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CRISIS: Continued charges cause DD's to be bounced big time. Firms crying.


alecmac18
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This is is. We knew this would happen but we didn't think it would happen so soon. There is anecdotal evidence of credit card firms, mobile phone co's, utilities and anyone else who collects payments by direct debit suddenly finding that their secure mothly revenue stream is drying up faster than a river in a desert.

 

Continued charges at £35 that run to £200 - £300 for some customers are great for the banks but suck big time for pretty much every other company that collects monthly bills by direct debit.

 

There is only so much cash to go around. People who get nailed with a £35 charge suddenly don't have the cash to pay the electric bill, gas or even their credit card bill (some justice there - the banks are just killing themselves).

 

We have heard that one big bank (with a name that you might have boiled with toast soliders for breakfast) has had a MASSIVE drop in non payment on its cards and loans. But its not confined to one firm alone. DD's are getting returned unpaid as cancelled everywhere.

 

And they are not alone. All over the country companies are cursing the banks and their fees. Rather than incur a £35 charge people have begun to cancel direct debits in droves and are paying bills the old fashinon way - IN CASH.

 

This is actually pretty serious stuff - and is another reason why the FSA and the OFT need to kick it into high gear and finish the test case ASAP.

 

Its now no longer just the poor old customers that are suffering - its blue chip FT100 firms. And when they get mad.....lets just say that they like their revenue streams.......you can better believe that they will be raising this as an issue over the coming months.

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

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Well done alecmac18.

Thats just what I have done. Cancelled D/Ds for credit card bills and paying them the old fashioned cash way. Mind you when I payed a phone bill by cash in a bank and the phone was still barred 24 hours later I phoned them to question why it was still barred and they told me it would take 7 days to clear the payment!!!! I told her I had payed cash into a bank but she insisted that it would take 7 days to clear!!!!!

Mad or what!

Paying by cash when you can afford it is empowering because you don't have the fear that the bank may bounce a direct debit or not.

Night Owl

Keep up the fight against Bank Charges.

 

 

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