Spot the error competition

[Bookworm]

Damn. :-|

[gandolfi]

Where is NatWest...?

[HomerJSimpson]

"Those charges will necessarily exceed by a large margin the costs to the bank of dealing with the particular transactions that occasion them, because they are actually a revenue stream essential to the funding of the whole current account operation and not just the particular transactions on current accounts which give rise to their charging."

 

 

Is it that the charges are not essential to fund the whole current account system, but the Banks are greedy b@sxxxds and want to maintain their excessive profits?

 

x7 ?

[BankFodder]

Nah

[Bookworm]

Are you going to tell us eventually, or you're just enjoying toying with us?

[rdm2006]

we are not doing very well are we?

 

was it a trick question?

 

ou est l'erreur nous demandant

[HomerJSimpson]

Are they all extracts from current Terms and conditions?

 

Even though they contradict what they told the Supreme Court?

 

So they may currently be misrepresenting their charges?

[BankFodder]

No they are not necessarily from current T&Cs

[BankFodder]

Are you going to tell us eventually, or you're just enjoying toying with us?

I'm not toying. The Banks are.

[rdm2006]

Is it that the ones on the right contradict those on the left or visa versa

[HomerJSimpson]

Have they all been relied upon by the Banks as "truth" at county court?

 

Contradicting what they told the Supreme Court was the "truth"?

[PGH7447]

Nationwide

 

Those charges will necessarily exceed by a large margin the costs to the bank of dealing with the particular transactions that occasion them, because they are actually a revenue stream essential to the funding of the whole current account operation and not just the particular transactions on current accounts which give rise to their charging.

--------

At Nationwide we do not charge for standard services on your account

[means2anend]

hold on ...how many at this juncture have been right?

 

I believe that one has been found so far is that correct BF?

 

1-Revenue stream instead of what THEY SAY they really are''reasonable and fair charges''

2.?

3.?

3.?

4.?

5.?

6.?

7.?

 

Have we found only 1 so far???

[locutus]

You miss RBS and Nat West out on purpose?

[Enron]

I think I heard it quoted that the banks make 2/3 of their retail profits from bank charges around the time of the test case.

[surprise]

I think you should tell us the answer as you are obviously brighter than the rest of us and I would dearly love to claim my charges back from the Halifax in this life! The robbers are already getting away with too much with their new charges regime.

[means2anend]

To The SC''Those charges will NECESSARILY EXCEED by a large margin the COSTS TO THE BANK''

 

 

To The Customer

 

1-Lloyds ''it does in fact bear a CLOSE RELATIONSHIP to the cost the bank incurs''

 

2-Yorkshire/Clydesdale ''The charges are fair having (a) regards to the cost to the bank''

 

3-Abbey '' It is not accepted that Abbeys charges are GREATER than ABBEYS ACTUAL LOSS....the fees reflect and are proportionate to the Defendants administrative expenses''

 

4-HBOS ''An overdraft administration fee is applied when your account goes overdrawn ''WITHOUT a PRE-ARRANGED CHARGE''

 

I personally think that implicit in HBOS statement above is that there SHOULD be bi-lateral agreement as to terms in ADVANCE such as Reg 5 UCCTR is demanding

 

Will we get any sweeties..smarties

 

m2ae

Edited March 11, 2010 by means2anend

[disgruntledofcornwall]

Though posted a minute ago on my own A&L thread, I found some further information in the code replacement the bcobs that may be binding on all banks and may or may not be related to the statements from the banks above. Sections 2.2.1 on to 2.24

 

"A firm must take reasonable steps to ensure that a communication or a

financial promotion is fair, clear and not misleading.

 

The fair, clear and not misleading rule applies in a way that is appropriate and proportionate taking into account the means of communication and the information that it is intended to convey. So a communication addressed to a banking customer who is not a consumer may not need to include the same information, or be presented in the same way, as a communication addressed to a consumer.

 

The rules in ■ SYSC 3 (Systems and Controls) and ■ SYSC 4 (General organisational

requirements) require a firm to put in place systems and controls or policies and

procedures in order to comply with the rules in ■ COBS 4.6 (Past, simulated past and

future performance), ■ COBS 4.7.1 R (Direct offer financial promotions), ■ COBS 4.10

(Systems and controls and approving and communicating financial promotions) and

this chapter of BCOBS.

 

2.2.4 Section 397 (Misleading statements and practices) of the Act creates a criminal offence relating to certain misleading statements and practices.

 

"The Act" in this case being the interesting Financial Services and Marketing Act 2000

 

This may also be useful in relation to The Consumer Protection from Unfair Trading Regulations 2008....

Edited March 12, 2010 by disgruntledofcornwall

[BankFodder]

BCOBS is only effective 1.11.09 unfortunately

[mkb]

Will we get any sweeties..smarties

 

m2ae

 

Orange ones I hope

[renegotiation]

This is all fantastic stuff Bankfodder. However, what about the future? What about those getting charged now and who will get charged next year and the year after that ad infinitum? Will these arguments help them?

[disgruntledofcornwall]

BCOBS is only effective 1.11.09 unfortunately

 

I know but when did banks send out the letter rejecting our claims as baseless following the SC judgment?

 

January was it? Was that factually accurate and not at all misleading? Did it present the truth or did they forget to mention the Supreme Court

 

1. Stated the charges were not settled as fair?

 

2. Stated there was recourse under 5 (1) of the UTCCR?

 

3. Didn't mention that the charges could be challanged under Sec 140 (a) as proven by the upcoming case in Scotland?

 

4. Did they communicate this on a level at which a non banking professional could understand?

 

I think I know the answer to that one. Another shell in the tank of justice?

[mcuth]

Ah, but what about my previous post, the one not relating to McCuth's atrocious French?

 

Moi? Atrocious Francais? Mais non!

Sorry Marie, couldn't resist - must be because of all these French speakers around me

 

Salut!

Michael

[lookinforinfo]

Bankfodder, are you only going to admit it when some one gets all 7, or will you confirm if we get even one right?

Here's my 7

 

1 Lloyds Our charges are fair and reasonable.

 

2. Lloyds They also have said "Though this charge does not have to be reasonable, ..[ they DO have to be reasonable they should only cover their liquidated losses LFI ] it does in fact bear a close relationship to the cost the Bank incurs in providing the requested service. Obviously that cost goes beyond the price of paper and postage, and includes for example a proportion of the cost of all the systems that are involved once an over-limit situation arises."

 

3. Yorkshire The Charges were a genuine pre-estimate of damage.

 

4. Yorkshire They also said that the charges are "fair having regard to the following matters: (a) the cost to the Bank of maintaining administrative systems relating to unauthorised overdrafts, unpaid cheques and direct debits and abuse of cheque and debit cards for the purpose of keeping the level of overdrawing under review and controlled as far as possible;

 

5. Abbey Abbey believes that it is reasonable to make a charge on such an occasion to pass on the costs incurred by the bank and that the charges applied to the account are fair and transparent.

[it] is not accepted) that the charges are greater than Abbey's actual loss in dealing with your account They have also said "The fees reflect and are proportionate to the Defendant's administrative expenses incurred due to the Claimant's breach of contract and are a genuine pre-estimate of the damage suffered by the Defendant.

 

6. Lloyds Obviously that cost goes beyond the price of paper and postage, and includes for example a proportion of the cost of all the systems that are involved once an over-limit situation arises."

 

7. HSBC Our Overdraft Review fee covers our management and administration costs.

 

 

As an aside, anyone who is reclaiming their charges from finance companies other than on personal current accounts will be delighted that the banks have admitted in Court that-

 

Those charges will necessarily exceed by a large margin the costs to the bank of dealing with the particular transactions that occasion them, because they are actually a revenue stream essential to the funding of the whole current account operation and not just the particular transactions on current accounts which give rise to their charging.

 

A damning statement.

Edited March 13, 2010 by lookinforinfo

[rdm2006]

I got it - you are calling these muppets banks - now that really is an error