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Banks out of control?


observer
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With the OFT pursuing the banking industry over their overdraft charges; the banks are saying, if they lose the case, they will have to start charging folk for the convenience of having a current account- arrogance indeed. :evil: The natural reaction of savers would be to withdraw ALL their finances from the banks - but where to put it? :? Anyone know how Muslim banks work or where they are? :?

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Which was rather inevetable considering the state of the banks these days eh?

 

Just think if they had lost and had to repay all the money gained from charges back to their customers :shock: They would have really been up sh1t street then and the governent (or should I say WE THE SAVERS/TAXPAYERS) would have had to bail the robbing banks out even more.

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I can understand that a deliberate overdraft, is a form of borrowing and thus should incure some interest payment, but they allow this to happen with one account, when they know you have money in another account to cover it - all it takes is a phone call from the Bank Manager for you to authorise a transfer. :?

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I completely agree with Obs... 'Show them the door' !!

 

WHY should they get bonuses from profits they have apparently made when they were BAILED OUT BY US.

 

Maybe some of the ?1.5 billion bonus pot should be paid back to the pot that bailed them out.

 

Or maybe it should be used to pay back some of the money to the thousands of people who claimed against unfair and OTT bank charges and had to wait over a year to hear the outcome of the high court ruling... which lets face it was on track to go in favour of the customers until the banks found themselves in the embarrassing situiation of having to be bailed out. Anyway I've already mentioned my thoughts that earlier.

 

PS.. No I havent tried to claim any personal bank charges back before anyone jumps to the wrong conclusion about my comments :P

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Believe the "bailout" has cost every household around ?40,000; so it's fairly understandable that workers now being laid off at Corus and other places, those facing eviction etc are glowing with rage over the arrogance of these bankers. Far from giving out bonuses, they're lucky with this liberal democracy of ours that they they are not taken to the nearest courtyard and SHOT! :twisted:

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So if the banks and government EVER manage sort out THEIR mess out can every household put in a claim against them to get their ?40k 'loan' back :D:evil:

 

Infact it doesn't cost much to put in a court claim against someone so if the whole country did it would they all have to go :D:wink:

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Hasn't cost us a bean - we've borrowed it from overseas.

 

Money isn't real. Look at your notes "promise to pay the bearer on demand the sum of..." - all you've got is a pocket full of IOUs. Go and ask the Bank of England for your pound, see what you get.

 

Banks and the banking industry are the means by which we control the passing of all this credit and owing. They are a mechanism that keeps society civilised, because we all have a structure for acquiring or exchanging goods and services. Without the banking industry, without money, there would be nothing for it but barter or theft. Therefore, when something goes wrong, we have to support and fix the system, for our own good. This "them and us" stuff is just pointless. We want to use money, so we have to bail out the system. And if the banks and money go down the pan, so every household loses the monetary value of all possessions and savings, how much more than ?40K would that be?

 

And whilst we're on the subject, why are people defending the practice of helping yourself to money that's not yours? Deliberately overdrawing your account without permission is the same as shoplifting or burglary or embezzling public funds or fiddling your Westminster expenses. It is, in fact, theft. What is a bank to do? Press criminal charges? Allow people to help themselves without penalty? Make it financially painful to do it via punitive charges? Those are your only options.

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LP, I have to agree with most of what you have put..... why should people who overdraw get away without charge? I myself have just been done for the grand sum of ?75.00 for going overdrawn on an account that I only use to draw money into from Ebay. Ebay messed up with setting the account up as my main account and when I bought a few bits for my Corsair, I went overdrawn by ?45.00.

 

Now even though I have a few other accounts and a joint account and two business accounts which are all in credit, the fault was mine and I took the pain!! The issue has been sorted and they waived the final charge of ?27.00 so all is well again. Hopefully I won't go overdrawn again!

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If you keep your accounts in good order, then most banks will give you back the charges for a genuine mistake, but I lose the plot completely with people who seem to think it's not their responsibility to know how much is in their account and the Bank should transfer funds for them or ring them up to remind them.

 

As for eBay, I use Paypal against one of my credit cards. I rack up loyalty points with the card issuer AND Nectar points - and before anyone laughs at me, I've just traded my Nectar points for the year and got myself ?80 to spend on Amazon (4300 points gets you a ?20 credit) and I still have some left to spend on groceries in Sainsbury's. All earned on stuff I'd buy anyway. :D

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Correct me if I?m wrong but it?s not actually costing us ?40,000 per household, I think that figure was the average exposure should everything go belly up or put another way what it may have cost us had the government not stepped in.

 

Back on Observers original question and how the Muslim banks work. I don?t know the answer to that but working with many Muslim based taxi firms I can confirm that many don?t actually have bank accounts as such and instead use a system rather like a friendly society.

 

Their system works by having a large group of members (normally an extended family) and each agree to pay a set amount into a pot referred to as the ?committee? pot. The appointed person then holds the money as cash but there is only ever one months money retained. They then take turns in drawing from this pot so every so often they get a cash lump sum. Should an emergency arise like the death of an overseas relative, they have immediate access to the pot effectively giving them instant credit.

 

By all accounts it?s a good system albeit without any interest.

 

Bill :)

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Is it right that with a strict agreed overdraft facility the banks can knock back a cheque of say ?15 as it would take you over your limit even when there are pending payments 'in' waiting to be approved by them..... and they then CHARGE you in the region of ?35 for knocking it back. ?

 

Or is it right that if you have nearly reached your overdraft facility but are subject to banking fees and other bank charges they will ALLOW their own fees to be taken from your account without 'refering it to the drawer' even if it DOES take you over your strict overdraft limit ?

 

And if anyone has a business account have they noticed that customers debit/credit card payments seem to be taking much longer to actually appear in your account these days? :shock::?

 

Did a test on Wednesday of last week using my personal card for one of the businesses I go into and the money came straight out of my bank account but has not appeared in theirs as yet... SO WHERE IS IT :shock::?

 

Seems there are different rules when it suits :wink::roll:

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