Legal Arguements And They Way Forward

[renegotiation]

I haven't told you that a bank has forgone any business model but have tried to show you with EVIDENCE how the current Uk Banking model works. If you do google what I have suggested then you will find out how it works. Interest forgone on credit balances is basically offering low interest rates on current accounts while making money on your money. Now, the figures are from 2006 which is where we have got many figures on the amount of bank charges that the banks' got. Currently, the bank would make a lot less money on that interest forgone but it would be about 50% of the cost of current accounts as opposed to 30% which bank charges came from(that bit was from the House of Lords Appeal on Day 1--for reference).

As you can see, I'm not saying that any business model has been changed but that the current one in existance is not as your posts assume is the way it works. Common sense told me to read the evidence which is why it was important. I'm not really sure it helps Finlander's attempt to have a rational discussion but I do admire the fact that he/she tried to.

 

A likely story. Moreover, you ARE saying that they have foregone a business a model, as hefty and widespread charges were only introduced in the not so distant past. Let's just agree that it is a huge rip off and needs sorting out now then. We can be like dweedle dum and dweedle dee.

[yourbank]

A likely story. Moreover, you ARE saying that they have foregone a business a model, as hefty and widespread charges were only introduced in the not so distant past. Let's just agree that it is a huge rip off and needs sorting out now then. We can be like dweedle dum and dweedle dee.

 

You haven't read my post. I haven't said and I am not saying that the banks have foregone a business model. I have said that even according to the OFT that charges amounted to 30% of the revenue from the Personal Current acount market, 50% was interest forgone on credit balances(that figure WILL be lower today for obvious reasons), the rest is made up of ancilliary fees ie safe custody and lastly by packaged accounts fees.(That is in OFT 1005c--at least read the report).

In fact it was something referred to in the House of Lords appeal which is why I mentioned it. The model itself has always been called "free if in credit". I'm not aware of any change in model but "unauthorised overdraft charges"(to use the collective term that the OFT used in the test case) are not the only or highest source of income with regards to current accounts. I would say that the 50% figure would be lower but there are also lower charges now which would have to factor into the equation as well.

 

Does that post make sense to you in terms of what I have actually written?

[renegotiation]

Let's just agree that it is a huge rip off and needs sorting out now.

[indebtstudent]

A minor point I googled that report and went to the OFT website but couldn't find it, where can I find it as I'd like to read it...