debit card" which has stricter limits on it, it'll work in a similar way to a cashpoint card in that if you don't have the money it will just point blankly refuse to do any transactions, a bitch if you get paid on monday but have no food on friday.

I think they will be offering it to people who repeatedly struggle with their own finances.

If the move to a monthly charge for normal current accounts happens I hope they don't charge staff xD

So like a visa electron or a solo card then. Nothing new there. The balance check will still get bypassed in places with high volume transactions like tescos or it won't be usable in places with high volume transactions and it will be as useless as Electron used to be when it was restricted.

 

[Mey]

Ye basicly an electron.

 

[Rubric]

Oh and Mey,


the charges are not fair.

 

[Mey]

Oh and Mey,


the charges are not fair.

Neither is the Tv Licence Fee, parking tickets, the bus fare, the amount of tax I pay on my fags and booze.

But as mummy always used to say, lifes not fair!

If you dislike how the banks are run then vote with your feet, move all your money under the bed.

 

[Rubric]

Neither is the Tv Licence Fee, parking tickets, the bus fare, the amount of tax I pay on my fags and booze.

But as mummy always used to say, lifes not fair!

If you dislike how the banks are run then vote with your feet, move all your money under the bed.

I have a bank account to get my wages paid into. I pay my car insurance by dd from it, my rent by standing order. Both these happen on payday. The day after i withdraw everything from my account and stash it in my safe. Can't do anymore than that. I think the bank makes no money out of me at all.

 

[Mey]

Then quit your jibba jabba!

Sorry you've caught me at a bad time! Dead narky for some reason.

Whilst I understand the frustration felt by people being repeatedly charged for a fairly hefty sum it really is peoples own responsibilities to be able to manage their own funds, the help is there if they look for it.

Also on a related/unrelated note, so what you are basicly saying is that you are perfectly happy to use the banks services but not pay for it?

 

[Rubric]

The charges are unfair.

Your bank is one of the worst.

 

[Mey]

The charges are unfair.

Your bank is one of the worst.

Actually I think the new charging structure for Lloyds TSB unplanned overdrafts is fair and cheaper than the other banks (not really looked but from what customers have been saying it is.)

Monthly fee

£15

You will pay this fee if you have an Unplanned Overdraft at any time during your monthly billing period (even if your next monthly billing period is only a few days away).
We will charge you a maximum of one monthly fee in a monthly billing period.
Daily fee

Unplanned Overdraft balance is:
Less than £25 - £6 a day
£25 to £100 - £15 a day
More than £100 - £20 a day

You will pay a daily fee for using an Unplanned Overdraft. The amount of the fee will be worked out at the end of each day (including weekends and bank holidays) on the balance of your Unplanned Overdraft.
We will charge you a maximum of 10 daily fees in a monthly billing

 

[soze]

If your overdrawn £101 for 10 days you get nailed with £215 not what i call fair at all.

 

[Marc]

I went 4p overdrawn once and was charged £60. That just takes the piss

 

[Golena]

If your overdrawn £101 for 10 days you get nailed with £215 not what i call fair at all.

Then don't spend £100 more than you actually have?

Is managing your finances really THAT hard? Look at how much money you have, spend less than that.

They only charge you that if you take money off them without asking..
People mostly run into these problems because they insist on ending up the month before they get paid on zero funds. The number of people I see 2 days before payday couting down the minutes is silly. Spend a month where you don't go to the pub every night, get a buffer between you and brokeness and then don't worry about the charges.

Yes that doesn't apply to everyone, but I bet it covers 95% of the cases.

 

[old.Tohtori]

Hmm.

I'd say, put in a percentual overdraft charge.

Example;

Go over a 100, get a tenner taken out. Go over 25000, get a hefty 2500 charge.

charging 60 for 6p is, ridicilous.

 

[Mey]

O and with that new structure I posted you only get charged if you don't pay the money in before closing on the day.

 

[Hawkwind]

I went 4p overdrawn once and was charged £60. That just takes the piss

Natwest once bounced a 10 GBP personal cheque which would have made me 19p OD, they charged me 40 GBP for bouncing the cheque. The refused to pay the money back and I changed banks the same day. I left 1 GBP in the account and they still, 15 years later, send me monthly statements.

 

[Mey]

If your overdrawn £101 for 10 days you get nailed with £215 not what i call fair at all.

Going overdrawn by £101 is taking the piss, and is something that you should know is going to happen, so get in contact with whatever bank you are with and ask them for a planned overdraft.

I think it's quite simple really, if you struggle so much with your finances then don't have the Debit Cards/Credit Cards. Go back to basics with a standard cash account, get all your bills sent to you by papper and withdraw your money in advance for purchases.

 

[soze]

I agree with its your problem if you cant manage your finances but for example i need my car to work, if my gear box breaks and i need to spend £100 to fix it if i do not have that i will be forced to spend it from an overdraft. Lose my job or go overdrawn. And for that i get a £215 charge?

I just think banks need to act differently when its someone who goes overdrawn once a year in an emergancy and when its someone who does it every month.

And Lloyds refused me a planned overdraft when i needed one the only way they would give me one was to sign up to a gold account.

 

[Mey]

Its rare that overdrafts are refused, it usually means that you are clearing yourself out every month and have no form of savings.

So your forced to spend that money by going into your unplanned overdraft? That's interesting.. Nobody is making you get charges but yourself.

Why should the bank even allow you to do that for some "lower"* fee that has yet to be decided by the OFT.

*don't even know if it will be..

Also they do treat you differently if its your first time in 12 months. It's best to give them a call and explain the situation and the chances are they will probably remove it for you as a good will gesture.

 

[Bahumat]

Mey's so gonna have angry sex tonight!

 

[soze]

Its rare that overdrafts are refused, it usually means that you are clearing yourself out every month and have no form of savings.

So your forced to spend that money by going into your unplanned overdraft? That's interesting.. Nobody is making you get charges but yourself.

Why should the bank even allow you to do that for some "lower"* fee that has yet to be decided by the OFT.

*don't even know if it will be..

Also they do treat you differently if its your first time in 12 months. It's best to give them a call and explain the situation and the chances are they will probably remove it for you as a good will gesture.

Its not always black and white if you need to fix your car or lose your job do you pay to fix it or lose your job just so you do not go overdrawn. And i had been working 3 months when i tried to get an overdraft. I agree the banks should be abel to charge you for being bad with your money but the amount they take is a joke.

 

[russell]

Going overdrawn by £101 is taking the piss, and is something that you should know is going to happen, so get in contact with whatever bank you are with and ask them for a planned overdraft.

I think it's quite simple really, if you struggle so much with your finances then don't have the Debit Cards/Credit Cards. Go back to basics with a standard cash account, get all your bills sent to you by papper and withdraw your money in advance for purchases.

Mey - how old are you? Do you have a family? You are making me really angry with your ivory tower opinions.

It is not so black and white. Try and grow some understanding.

People struggle and in SOME situations bank charges are unreasonable. I am a mother of 3 small kids and keep a close eye on our family finances (as we are down to one income, after me giving up my cushy job in the city -yes my choice before you start on me!) My husbands salary was paid in 3 days late and i got charged an admin fee of £30 for each DD that was returned - amounting to over £300!

I do agree with the bigger picture of the drain on the economy, and the pressure on the Banks. But they have been fat cats getting fatter on people like me for so long and so i say WOO HOO that one injustice maybe rectified.

Peoples circumstances change and yes life is unfair and we all have to pay the TV License(!) but show a little empathy -you might be on the recieving end one day.

 

[Marc]

.

Peoples circumstances change and yes life is unfair and we all have to pay the TV License(!) but show a little empathy -you might be on the recieving end one day.

He wont be on the receiving end. God forbid that anything happened to Mey so that he couldnt work, but if it did, as he says, its so easy to manage your finances. Even if he had to pay 1000's out every month, with no income comming in, he still wouldnt go overdrawn because managing your finances is so easy and you should never have to go overdrawn.

 

[soze]

Noe lets be serious if you lost your job you would just call up the bank and tell them and they would set you up a interest free overdraft to help you get by.

Or you should pay the stupid price for credit protection which is impossible to get back even if you do lose your job and get run over.

 

[Mey]

I'm not saying life is easy but you can make it easier by being sensible, the amount of people that just bury their head in the sand is unbelivable, and yes maybe I don't have a family yet, but I have a job and I'm studying at the same time, I still have bills and rent to pay.


And Mark i'd probably get a loan with repayments starting 3 months after the starting date

 

[Eeben]

If your overdrawn £101 for 10 days you get nailed with £215 not what i call fair at all.

dont get overdrawn then??? not like they force you to make you get overdrawn with a gun to your head