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
R.B would it be possible for you to guide me please?
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.
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
Klaus London - 19-Apr-11 19:56
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.
Gainsborough lad. - 7-Jun-10 22:45
Philip Osborne - 7-Jun-10 18:44
aaron abbott - 12-Dec-09 14:49
Cleanse the World of Scum - 4-May-09 20:32
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)
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?
Silverado Mom - 8-Jul-08 10:10





