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Banks and Bank Charges ??


Dizzy
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While I'm at it (having a go at banks etc )

 

What, if anything, is to be done about the unfair charges banks throw at their customers for going over an overdraft limit which results in returned cheques/unpaid direct debits etc ?

 

Some banks charge ?35 a time even if your actual cheque/payment was only for a fiver :? Oh and then they charge you interest too :shock:

 

Many people are successfully claiming a large chunk of their unfair charges back from the banks so doesn't that just prove that even the banks know that their own charges are unfair :wink:

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I must admit that I have a problem with this "unfair" label attached to the charges.

 

I have been stung many times over the years with these charges but it has always been my fault; not the banks. I knew what they charged and how much I had in the bank (or didn't at the time) so writing that cheque at the supermarket was always going to take me over the limit!

 

When I signed up with the bank (Barclays it was back then) they told me what the penalties were if I went above any agreed overdraught limit. Why should it then be right for me to whinge and moan when I go over the limit?

 

I know it is easy to bash banks at the moment, but every company can charge excessive amounts for its products or services, thats the way things work surely? I know of firms who can make 100% + on every item they sell.... is that right or wrong?

 

Just my opinion of course so there you go!

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The Banks have existed (like many buisinesses) in the free market world, where they can make up the rules as they go along, and the rules are about maximising their profits; if you need their services they have you by the short and curlies. :roll: With all this mess, it is evident that there has been a complete failiure of the capitalist system, and ironically, Governments are being (reluctantly) drawn into quasi-socialist expediencies to salvage the situation. :shock: The problem is; because it's reluctant, it may mean half measures result in too little too late and they continue to chase an illusive shadow, thus pouring more and more of OUR money into the black hole. :shock: The two extreme options appear to be (a) the right wing Conservative philosophy of non-intervention: which would presumably mean the death of a range of buisinesses, mass unemployment, huge number of house repossessions etc, until (theoretically) the market eventually rights itself. :shock: (B) a Government take-over and administration of the commanding heights of the economy, thus making the system directly responsive and accountable to the collective will of the people: which would necesitate enormous amounts of finance being gleaned from the tax-payer. :shock: Now, whilst Government are being sucked into the latter option; the question that will arise is - from whom and where will these huge tax rises be levied? :shock::wink:

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I must admit that I have a problem with this "unfair" label attached to the charges.

 

I have been stung many times over the years with these charges but it has always been my fault; not the banks. I knew what they charged and how much I had in the bank (or didn't at the time) so writing that cheque at the supermarket was always going to take me over the limit!

 

I do see what you are saying BazJ as I've been charged a few times too on my personal bank account. Second time was my own fault cos I forgot to pay some cheques in before I withdrew :lol:

 

In the case of small businesses etc they sometimes have to rely on overdraft facilities due to cash flow however over the past year banks have been refusing to temporarily extend facilities when they are needed and that's getting far worse now.

 

A penalty charge of ?35 for returning a cheque is rather extortionate considering it only costs the bank something in the region of ?2 to actually do.... not to mention the interest charges on top :roll:

 

What you also have to consider for businesses is that they are actually charged for using the bank. Every credit/debit card payment they collect they are charged for... every cheque or cash amount they bank they are charged for etc etc etc. OK so a simple answer is that businesses should just change banks to the 'free banking for a year' brigade but most wont give you an overdraft facility until you have been with them for over a year... so stale mate :roll:

 

Like I've already said if it was a fair system then it wouldn't be so easy to claim charges back. Surely the banks would just say TOUGH rather than 'ooh sorry here have it all back' :?

 

Guess that will all be changing soon though becasue I have been told about sudden increases in 'why you have/or may be charged' letters from a few businesses I've been into over the past couple of weeks :lol:

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A penalty charge, extortionate or not, is included in your contract, don't whinge when it is applied.

 

I'd just like to add that I'm not whinging about it for personal reasons as our business has never had any penalty charges and we don't have an overdraft either.... but then again we don't have to rely hugely on cash flow. Aren't we lucky... :D:roll:

 

But hard luck to everyone else cos it seems no-one other than me actually cares about your small business or the problems you may be currently having :roll:

 

Gordie doesn't care which is why he's not actually helping small businesses.... the banks don't care so the way I see it is if someone has been slapped with masses of charges they should CLAIM IT BACK it's really easy :P

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Little bit more of the story Observer, this from the Mail:

 

Today's huge bonus to Northern Rock staff - equivalent to around ?2,000 per person - is simply for them paying back part of the Government loan on time.

 

The figure does not even include the seven-figure bonus pool which senior executives will enjoy.

The Rock's new boss, Gary Hoffman, 47, who is one of Britain's best-paid civil servants on a basic salary of ?700,000, is also in line for a super-size handout.

Staff can also look forward to another 10 per cent bonus in 2010 and 15 per cent in 2011 if the bank repays its government loan on schedule. A fourth bonus, worth 25 per cent, will

For a worker on ?20,000, this means total bonus payments of around ?12,000.

Senior executives can expect bonuses rumoured to be worth 20 per cent of salary.

Unlike the bank's workers, their bonuses were not being paid today and have not yet been decided by the bank's remuneration committee.

Latest figures, published in October, show Northern Rock still owes ?11.5billion, compared with ?26.9billion in December 2007.

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Perhaps in our society, we employ too much carrot and not enough stick? :? Notice in China, those who messed up the milk, won't just be crying over spilling it - they'll be shot! :shock: Perhaps a dose of that for these top bankers and specultators would concentrate minds and breed a little humility?! :wink:

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Perhaps in our society, we employ too much carrot and not enough stick? :? Notice in China, those who messed up the milk, won't just be crying over spilling it - they'll be shot! :shock: Perhaps a dose of that for these top bankers and specultators would concentrate minds and breed a little humility?! :wink:

 

Oh heck its catching...... now I'm agreeing with you too Obs (or ageeing...!) :lol:

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