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post #1 of 11 (permalink) Old 08-30-2006, 08:05 AM Thread Starter
 
Join Date: Apr 2001
Location: North London, innit bruv, safe, UK
Posts: 1,717
Unfair banking charges fightback

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
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post #2 of 11 (permalink) Old 08-30-2006, 08:30 AM
 
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Location: UK
Posts: 4,800
Re: Unfair banking charges fightback

Thanks, I'm going to check this out in a bit when I've got more time and I'll post my own situation.
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post #3 of 11 (permalink) Old 08-30-2006, 01:52 PM
 
Join Date: Apr 2005
Location: Massachusetts, USA
Posts: 883
Re: Unfair banking charges fightback

That is an absolutely insane overdraft fee. Are all bank fees that bad over there? Worst I've seen in the US is $20-$25 for an overdraft.

As with any financial service, though, caveat emptor.
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post #4 of 11 (permalink) Old 08-30-2006, 02:04 PM
 
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Join Date: Sep 2004
Location: U.K.
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Re: Unfair banking charges fightback

100??!!

I'm never getting an overdraft.

Ever.

I remember my sister was charged by her bank for something rediculous, and it went into her overdraft, whereupon she was charged for doing so, then they wanted to charge her an administration fee to fix their error!

Money scrabbing gits. I swear they make up charges as they go along.

~M
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post #5 of 11 (permalink) Old 08-30-2006, 04:45 PM
 
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Location: NB Canada
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Re: Unfair banking charges fightback

Greed, it's an ugly thing.
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post #6 of 11 (permalink) Old 08-30-2006, 05:56 PM
dex
 
Join Date: Jun 2002
Location: UK
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Re: Unfair banking charges fightback

When I was working for Barclays 10 years ago the charge was £20 for every 24 hours you went over the agreed overdraft or your account was in the red without an agreed overdraft.
They do this for 3 or 4 days and then stop so it'll cost you £60-£80 with Barclays as most people don't check their bank ballance daily.

Lloyds are better but not much, I actually used a card/account I never ever use without realising it and paid at my local Tesco my groceries bill (£50 but I only had £42 in the account - by the by that happened in the good old days when cards were not authorised on the spot) that tipped the account into £7-£8 overdraft.
Lloyds automatically charged me £10 and sent me a letter telling me about it.
I got it 2 days latter and paid £20 back in - all was good.

ilia
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post #7 of 11 (permalink) Old 08-31-2006, 12:28 AM Thread Starter
 
Join Date: Apr 2001
Location: North London, innit bruv, safe, UK
Posts: 1,717
Re: Unfair banking charges fightback

nah man, to be honest allegedly they need to provide a clear explanation of their charging structure, but you try looking on the HSBC website and finding it.

To be honest, i really think they are taking the piss andf charging a disproportionate amount to their losses/costs. In fact, a lot of people think so AND are getting compensation.

What that tells me is that they KNOW they are wrong, but want to cover it up.

One succeasfull legal challenge and they are screwed, the lot of them.

Imagine a case ruled against them? The legal precedent it would set? Doesn;'t anyone think it's suspicious that all banks are asettling out odf court to stiop it going to trial?
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post #8 of 11 (permalink) Old 08-31-2006, 07:08 AM
 
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Location: Tampa Bay, FL
Posts: 3,861
Re: Unfair banking charges fightback

This just happened to me twice in the last three weeks after a year and half without so much as going a penny over. Luckily I have a pretty decent bank who reversed the charges.
I'm gonna' go check out that site now though.
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post #9 of 11 (permalink) Old 08-31-2006, 08:37 AM
dex
 
Join Date: Jun 2002
Location: UK
Posts: 2,110
Re: Unfair banking charges fightback

They really shouldn't let you take money out if you are going to go over your overdraft.
Barclays and Lloyds don't these days however they will honour standing charges and direct debit charges what will knock the account in the red.

It's really bad as these banks publish profits in the billions and they don't actually make anything to justify it, it's not like they are going to invest 1/3 of that profit in R&D or something.

I say go for it, open an account somewhere else and see if this letter works.
Can't believe they feel it's OK to charge a person 100 without stopping you from taking money out or nottifying you.

ilia
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post #10 of 11 (permalink) Old 09-10-2006, 08:06 AM
 
Join Date: Sep 2006
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Re: Unfair banking charges fightback

I used to work for HSBC collections
believe it or not it wasn't that unusual for people to rack up 250-300 in charges and i do think that it does tend to get unecessarily punitive. I think the reason that they dont contest more cases is more to do with the hassle involved and the adverse PR. From what I gather the bank has a pretty good track record in the cases that it has contested.
having said all that its still a rubbish way to make money and if it's any consolation, it's an orrible place to work
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post #11 of 11 (permalink) Old 09-10-2006, 01:06 PM
 
Join Date: Jun 2006
Posts: 1,614
Re: Unfair banking charges fightback

Hey, 7 Dying Trees....
At least you have cool hair..

I bet all the guys at the bank are bald, and they just charged you WAY TOOOOO much 'cause they were jealous!

~ Katrina
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