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Punishing the banks.....going back to cash

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We have now reached a situation where the best advice possible for a number of claimants and people suffering from bank charges is to withdraw from the banking system completely and go back to using cash.


The bottom line is that by taking bank charges that may be illegal banks are no longer protecting your assets. People have lost control over their own money......................................


It is the last line of defense that many people have against bank charges......I do not recommend it lightly but if the current situation continues it may very shortly be the best option for a great many people.


I would appeal to the FSA, OFT and the banks to find a solution to this situation quickly otherwise you may find that a large scale migration to a cash economy becomes a snowball effect. If confidence in a cashless society is to be maintained then banks MUST protect clients assets and allow people to retain control over their money. Bank charges destroy the ability of a great many people to do this.....................the more that discontent grows the more people will be drawn to hording cash......especially if they know that their banks will just take their money if they leave it in an account.......once this starts it will be difficult to reverse..............


Look at it this way.........when I place my money into a current account I am an unsecured creditor and I get no interest. Most people actually accept these (frankly shocking) terms. But when a bank leaves you with less every month than you pay in you've got to wonder.............Is my bank making me poorer?


I have little sympathy for the banks.....this is a situation of their own making.......but the fact is that with EVERYONE against bank charges they will have to go at some point anyway.............currently you are only delaying the inevitable..........and increasing the likelihood of an unexpected systemic shock to the system.........and thats the last thing we need.


The danger in maintaining the current situatuion far outweighs the cost of halting bank charges and refunding money to claimants.

A £35 pound bank charge is not a charge for a service. Its theft.

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Alec - I think you will find that most people who have or had debt problems particularly caused by or exacerbated by financial institutions use cash all the time.

You know what you've got, or haven't got. Know what you've spent and keep the banks' [EDIT] hands off it.

Once you get into the cash habit its something that sticks with you.

I do use a credit card, because a lot of online stuff/holidays etc its the only way and at least you do get some protection (although some banks are trying, unsucessfully, to overturn this part of the CCA)

But i always pay it off every month.

Cash rules.

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I agree entirely about going back to cash. Unfortunately almost all of society is now anti-cash - as a business if you pay it into the bank they charge you and if you draw it out again they charge you again. We pay our employees in cash (no I am not worth mugging on a Friday!) but I think now the vast majority of employers, and indeed the benefits agency, insist that people have a bank account, thereby laying people wide open to charges.


I no longer have any credit cards (well only ones I can't use:D) and I have found a great deal of satisfaction in living within my means (even if sometimes I struggle to put petrol in the car to get to work).


The only problem with cash is the threat of crime. A couple of years ago we made a booboo on a client's payroll and had to get her to draw £23,000 in cash out of the bank so we could go and pay the cash into each employee's account (on Christmas Eve). I felt as if I had a sign on my head saying 'Please mug me' as I ran from bank to bank.


Nat West Bus Acct £1750 reclaim - WON


LTSB Bus Acct £1650 charges w/o against o/s balance - WON


Halifax Pers Acct £1650 charges taken from benefits - WON




GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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My point is that traditionally we place money in banks to look after it. I think that the biggest risk to peoples cash now comes from the banks stealing it as opposed to a mugger stealing it. Losing £150 per month to bank charges (which is quite common fro a lot of people) is no different to getting m ugged once a year for £1500 or so.


Question is: What is now the bigger risk to your cash. The mugger or the bank?

A £35 pound bank charge is not a charge for a service. Its theft.

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