Reclaim Your Bank And Card Charges

[Russ]

Today's the day http://news.bbc.co.uk/1/hi/business/7362856.stm

[Taf]

I see the end of "free" banking any time now....

[Saaf_laandon_mo]

Originally Posted by Russ B

Today's the day http://news.bbc.co.uk/1/hi/business/7362856.stm

http://news.bbc.co.uk/1/hi/business/7364422.stm


And queue the truckload of complaints dropping into the likes of the Abbey!

Bloody hell!!! (Sorry!!)

I bet Martin Lewis is going nuts!!!! Yay for the consumer!

Edit - thinking about it, I bet this will be the nail in the coffin for "free" bank accounts....

[Russ]

Read the links - it doesn't mean the charges are unlawful. It just means the Office of Fair Trading can decide for themselves if the charges are illegal.

I reckon they'll come to an agreement where the current charges are dropped to a fixed rate of £10 to £15.

[Saaf_laandon_mo]

Originally Posted by Russ B

Read the links - it doesn't mean the charges are unlawful. It just means the Office of Fair Trading can decide for themselves if the charges are illegal.

I reckon they'll come to an agreement where the current charges are dropped to a fixed rate of £10 to £15.

I think the banks will not want to say exactly how much it costs to produce an overdraft letter. So they will pay out on all charges up till now, reduce the charge to a 'reasonable' level, and then after that they wont have to pay out. I dont think its the future charging levels the banks are worried about, but the huge amounts they have charged in the past.

[Chrysalis]

saaf I somewhat agree with you.

I predict an out of court settlement something like this.

Future charges at around £12 fixed fee.
Excess charges prior to now to be paid out without court but not automatically consumer has to make claim with the bank.
Additional bank charges to be created to make up for lost revenue, possibilities are atm charges, monthly banking fees for everyone (although likely to be waived for the rich), less favourable interest rates on both credit and overdrafts.

I already pay my bank a monthly fee, this gives me my overdraft limit and debit card, other banks have turned me down for a debit card so I just carry on paying it I am saying this to point out the 'free banking' that keeps coming up is not a reality for many people but more a smoke and screen illusion that banking is free when it isnt.

[Saaf_laandon_mo]

Originally Posted by Chrysalis

saaf I somewhat agree with you.

I predict an out of court settlement something like this.

Future charges at around £12 fixed fee.
Excess charges prior to now to be paid out without court but not automatically consumer has to make claim with the bank.
Additional bank charges to be created to make up for lost revenue, possibilities are atm charges, monthly banking fees for everyone (although likely to be waived for the rich), less favourable interest rates on both credit and overdrafts.

I already pay my bank a monthly fee, this gives me my overdraft limit and debit card, other banks have turned me down for a debit card so I just carry on paying it I am saying this to point out the 'free banking' that keeps coming up is not a reality for many people but more a smoke and screen illusion that banking is free when it isnt.

I see personal bank accounts run like business accounts. We will be charged for depositing money as well as any cheques (which should be rare as they are being phased out) that are processed through the account

[joglynne]

Here's a couple of snippits from the article in MoneySavingExpert.

What happens now?

Further High Court hearings will consider a fair amount for bank charges, and the exact timetable will be decided at a hearing on 22 May 2008. In the meantime, hundreds of thousands of cases are still on hold. The FSA gave banks a waiver from dealing with bank charge reclaiming cases until after the case, meaning they needn’t respond to complaints in the meantime.

Martin Lewis says: "This ruling looks to be a sensational victory for bank charge reclaimers. While the game's not over we’re now on the penalty spot ready to shoot a goal. This is a real vindication of everything the bank charge reclaimers have been saying. Over 4.5m template letters have already been downloaded from MoneySavingExpert.com, and I suspect this will now see millions more. Fantastic news – for everyone but bankers!

"Until the result of the test case, the regulator, the FSA, has put a hold on reclaiming. It's my hope that this will be lifted soon after 22 May, even if there’s an appeal. Yet it’s crucial to start a reclaim now, as you can only go back six years (five in Scotland), and delaying may mean you lose the ability to get old charges back."

http://www.moneysavingexpert.com/rec...k-charge-recla

[Chrysalis]

Originally Posted by Saaf_laandon_mo

I see personal bank accounts run like business accounts. We will be charged for depositing money as well as any cheques (which should be rare as they are being phased out) that are processed through the account

That may create another issue, some local authorities pay out housing benefits as cheques as for whatever reason they wont make payments via BACS.

I agree again tho I wouldnt be surprised if those charges come into play as it will also serve to discourage people using branches to deposit money, eg. might make it free via ATM but have no instant clearance but chargeable over the counter.

[popper]

Originally Posted by Chrysalis

That may create another issue, some local authorities pay out housing benefits as cheques as for whatever reason they wont make payments via BACS.

I agree again tho I wouldnt be surprised if those charges come into play as it will also serve to discourage people using branches to deposit money, eg. might make it free via ATM but have no instant clearance but chargeable over the counter.

i said this before but here it is again for clarity and "reference" cf searching later:

when it comes to any Benefits, the banks etc, have been acting unlawfully, aside from any ruling today about the OFT etc.

since the Govt wanted to make/force everyone use accounts, to save giro money processing etc, and so included the fact banks/BS etc cant take any moneys from any state benefits, pass the word again...

"Social Security Administration Act 1992 (s.187) which states as follows:

187.—(1) Subject to the provisions of this Act, every assignment of or charge on—
(a) benefit as defined in section 122 of the Contributions and Benefits Act;
(b) any income-related benefit; or
(c) child benefit,
and every agreement to assign or charge such benefit shall be void; and, on the bankruptcy of a beneficiary, such benefit shall not pass to any trustee or other person acting on behalf of his creditors.
"

if you want a "Particulars of Claim" for reference for a Small Claim in the courts, heres one

http://www.penaltychargesforum.co.uk...118#post318118
"Particulars of Claim" for Benefit related Claims

[Angua]

Whilst the news is good I wouldn't "bank" on any changes just yet

Motley Fool comment

[Chrysalis]

Some good points raised there it does seem indeed the FSA is really looking after the banks and not the consumers.

[PeteTheMusicGuy]

I dont think all the banks will end "free banking"

[newguy]

Hi all,

Better late than never I say! Basically, the 2nd letter just went off yesterday asking for the charges back - so fingers crossed I didn't leave it to late to send off.

I had other charges to add thou and one was for them cashing the £10 cheque for the statments I requested. They hung on to it long enough and then cashed it when I had no funds to cover it - perhaps on purpose.
I'll update this tread with the progress.

Originally Posted by newguy

Hi all,

Just sending the 2nd letter tomorrow asking for the charges back. I heard from my other half, that she heard from a bank employee that the banks are not paying out at the moment. The cases will be frozen and no doubt of the appeal, if they loose and fingers crossed, it shall mean a further delay perhaps. I don't know how true this is but thought I'd let you know, as it could be rumours inside that bank office. Then again maybe not.

Is it true that at the moment no payments are been made at all by the banks?