Overcharging banks and building societies
02-September-2010
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Overcharging banks and building societies

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The big banks despite making huge profits and announcing that they intend to make even more profit by charging customers an annual fee, also charge inflated and illegal charges when customers exceed their overdraft limit.  Unauthorised borrowing by as little as a penny can result in charges of £30-£35 a time up to a maximum of £90 plus an increased rate of interest on any overdraft amount.

Overcharging banks and building societies

I think this is a case of heads you win, tails I lose as far as banking customers are concerned as people have no choice but to use banks to receive wages and pay bills.

The Office of Fair Trading has recently suggested that bank charges including late payment, over limit, returned item and referral fees are legally unfair.  This applies on all charges in the past 6 years paid by personal and business customers on credit cards bank accounts and even loans and mortgages.  Bank charges are often set at excessive amounts, some as high as £35 for one charge!

Unfair charges are in breach of The Unfair Terms in Consumer Contracts Regulations (1999).  Basically your bank is not allowed to profit from penalty charges, they must only recover costs.  The OFT has suggested £12 is reasonable.  So if you go over your overdraft or credit card limit the bank may charge you for their inconvenience but they have to prove the charge is fair and that it actually costs them that amount to put the mistake right.

Banks are unable to justify their excessively high charges.

By: Overcharged Customer


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50 years ago half the population did not have bank accounts. We were paid in cash. Employers forced us to use banks to receive wages and salaries. It is they who should have to pay.
*Bill the Right People  29-May-2010 08:15

 
I experienced so much financial pain from the banks with being miss-sold products and misled about costs with them always coming out clean the only way I can describe it is unacceptable.

Such was what I went through I have decided to call the painful experience “Bankers Cramp”.
*You’ve Got What It Takes  28-May-2010 14:57

 
My bank charged me $10.00 for "excessive use of savings account. I feel that this is outrageous. I have lost my job, am living on unemployment and have to rely on the little savings that I have. Why am I being charged to use my own money? Why are the banks charging us more than ever, raising interest rates, etc. when people are hurting so much. This is cruel.
*Audrey  08-Oct-2009 00:58

 
I agree with the last poster. This country has got itself into a mire of ridiculous difficulties.

But there may be help, but it's extremely long-winded

http://www.moneysavingexpert.com/reclaim/bank-charges#step2

http://www.moneysavingexpert.com/reclaim/bank-charges
*Reclaim those excessive bank charges  23-Sep-2009 21:10

 
People like MikeP should be shot. They are social heretics. Barclays bank have charged us 4 lots of £22 for zero service, and zero loan. It;s nothing but pure usury. Daylight robbery. The British banking system is a sick institution. It has found that it has lost trillions robbing the nation and people of its invested pension funds, and now it has to survive by postal highway robbery with threats.

The entire apparent debt we have with Barclays is artificial, made-up of their bogus charges.

There should be laws to stop this nasty little game they play.

But all the law makers are in the pockets of the Banks.

Sick Sick Country.
*The Sick Bed of Europe  23-Sep-2009 20:49

 
Dear MikeP,
I left a deliberate spelling error in my Last post.

Try to demonstrate to everyone how frightfully clever you are by spotting it.
*Noyoulistentome  23-Sep-2009 12:40

 
Just as I thought, it has not raised his score on the stats board because it can only be raised if I posted from HIS PC not my own or anyone elses!

I would say "Liar, Liar, pants on fire" but I am far to mature to resort to that kind of thing.
*Noyoulistentome  23-Sep-2009 12:36

 
It"s me, Noyoulistentome signing in as an experiment to test if it raises Mps score on the stats board.
*MikeP  23-Sep-2009 12:32

 
Dear MikeP
It"s true what they say, If you have lost an arguement, all is not lost, you can always resort to name calling!

Adios.
*Noyoulistentome  23-Sep-2009 12:28

 
Dear Idiot

"I deliberately made that spelling mistake to Highlight my point"
Oh yes of course. I believe you.

By the way why all the capitals?

"You have made over 800 comments to this site. I think you can now rest upon your Laurels"
I haven't, some ofthe silly ones were by other people signing in as me. You may have noticed that there is nothing to stop anyone from using any name they choose.

I don't have any laurels (or is it Laurels?) so why should I rest on them?
*MikeP  23-Sep-2009 11:52

 
MikeP, I deliberately made that spelling mistake to Highlight my point.I also made a grammatical error that you did not spot.

To quote you, "I have a brain and I use it.I can"t(should have been cannot)see much point trying to debate anything with people(should have been persons)whose intellectual powers and ability to express themselves are as limited as some on this forum"

That is not analytical debate, it is, as I said before, evidence of a childish Yah-boo-sucks to you mentality.

Why must you be so Angry with People? Why this incessant need to tell people off? You have made over 800 comments to this site. I think you can now rest upon your Laurels and allow others to make the occasional gripe or comment without having to intervene in an Angry way.
*Noyoulistentome  23-Sep-2009 11:32

 
" MikeP, the comment you have critisized 23-sep/0808 is one you could have very well have written yourself.
*Noyoulistentome 23-Sep-2009 09:51"

I don't think so, I have a brain and I use it. I can't see much point in trying to debate anything with people whose intellectual powers and ability to express themselves are as limited as some on this forum. If a person's grammar and spelling are so poor that it's difficult to understand what they are trying to say, then yes, I will ignore them.

By the way it's 'criticised', not 'critisized', just thought you might like to know, although in this case it doesn't detract from what you're trying to say.
*MikeP  23-Sep-2009 10:54


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