Bank charges are too high and so unfair
My gripe is about bank charges that I believe to be unfair, particularly as I believed my account to be in credit at the time.
I received a letter from my bank telling me that there were insufficient funds in my account for a £40 direct debit on the 24th August. They had therefore paid it on my behalf and would make a charge of £30 plus a monthly unauthorised overdraft fee of £28.
I was more than a little confused by this because I believed my account should have been in credit at that time, so I decided to check my bank statement online to see for myself what the problem was.
The direct debit normally comes out of my account on the 26th of the month. Of course I can accept that on occasion it may come a day or two either side of the date set up, but what I cannot get to grips with is the fact that on the 24th of August £200 was credited to my account so there should have been sufficient funds for this direct debit.
I printed off a statement and sent a letter and a copy of the statement to the bank expecting an apology of sorts and for them to drop the charges. Well I can tell you I was more than a little disappointed by their response! Apparently you have to have sufficient funds in your account in the EARLY HOURS of that working day as this is when the transactions actually take place.
I know the pace of life is getting faster but is this not ridiculous? Surely the final result should be the TOTAL for that day’s transactions regardless of what time the money goes in or out?
By: Fed Up
Comments from visitors
BOBLET, you talk bollox on very subject on here, get a life you cretin.
R.B would it be possible for you to guide me please?
R.B would it be possible for you to guide me please?
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I am not lying at all. All these complaints are about overdraft charges. If you just spend the money you have and don't go overdrawn you don't pay the charges. Simples.
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I have never paid a penny in bank charges. Just keep plenty of money in your account and you don't pay anything.
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If you stay in the same place too long you become a sitting target. In my experience you must move on before you are picked clean. Since Thatcher greed is the driving force in insurance, banking & Law. Move on, or be Thatchered.
-3
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I now know where the money is coming from to pay the Fat Cats of the UK banking industry their huge bonuses: out of my regular bank charges.
I have been banking with Natwest for for years and years and years. They now want to convert my Bank Account (automatically) to a "Black Account" and then to charge me £24 per month, for which, they say, they will give me some "benefits". BAH!
Bah! what are those so-called benefits?
Travel Insurance - We already have travel insurance, considerably cheaper than Natwest.
Home Emergency Service - We already have Home Emergency Insurance better than that on offer by Natwest
Card Protection - We are already paying someone else for this and a better service
Breakdown cover UK and European - I never take my car abroad. I already pay the AA for this
Airport Lounge Access - Why on Earth would I need that?
plus some others I have absolutely no need for
Stop these banks doing this. They are now not providing a real service and they are paying their top people far far too much. You are paying for this!!!
I think there is only one way to stop them. Close the account and go elsewhere. Maybe the Fat Cat will lose their bonus if their business collapses as a result of millions doing this.
I have been banking with Natwest for for years and years and years. They now want to convert my Bank Account (automatically) to a "Black Account" and then to charge me £24 per month, for which, they say, they will give me some "benefits". BAH!
Bah! what are those so-called benefits?
Travel Insurance - We already have travel insurance, considerably cheaper than Natwest.
Home Emergency Service - We already have Home Emergency Insurance better than that on offer by Natwest
Card Protection - We are already paying someone else for this and a better service
Breakdown cover UK and European - I never take my car abroad. I already pay the AA for this
Airport Lounge Access - Why on Earth would I need that?
plus some others I have absolutely no need for
Stop these banks doing this. They are now not providing a real service and they are paying their top people far far too much. You are paying for this!!!
I think there is only one way to stop them. Close the account and go elsewhere. Maybe the Fat Cat will lose their bonus if their business collapses as a result of millions doing this.
+1
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unautherised overdraft charges is the legal way to steal from you without beeing punished.
The banks just love you when you go over 5p and they can charge you up to 180pounds.
what a profit oportunity. but its all in the small print. the law is an ass
The banks just love you when you go over 5p and they can charge you up to 180pounds.
what a profit oportunity. but its all in the small print. the law is an ass
-1
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Klaus London - 19-Apr-11 19:56
All the TSB service tills have statement printers on them and have had them for at least twenty years, now they have stopped giving them out, ok you can have a look how your bills are doing via the internet, but not everyone is clever enough to do this, or maybe not even on the internet,
I believe that they have done this deliberately, hoping that their customers lose track of their finances, go overdrawn, and then incur expensive over the top penalty charges.
I believe that they have done this deliberately, hoping that their customers lose track of their finances, go overdrawn, and then incur expensive over the top penalty charges.
-12
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Gainsborough lad. - 7-Jun-10 22:45
I have found this same problem ... there was a a time when the total of transactions would be calculated at the close of business, so if you suddenly realised you'd gone over your limit as long as you got some money in there before the close of business, and they looked at today's close of business amount compared to yesterday's close of business amount and you'd be okay. Now they just immediately look at last night's close of business amount and it makes no difference if you get the money straight back in there or not!
-4
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Philip Osborne - 7-Jun-10 18:44
very true llyods are charging me 250 a mounth for goin over my overdraft by 20 quid there I joke and the dont do anything to help you out apart from saying that you have all these charges I would recomend not banking with those theifing ****s
+1
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lloyds tsb are total scum, unfortunately I lost my job over a year ago, and since then I have lost count of the amount of times they have charged me around 40 pounds for going 50pence over my overdraught limit. I have banked with lloyds for my whole life but not for much longer, they pay there fat cats by raping the everyday joe bloggs and making peoples lives 10 times harder than necessary. Lloyds Tsb is the worst bank going for charging people inappropiately, and there charges are around 500% interest and is PATHETIC. I hope the people at the top of there establishment burn to death there scum. I wonder if they know what its like to not have enough money to eat..... HIGHLY UNLIKELY!!!!
-4
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my partners bank added up bank charges ov £69he went in and tryed 2move date ov amount due as he wouldn't be able 2pay it in time they said they can't move date but they could knock it down to £40.so they dont really need all the money why not knock it down to 0.very unfair they can do this.we still can't afford the £40for date asked so will only result in more bank charges,nearly a weeks wage 4us.
-5
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My bank is always charging me for not having enough money in the bank! it costs me 30 pounds everytime then a added 20 pounds on top of this amount because its un authorised. my bank charges for this month is 146.98 pence. its a complete rip off and im very p****d off about this. I really can't see how banks get into so much trouble when they charge amounts like this. why don't banks just put some kind of block on your account instead of making matters worse by charging you.
-2
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aaron abbott - 12-Dec-09 14:49
When a person deposits a cashiers check, why does Wells Fargo make you wait 2 weeks for your money to be available? What is the purpose of a cashiers check if you wait the same period as you would for a personal check? When I contacted Wells Fargo they explained they make me wait as long as they like. Is there no agency that reviews banking practices?
+1
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Of course they are all scum. Fred the Shred is scum. All his ilk are scum. Monetarism, the system upon which all banks are based is scum. The a la carte system of charging belongs to scum. BCCI are/were scum. They went on charging me costs upon costs and interest for a10p leftover amount owing: the final bill was £500. This was in the 1980s. Scum! They sent the debt-collectors in after they went bankrupt. Scum,
-6
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Cleanse the World of Scum - 4-May-09 20:32
Hi please read overcharging Banks and building societies , you may be interested
+11
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Greetings all,
Can you come to our party?
Details follow below. If this try goes away there will be more litigation that lines up to take on this case. There are too many of us out here getting taken to the cleaners by the banks. I don't care if I see one red cent and the lawyers get everything, just as long as I can see insufficient funds (on the ATM or at whatever retail establishment we happen to go to) again the next time my husband or I spend more than the other one knows about. Cut and paste the address below. Join the revolution!
http://chimicles.com/case/bank-overdraftinsufficient-funds-potential
Bank Overdraft/Insufficient Funds Potential Litigation
Practice: Consumer Protection
Phase: Investigation
Chimicles & Tikellis is investigating a potential class action lawsuit against Wells Fargo and other banks related to insufficient funds/overdraft fees. Specifically, C&T is investigating whether Wells Fargo and other banks automatically re-sequence electronic debit transactions from highest to lowest dollar amounts instead of posting them in the order in which they occurred. This alleged practice drives customers’ checking accounts into a negative balance as quickly as possible, and results in duplicative overdraft charges. (Paste link for entire story)
Can you come to our party?
Details follow below. If this try goes away there will be more litigation that lines up to take on this case. There are too many of us out here getting taken to the cleaners by the banks. I don't care if I see one red cent and the lawyers get everything, just as long as I can see insufficient funds (on the ATM or at whatever retail establishment we happen to go to) again the next time my husband or I spend more than the other one knows about. Cut and paste the address below. Join the revolution!
http://chimicles.com/case/bank-overdraftinsufficient-funds-potential
Bank Overdraft/Insufficient Funds Potential Litigation
Practice: Consumer Protection
Phase: Investigation
Chimicles & Tikellis is investigating a potential class action lawsuit against Wells Fargo and other banks related to insufficient funds/overdraft fees. Specifically, C&T is investigating whether Wells Fargo and other banks automatically re-sequence electronic debit transactions from highest to lowest dollar amounts instead of posting them in the order in which they occurred. This alleged practice drives customers’ checking accounts into a negative balance as quickly as possible, and results in duplicative overdraft charges. (Paste link for entire story)
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If you are unfortunate to fall victim of a card fraudster, you will know that your monies are reimbursed by your bank.
Now, someone here is out of pocket and it's not you. They want that money back, why do you think charges are so high?
Now, someone here is out of pocket and it's not you. They want that money back, why do you think charges are so high?
-12
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I am in complete agreement. My bank used to honor the money within the same day, however in the past few years I've noticed a change and I too am Fed Up. Although credit unions are far superior to banks I still see them as part of the problem too.
+4
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Silverado Mom - 8-Jul-08 10:10
I have just had a few charges slapped on me for going around £20 over my overdraft limit and called the bank to ask how they can reasonably need so much money from one person to cover the 'administration' needed to be done when someone goes over their overdraft limit? The response was "we are allowed to give up to 7 charges in one day"! Hardly an answer to my question. I feel so upset by this, as we have little money to spare. I'm still waiting to receive compensation for all my past charges and it makes me sick that banks can just charge what they like. Has anyone actually had a good experience with banks?
-6
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What a ridiculous site. I was not allowed to put certain words. Additionally, I was forced to capitalize my 'I's' ? This site is just as bad as the bank companies that charge outrageous over-inflated fees for having insufficient funds. Not even online do I have the freedom to write whichever way I please. Good riddance freedom.
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