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Originally Posted by Chrysalis
Back on the original subject of bank charges, it is clear they illegal this appears to be the case as they have not won a single court case on this. So why are they been penny pinching settling right before court day and wasting (a) public fees on court costs (b) customers money on solictor fees when they could settle before that stage.
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Just a minor point... the banks involved have not won a single court case but neither have they lost a single court case. They've all been settled out of court with the banks repaying the fees (which is more cost efficient for them to do, as the individual amounts are relatively small, albeit numerous), and of course no admission of guilt has ever been announced by any of the banks concerned.
Of course the banks are going to drag their feet before coughing-up... that's to be expected really.
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Originally Posted by Chrysalis
Also why are they and other banks still keeping their charges in place, I think if it stays like this now its so open in the public domain eventually either the government or the regulator is going to say hey you charge X amount or you fined XXXXXXX amount.
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The OFT finding wasn't that charges per-se are unlawful, but they did find that the charges were excessive. The OFT's suggested limit is £12, they have never said that all charges are illegal or should be discontinued. Their press release can be read
here
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Originally Posted by Chrysalis
It seems they are just delaying the inevitable now and I think the future of banking will change. Personally if we get charged say 2% of transactions for using an ATM I wouldnt mind (wouldnt surprised me if they did fix fee again to benefit rich), add a annual banking fee say £10 for every single customer including the rich ones and they have replaced their 3bill loss of turnover.
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I much prefer the current system, to be honest. I don't see why I and many, many others should be penalised because, unlike some people, we can manage a bank account properly. However, if things continue, then I can see blanket charges being introduced. I don't agree that it's a case of the poor subsidising the rich, as I know many not-rich people that benefit from free banking.
---------- Post added at 12:26 ---------- Previous post was at 12:22 ----------
Another thing... regarding ATM charges, would you expect the nominal charge to be paid to the owner of the machine you're using, or should it be paid to your bank even if you're not using your issuing bank's ATM.