Unfair banking charges fightback

[7 Dying Trees]

After having been hit with a 100£ fine for being over my overdraft by 100£ following bank charges and them allowing me to take cash out while i was past my overdraft limit (something they blocked for about a year when i asked them to) I have decided whether i can join the growing legion of people challenging the ridiculous fees charged by banks for a system that costs little as it is computer automated.

I think it is worthwhile, and possibly something that, if enough people do it, can bring about a change for the better, as I know a lot of people in financial dire straits have the same problem, that being that once it starts, it's a never ending merry go round of bank charges that cause more charges.

Anyway, here's the link, instructions on how to handle it, and good luck. I know I am going to see if i can reclaim some of the ridiculous amounts of money my banks has made of me in the past few years.

http://www.moneysavingexpert.com/cgi...41050760,24632

[LordOVchaoS]

I'm in! I don't know how man times I've been shafted by the bank because I didn't keep track and they kept letting me spend!

[Scott]

Originally Posted by LordOVchaoS

I'm in! I don't know how man times I've been shafted by the bank because I didn't keep track and they kept letting me spend!

Well that's just good business. It's everyones responsibility to keep track of their own spending, but if you do lose track, and run out of money, I think the overdraft option is good to have, incase you need to get something but ran out of money. And if they have a rate at what they charge you for it, then so be it. That's what you get for signing on that dotted line.

[7 Dying Trees]

Originally Posted by Scott

Well that's just good business. It's everyones responsibility to keep track of their own spending, but if you do lose track, and run out of money, I think the overdraft option is good to have, incase you need to get something but ran out of money. And if they have a rate at what they charge you for it, then so be it. That's what you get for signing on that dotted line.

ah you see, the law states that a bank jmust have fair charges (proportional to it's loss) somehow i don't think that 100£ for 2 weeks at 112£ over, as well as being charged 30£ for a reversal charge in that time is fair.

I've actually read an article or two on it, as there is a lawyer here who is challenging it. Also, a lot of banks seem to be returning the money rather than having to go to court to reveal their exact costs and lose, thus setting a precedent for millions to reclaim unfair charges.

I mean, it is my own money, it is my responsibility, but to call some of the charges excessive and a joke is putting it mildly.

I mean, an overdraft limit (ie, the limit of your overdraft) should be the stopping point at which the bank refuses transactions, not the point where they cash in and make money at interest rates vastly exceeding 100%

i think, at the end of the day, it's called laws to protect the consumers, and if the office of fair trading is investigating it, then something must stink.

[noodles]

Originally Posted by 7 Dying Trees

I mean, an overdraft limit (ie, the limit of your overdraft) should be the stopping point at which the bank refuses transactions, not the point where they cash in and make money at interest rates vastly exceeding 100%

No kidding. That is one of my biggest complaints with modern banks. I don't care if it is a "reoccuring charge", just don't pay it and I'll pay that bill a little late manually.

[metalfiend666]

Banker, rhyms with w... enough said.

That's piss taking in the extreme mate, I hope you get your money back. Oh, try switching to First Direct too, they're really good and you can speak to someone 24/7. Someone in this country who speaks English too, not some unintelligable foreign call centre worker.

[7 Dying Trees]

Originally Posted by metalfiend666

Banker, rhyms with w... enough said.

That's piss taking in the extreme mate, I hope you get your money back. Oh, try switching to First Direct too, they're really good and you can speak to someone 24/7. Someone in this country who speaks English too, not some unintelligable foreign call centre worker.

they're still a divison of HSBC and to be honest, after my experiences with them over the past two years I don't think i'll be banking with them once i actually start earning money again. Or any of their subsiduaries.

But man, i was livid earlier. I got told to go .... myself in no uncertain terms (ie, the banking charges are perfectely reasonable and in line with our charges) earlier on. Strange thing was that when i complained last year, i recieved the money back then, AND they changed my account to not be allowed to go past the overdraft, ie, ity just wasn't possible, and exactly the way i wanted it.

Whatever happened to the customer is king?

[metalfiend666]

In that case definitely change to First Direct. HSBC ....ed me about massively, but First Direct are totally different. There the customer is king and they seem to bend over backwards to help.

[Scott]

Originally Posted by metalfiend666

not some unintelligable foreign call centre worker.

I resent that

[Popsyche]

^

You said it before I did!

[JJ Rodriguez]

Originally Posted by metalfiend666

That's piss taking in the extreme mate

Expressions from people in the UK crack me up.

[LordOVchaoS]

Originally Posted by JJ Rodriguez

Expressions from people in the UK crack me up.

A good portion of my family lives in England and some of the shit they say cracks me up! My favorite:

Fart = Windy Puff

[metalfiend666]

Originally Posted by Scott

I resent that

I wasn't offending Candians, more the guys we usually get put through to: Call centre workers in Mumbai who can barely speak English to start with AND have very thick Indain accents, so we have no chance of understanding a work they say.

So shut up ya cack-handed Canook!

[Scott]

I get calls all the time, with first thing outta their mouths being "Thank god! An American!"

Me: Actually Sir, im in Canada.

Customer: Oh, really? Can you transfer me to someone in Malaysia then?

[noodles]

[Mykie]

Banks suck, when I get overdrawn it's just one fee and that's it. But one fee for everything that goes over, it doesn’t recur. But its $38 each hit, ouch.

I like my piggybank better. =)

[nitelightboy]

Yeah, I used to overdraft ALOT. And the last week or two I've done it a couple of times, although I've been really good the last 6 months. $35 each time and it always sucks. Fight the power!!!

And 7DT, could you say leather for me

[LordOVchaoS]

Sometimes I don't have a choice but to overdraft. If I have no money in the bank and my daughter needs food, diapers, etc... I'm going to the store and eating the charges without regret. Sure would be nice to get all those back though

[Buzz762]

Originally Posted by Scott

I get calls all the time, with first thing outta their mouths being "Thank god! An American!"

Me: Actually Sir, im in Canada.

Customer: Oh, really? Can you transfer me to someone in Malaysia then?

I thought most of the world loved canada (well, minus americans who have seen the south park movie)?

[Metal Ken]

Reaons like this are why credit cards are nice. I can just charge whatever on my card and pay it off at the end of the month. if i dont have enough? as long as i cover the minimum charge, thers still no fees.

[Elysian]

.... and i can't stand the $36 overdraft fee my current bank charges, and you're getting 100£ ....ing a... i went 71 frigging cents over today, and it put me 36.71 in the hole... had to go make a deposit a minute ago... lame shit.

[7 Dying Trees]

Originally Posted by Elysian

.... and i can't stand the $36 overdraft fee my current bank charges, and you're getting 100£ ....ing a... i went 71 frigging cents over today, and it put me 36.71 in the hole... had to go make a deposit a minute ago... lame shit.

exactly, i mean, for 71c charging a fee that is effectively 1000%+ interest, i mean, that is in no way proportional. it's the great rip off of the century, and don't forget that apart from that fee you'll get charged disproportionate interest as well on top of everything.

Seriously, it will only take one person to succesfully challenge this bullshit to make the banks' cash cow come crashing down.

[Vegetta]

holy jeebus

100 quid isnt nothing to sneeze at

that is a lot of mony for an overdraft - in the US it typically is around $35 (many banks have overdraft protection where you dont have to pay anything but a small monthly fee)

Between banks, oil companies, healthcare, the insurance industry and the goverment we are all so well and truely boned

[Drew]

So, my ING transfer to cover my newest guitar arrived a few days late, my landlord cashed my rent check early and it didn't reflect on my online statement until today, and between one thing and the next I just got hit with 5 $35 overdraft charges for the weekend.

Before I get on the phone or drop into the local branch of my bank, what are my options here? the page you linked James seems to be pretty UK-specific, is there any corresponding law linking fees to the actual losses incurred in the states as well?

I'm just having a hard time seeing how my bank could have REALLY lost $175 on my account being overdrawn by $500 over the weekend, and covered first thing monday morning.

[ukfswmart]

Originally Posted by 7 Dying Trees

Whatever happened to the customer is king?

Shareholders, mate

I keep having similar problems with Sainsbury's Bank. I've gone over my credit limit by accident several times recently, yet they don't seem to do anything to enforce that 'limit' until I'm way over. ....s. Still, it serves me right for having so much GAS and for buying my lunch from M&S every day...