Ethical banking?

BankFodder · 11th January 2006, 05:02

The Co-Op touts that it is involved in ethical banking. This is to be aplauded of course. However, they still impose excessive charges for exceeding overdraft limits or for bouncing DDs and SOs.
Is it true, then, that only charity starts at home. Ethics begins somewhere else.

Flyermonkey · 12th January 2006, 17:16

I have taken this up with their call centre muppets, and apparently their ethical policy still stands as their charges are lower than anyone elses!
They are still excessive though, as we are talking a couple of pounds cheaper - I am about to take to take court action against them on Monday unless I have had a reply to my 7 day warning letter.

I moved to them from Bank Of Scotland (HBOS) for the presice reason that I thought they would be fairer, in line with their ethical policy. Nae chance.

MoneyBAGs · 12th January 2006, 17:25

It's just so much rubbish, isn't it. "We are ethical because we overcharge slightly less than the others".

The fact remains that disproportionate penalties are unlawful and therefore can scarcely be considered to be ethical.

I suppose that you could quite reasonably argue that in the case of the Co-Op, failure to act ethically is a breach an implied term to do so.

Good luck with your case. I hope that you give us a blow by blow account of it here.

Docubot · 13th January 2006, 19:56

good luck with it (you won't need luck, the law is on your side).

I took action against Smile (owned by Co-op) and after they acknowledged the claim I promptly received a cheque for the full amount, plus costs and interest.

western promise · 29th January 2006, 01:46

That's interesting re Smile - last month my OH went over her OD limit by £65 for about 10 days and wasn't able to correct it because she was in hospital having a baby. Smile have charged £65 for this, consisting of £15 penalty plus an arbitrary daily punishment of £5 on top of penalty rate interest.

I am inclined to go after them for the £65.

BankFodder · 29th January 2006, 06:03

The ususal disgraceful story.

Why are you only tempted?

Don't you ever give in to temptation?

************************* **************
If you do, the post it in Other Institutions.

western promise · 29th January 2006, 14:34

Quote:

Originally Posted by BankFodder

The ususal disgraceful story.

Why are you only tempted?

Because £5 per day may be more defensible than £35 for a letter. They could argue someone was doing something in re monitoring the account.

BankFodder · 29th January 2006, 15:07

Well it would still be worth making them say what they are doing for their money.
I don't normally like spending my money on a pig-in-a-poke.

spoutuk · 31st January 2006, 18:00

they are not cos I was 3.75 overdrawn and they charged me £35.00 for the privilage

BankFodder · 31st January 2006, 19:01

£35.00 on £3.75!! :o :o

So are you going to sit there and take it - or are you going to stand up and fight like a ... person?

spoutuk · 31st January 2006, 21:09

i was but that was before this site but problem i wished I found this site earlier as i thrown them all away the letters!

Docubot · 31st January 2006, 21:21

I'm not sure what you mean.

BankFodder · 31st January 2006, 21:38

Get copies of the letters. Use the Data Protection Act if ncessary. However, all you really need is the bank statement. Ask for a copy of that. The you are in business.

Docubot · 1st February 2006, 22:33

Quote:

Originally Posted by western promise

That's interesting re Smile - last month my OH went over her OD limit by £65 for about 10 days and wasn't able to correct it because she was in hospital having a baby. Smile have charged £65 for this, consisting of £15 penalty plus an arbitrary daily punishment of £5 on top of penalty rate interest.

I am inclined to go after them for the £65.

Don't be inclined - go for it - they will pay; because they have to.

Docubot · 1st February 2006, 22:39

Quote:

Originally Posted by spoutuk

anyway i lost my card anyway but u expect that they would take the money out after 3 days not 2 weeks

Yeah, 2 weeks is a complete p**s take and they know it.

I put a cheque (their own settlement cheque

in to Abbey on Saturday, and of course it still hasn't 'cleared' by today (Wednesday). IT'S FROM THE SAME BANK!

It's about time they were taken to task on this issue too; 2 weeks??? It may have been the vendors fault on that occassion, however, the systems are there and in place for this to happen instantly. It was hardly your fault. How can anyone be expected to manage their account in a minefield like that?

(I believe that is the point - they like it like this; it keeps people who don't have the time - or inclination - to go through their statements and/or ATM statements every minute of every day, getting charges).

BankFodder · 3rd February 2006, 14:40

I'm going to lock this thread as it has departed form the original subject title but split off your last post to Other Institutions and respond there

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