Keep Banking Free

[keep_banking_free]

Me and my wife often have quite heated discussions about bank charges. She believes banks are a rip off, but please, what are you thoughts on this argument –

 

In the day to day running of your bank account, what do banks give you free?

A bank account (some now even pay interest, and for most, it’s the only way you can get paid!)

A debit card

A cheque book

A paying in book

A withdrawal book

A cheque guarantee facility

Standing orders

Direct Debits

A branch (admittedly some are closing, but choose one that’s not!)

Staff

Free advice

A counter

Withdrawals

Cash credits

Cheque credits

Telephone banking (most do cost the price of a local call)

Internet banking

Overdraft (if I need it, it’s there, if I don’t, it’s free)

Cash machines

 

 

 

I'm sure there are more!

 

 

In return for all this free stuff, what do the banks ask you to do –

Stay within your agreed limit.

Not a bad deal in my opinion.

 

I do agree that excess overdraft fees are high. However, I have never incurred these fees. Why? Because I have managed my accounts to ensure that I never go overdrawn. I run my bank account for free. It costs me nothing. In fact, for the majority of the UK population, baking is free.

 

Banks make billions, people moan about this, but if they didn’t, my pension, which like the majority of pensions in the UK, would instantly loose thousands as it’s based on the FTSE.

 

It often angers me when I see/hear/read people complaining about bank charges. Do you not realise that banks will always make money. They are businesses not charities, and if they are stopped from charging you, they WILL make up the money elsewhere. HOW? By charging everyone for their account.

 

Suddenly, all the stuff I listed above isn’t free. It costs me. Why? Because some people couldn’t stay within their overdraft limits.

 

Is it the banks fault? No. They are a business, and people who use their facilities as agreed (i.e. not go overdrawn) are rewarded with free banking. Those who can’t, are charged.

 

I just wanted to say thank you to everyone on this site who has almost guaranteed that in the future I will have to pay for a service that I currently get for free.

 

Thanks.

[podgydad]

So what you are saying is the law doesn't apply to banks? As long as you get free banking and your pension does well the banks should not have to adhere to UK law?

 

What an utterly ridiculous argument.

[dollies01]

Keep banking free, If I answered you in the way that I would dearly love to, a mod would have to edit the post sooooooo much that it probably wouldnt make much sense. Suffice to say I am on your wifes side and she has my deepest sympathy, sanctimonious spouses are the pits!

[dollies01]

One more thing!...............If you feel that you are losing your "free banking" because of some people couldn’t stay within their overdraft limits. then ask yourself who has been funding your "free banking" uptil now!

Answer being the very same people you are now complaining about.

[Stornoway]

As a country we do need profitable banks as it means they have the capital to lend money which promotes economic growth through increased consumer spending and business investment. Also dont forget how much the banks contribute to HM Treasury through the tax they pay on their profits (£2bn in Barclays Bank's case) and the amount of income tax they generate from their employees. However in relation to free banking I completely agree with Dolly above - charging £39 for going over limit includes a huge profit element which is basically subsidising free banking for others. This is not fair and more importantly its unlawful.

[Thailand]

In return for all this free stuff, what do the banks ask you to do –

Stay within your agreed limit.

quote]

 

Believe me, the banks are desperate to keep things going exactly to the contrary of that quote.

[Bookworm]

Me and my wife often have quite heated discussions about bank charges. She believes banks are a rip off, but please, what are you thoughts on this argument –

 

In the day to day running of your bank account, what do banks give you free?

A bank account (some now even pay interest, and for most, it’s the only way you can get paid!)

A debit card

A cheque book

A paying in book

A withdrawal book

A cheque guarantee facility

Standing orders

Direct Debits

A branch (admittedly some are closing, but choose one that’s not!)

Staff

Free advice

A counter

Withdrawals

Cash credits

Cheque credits

Telephone banking (most do cost the price of a local call)

Internet banking

Overdraft (if I need it, it’s there, if I don’t, it’s free)

Cash machines

 

All of which, my naive friend, you are paying for. You are lending money, your money, in the form of wages, benefits, savings, etc, to the bank. Whilst you're in credit, they pay you a very small amount of interest on that money. Meanwhile, are they storing your money for you? NO, they are using it to invest, lend, buy, resell, all the time, at much much higher rates, and making a huge profit out of your money. Fair enough, you might say, for the security and convenience of not stashing your cash under your mattress. But please, don't think for one second that you are getting free banking, because you're not.

 

 

In return for all this free stuff, what do the banks ask you to do –

Stay within your agreed limit.

Not a bad deal in my opinion.

Here again, you are showing a very naive point of view. You see, there is a very simple way in which we can all stay within our agreed limit. It's so simple that you'd think the banks would have thought of it, wouldn't you? And there it is: DO NOT ALLOW TRANSACTIONS TO GO THROUGH IF THEY WILL TAKE THE PUNTER OVER THE LIMIT.

That's it. No more bad debt, no more charges, no more unauthorised borrowing. It is really that simple. Just like cash in your pocket, once it's used, it's gone, you don't have it.

Funny thing, that... The banks DO let things through... So the question which springs into the more cynically minded is: Why? Could it be that there is a link with their monstrous profits? Hmmm... Tricky, I grant you...

 

I do agree that excess overdraft fees are high. However, I have never incurred these fees. Why? Because I have managed my accounts to ensure that I never go overdrawn. I run my bank account for free. It costs me nothing. In fact, for the majority of the UK population, baking is free.

And I sincerely hope for your sake and the long-suffering missus that these words never come back to bite you in the backside... Me, I go for the "there but for the grace of God goes I"... Because you never quite know what's round the corner, do you...

 

Banks make billions, people moan about this

Ah not here, they don't... People moan about the UNLAWFUL billions the banks make, which is not quite the same thing. Not at all the same thing, in fact.

 

It often angers me when I see/hear/read people complaining about bank charges. Do you not realise that banks will always make money. They are businesses not charities, and if they are stopped from charging you, they WILL make up the money elsewhere. HOW? By charging everyone for their account.

 

Shock, gasp, horror, You mean, those bstrd poors are no longer going to be subsidising your "free" banking? How very dare they?

 

Suddenly, all the stuff I listed above isn’t free. It costs me. Why? Because some people couldn’t stay within their overdraft limits.

Wake up and smell the coffee. It wasn't free in the first place, it was costing you less because you were luckier than others, that's all.

 

Is it the banks fault? No.

 

Yes. Without a doubt.

You can blame us all you want, but it is the banks who insisted on inflating their profits by heaping unlawful charges, and are now refusing to admit "it's a fair cop, guv" and try to maintain those profits level any which way they can.

 

They are a business.

 

And, like all businesses, they are expected, nay, trusted, to comply with the law.

 

I just wanted to say thank you to everyone on this site who has almost guaranteed that in the future I will have to pay for a service that I currently get for free.

Thanks.

Don't thank us. Thank the banks who have got you so well brainwashed that they have made you believe we're the bad guys. Thank the banks who have you turning from what was originally (one supposes) a decent guy into someone who truly believes that he should be profiteering from other people's misery, and blame them for it too. Thank the banks who use and abuse your money in ways you can not possibly imagine, some of them possibly would horrify you, pay you the smallest dividend they can, and yet, you are grateful for those crumbs they cast back at you.

 

But mostly, thank your lucky stars that they keep on shining on you so you may never have to be in a position where you have to go cap in hand to your masters for their help in return. You may then find that your loyalty to them was worth nothing more than a very small interest payout and the fool's gold of free banking.

[Glenn UK]

I was going to say, naive sod, or something similar, but you beat me to it bookie.

 

Theres nowt for free when it comes to business.

 

Banks are welcome to make money but not unlawfully, in fact with the advent of the fraud act 2006 i think it is, its only a matter of time before someone gets enough interest to do them for fraud, because thats what it is.

 

JMHO

 

Glenn

[jezzyjet]

All of which, my naive friend, you are paying for. You are lending money, your money, in the form of wages, benefits, savings, etc, to the bank. Whilst you're in credit, they pay you a very small amount of interest on that money. Meanwhile, are they storing your money for you? NO, they are using it to invest, lend, buy, resell, all the time, at much much higher rates, and making a huge profit out of your money. Fair enough, you might say, for the security and convenience of not stashing your cash under your mattress. But please, don't think for one second that you are getting free banking, because you're not.

 

 

 

Here again, you are showing a very naive point of view. You see, there is a very simple way in which we can all stay within our agreed limit. It's so simple that you'd think the banks would have thought of it, wouldn't you? And there it is: DO NOT ALLOW TRANSACTIONS TO GO THROUGH IF THEY WILL TAKE THE PUNTER OVER THE LIMIT.

That's it. No more bad debt, no more charges, no more unauthorised borrowing. It is really that simple. Just like cash in your pocket, once it's used, it's gone, you don't have it.

Funny thing, that... The banks DO let things through... So the question which springs into the more cynically minded is: Why? Could it be that there is a link with their monstrous profits? Hmmm... Tricky, I grant you...

 

 

And I sincerely hope for your sake and the long-suffering missus that these words never come back to bite you in the backside... Me, I go for the "there but for the grace of God goes I"... Because you never quite know what's round the corner, do you...

 

 

Ah not here, they don't... People moan about the UNLAWFUL billions the banks make, which is not quite the same thing. Not at all the same thing, in fact.

 

 

Shock, gasp, horror, You mean, those bstrd poors are no longer going to be subsidising your "free" banking? How very dare they?

 

 

Wake up and smell the coffee. It wasn't free in the first place, it was costing you less because you were luckier than others, that's all.

 

 

 

Yes. Without a doubt.

You can blame us all you want, but it is the banks who insisted on inflating their profits by heaping unlawful charges, and are now refusing to admit "it's a fair cop, guv" and try to maintain those profits level any which way they can.

 

 

 

And, like all businesses, they are expected, nay, trusted, to comply with the law.

 

 

Don't thank us. Thank the banks who have got you so well brainwashed that they have made you believe we're the bad guys. Thank the banks who have you turning from what was originally (one supposes) a decent guy into someone who truly believes that he should be profiteering from other people's misery, and blame them for it too. Thank the banks who use and abuse your money in ways you can not possibly imagine, some of them possibly would horrify you, pay you the smallest dividend they can, and yet, you are grateful for those crumbs they cast back at you.

 

But mostly, thank your lucky stars that they keep on shining on you so you may never have to be in a position where you have to go cap in hand to your masters for their help in return. You may then find that your loyalty to them was worth nothing more than a very small interest payout and the fool's gold of free banking.

 

i allways kept within my limits and paid on time but after having children,and getting into debt,the charges i recieved nearly finished me off,banks are only loyal to the investors,you would soon change your tune if you hit hard times!

[Guest NATTIE]

I have seen the OP opinion before a few months ago, granted not word for word but very close. I would throw up as the OP believes he has banking for free, why should you? I actually agree with banks charging for excesses but it must be a true reflection of cost. I believe charging current accounts are a when not a what if question. It will interesting the answer to the how question

[alistairk]

I know exactly what you're saying. I kinda agree. We will pay thge banks for our accounts one way or another. Maybe they'll stop punative charging and start charging higher rates of interest to borrowers. Maybe they'll cut the rate of interest they pay to savers. Maybe they'll do what some banks have started announcing which is to charge £15 or so a month unless you deposit £1500 a month in your current account.

 

Fees change with time. Looking over my old statements putting my schedule of charges together I can see when I used to be charged 50p to use an ATM not owned by my bank. Thats stopped now. I used to be charged 50P PER SHEET, per month for my bank statements at one point (I think due to not having enough capital in that account.)

 

I'm sure banks used to charge you to cancel a cheque which they now don't.

 

In the US they typically charge $25 for a cheque book issue. I can see that coming here as cheque books become more of an anacronism.

 

There never has been any such thing as free banking, and there never will.

 

The question is how the banks raise their money. What I dislike about banking charges at the moment is they penalise the poorest people who then subsidise the wealthy and financially stable. In one pay-month my bank hit me with 5 "referal fees" of £25 each. They say they will only take 3 per "financial month" but my pay-month and their financial month are not the same period so I got hit £125 out of one pay packet at a time I could least afford it. And guess what this made me even more overdrawn so they charged me more fees...

[karens25]

way to go bookworm

i had this very same argument with a work colleague yesterday..shes not quite as articulate as kbf.. and when i asked her why us lot should subsidise banking for her.she hadnt a clue what i was talking about, shed just seen an article in a paper somewhere, she then went on to say, "what are bank charges anyway?!"

i got down off my soap box and left it at that!

[mekcuf]

Read a similar discussion in a thread on housepricecrash.co.uk, complaining about how we financial cretins having the audacity to claim back our charges, will mean that they may loose their "entitlement" to free banking. well boo bloody hoo

 

Of course its all our fault, we cant manage our accounts yadda yaddah, they never have to pay charges, etc etc

 

I am sure that most of us on here do not asked to be charged, do not want to be in this situation, and would much rather have a nice healthly bank balance.

 

I am sure that losing a job is my fault, divorce is my fault, an wife with a gambling addiction is my fault, clients paying late is all my fault.

 

I apologise to all you holier than thou, perfect account managers, for daring to ask the bank to refund their perfectly fair and reasonable charges, after all, who am I to argue with them, 35 pound for a letter that costs them at least 2 pound to produce, seems fair to me (NOT)

 

I would be quite happy to pay a monthly fee for the service provided, the same as we expect to pay for every other service provided- why should banks be different?

 

Is it fair for, say, the Electric Company to reduce its bills for those who always pay on time, subsidised by the fines and penalties imposed on those who dont/cant?

 

As a previous poster suggested, all the bank has to do is refuse payment if there is not enough in your account- end of subject, costs them nothing.

 

But of course, thats not what they want, they are quite happy to charge us exhorbitant amounts for not paying, and pretend that these fees are used to provide free banking to those of us who never go overdrawn.

 

I remember a time when we had a choice of whether to have a bank account or not, most people were paid cash, paid their bills, etc, without the help of your "friendly bank",

 

We now have no choice, it is almost impossible to receive any wages without an account, we are now at the mercy of the bankers , which is exactly how they want it, next stop the cashless society, when they will really have us all by the thoat.

[keep_banking_free]

Wow, some very interesting responses!

 

So what you are saying is the law doesn't apply to banks?

Absolutely not. When you open a bank account, or agree a limit with the bank, they give you a copy of their price list. If you're not happy with those prices, go elsewhere. If you ask the bank for a service, you should be expected to pay for the additional service you have requested, and in many cases, this is to allow you to go over your limit.

 

If you feel that you are losing your "free banking" because of some people couldn’t stay within their overdraft limits. then ask yourself who has been funding your "free banking" uptil now!

A fellow poster answered this question. Yes, it is the people who constantly go overdrawn (which, incidently, from the millions of people in the UK are only a very tiny majority).

 

As a country we do need profitable banks

Thank you!

 

charging £39 for going over limit includes a huge profit element

I agree, and as I said in my original post, i do believe that the charges are high, but most people claim back ALL of their bank charges, which suggests to me that you think you shouldn't be charged at all?

 

You are lending money, your money, in the form of wages, benefits, savings, etc, to the bank.

I absolutely agree, and this is how they make their money, and am I happy to do this? YES, because it doesn't cost me anything, and having a bank account with access to my money whenever I like and wherever i like is a good trade off as far as i'm concerned.

 

 

DO NOT ALLOW TRANSACTIONS TO GO THROUGH IF THEY WILL TAKE THE PUNTER OVER THE LIMIT

Here's a question for you. Most of your direct debit payment are due to debit on the 1st of each month as you are generally paid near the end of the month so things come out a couple of days after, however there was a mistake with your wages. Which of the following would you rather happen -

1) Allow the bank to pay direct debits and pay for this service (as in all my messsages I do think charges should be lowered).

OR

2) stop paying things when you reach your limit. As a result, you miss a payment on your mortage and your home is now at risk. Miss a payment on your loan/credit card and now another financial organisation is after you for immediate payment. Miss a payent on your car/home insurnance - this may stop you from been able to claim. Have your credit score shot to pieces as a result of these actions (option 1 will have an impact on your score too, but only over a long period of time, where as this option will almost affect your score overnight)

 

I know which one I would rather have, and it certainly isn't option 2.

 

Ah not here, they don't... People moan about the UNLAWFUL billions

I think you have slightly over estimated the amount banks make on charges. (and there, i admit it, banks do make money on charges!), but i do not believe they make billions. millions, maybe.

 

You mean, those bstrd poors are no longer going to be subsidising your "free" banking? How very dare they?

I'm not asking anyone to subsidise free banking. You choose to. You allow your account to go overdrawn!

 

Thank the banks who have you turning from what was originally (one supposes) a decent guy into someone who truly believes that he should be profiteering from other people's misery, and blame them for it too.

Banks are profiting from the services that you request. don't request it, they won't charge you!

 

You may then find that your loyalty to them was worth nothing more than a very small interest payout and the fool's gold of free banking.

my loyalty means that i do recieve relatively nice sums of interest for my account (and don't get me wrong, I DO use my overdraft far more than I would like to). Free banking is not fool's gold. Right now, for me, it is a reality.

 

I actually agree with banks charging for excesses but it must be a true reflection of cost.

If any business (not just banks) were restricted to only charging what it cost them to provide the service, there would be no businesses! They will always, and must always make money,

 

What I dislike about banking charges at the moment is they penalise the poorest people who then subsidise the wealthy and financially stable.

I disagree. The wealthy always have and always will subsidise the poor. I know, as I'm on the recieving end! Take airlines for example. If you fly from London to New York with Amiercan Airlines, you would not be able to get your seat for £300 if the plane was full of standard class passengers. Thanks to the rich people who are willing to pay thousands for their flight, AA are able to offer cheaper alternatives. I have no problem with these rich people sitting up front with their extra leg room!

 

With banking, the majority of the banks billions comes from investment banking, corporate and business banking and the other major international stuff, not from the ordinary day to day accounts that people like you and I have!

 

and when i asked her why us lot should subsidise banking for her.she hadnt a clue what i was talking about,

Nobody asks for the subsidy you provide!

 

I am sure that most of us on here do not asked to be charged, do not want to be in this situation, and would much rather have a nice healthly bank balance.

Thats the thing, you DO ask to be charged. You KNOW what the charge is for going overdrawn, and yet you must do it every month!

 

for daring to ask the bank to refund their perfectly fair and reasonable charges

I think you may need to re-read my post and I did not say that their are reasonable.

 

I would be quite happy to pay a monthly fee for the service provided, the same as we expect to pay for every other service provided- why should banks be different?

But it's the same people who complain about bank charges that are already complaining about fee based accounts. It's the same journalists that have helped you claim back your charges that are demanding that banking should be free for everyone!

 

Is it fair for, say, the Electric Company to reduce its bills for those who always pay on time, subsidised by the fines and penalties imposed on those who dont/cant?

Definately. I'm up for that. And I think most people would then pay on time!

 

As a previous poster suggested, all the bank has to do is refuse payment if there is not enough in your account- end of subject, costs them nothing.

Costing the bank nothing. costing you how much though? YOUR HOUSE? 3 missed mortgage payments and your mortgage company would soon come knocking. Trust me, people would soon be able to manage their accounts!

 

I remember a time when we had a choice of whether to have a bank account or not, most people were paid cash, paid their bills, etc, without the help of your "friendly bank",

I agree that banks in general can be a bit too powerful. But there is plenty of choice. If you really want free banking, ask for a Basic Account. They generally pay no interest, and they won't allow you to go overdrawn. Once your bills are paid, withdraw you money each month and live without you account until next payday!

 

next stop the cashless society

I can't wait!

 

 

I hope I have provided an answer to the main objections people have raised to my post!

[Glenn UK]

its must be wonderful to be as naive and simple about life as you are keep banking free. As much as you don't see the cost, the cost to you is reflected in the amount of interest you get, make no mistake with or without penalty charges you are paying.

 

the of contracts, the ones we sign with the bank are subject to the law, its the law says their charges are unlawful, its the same law that allows them to operate and make money and to take us to court if we breach those contracts and default on agreements.

 

You, and they, cannot take advantage of the law with one hand, and refuse to abide by it when it doesn't suit them.

 

The law on penalties in contracts is well established and has been for over 100 years.

 

The banks don't provide a service, at least one you subscribe to, they apply it for their benefit alone the consumer doesn't sign up for it, since if there was an option to pay for the service or not then it wouldn't be applied in that fashion.

 

instead the bank will allow some payments to exceed the OD or take the account into OD or not as it suits them. If i was paying for that willingly i wouldn't accept it.

 

I would also have the choice to refuse that service, and until basic bank accounts were introduced fairly recently there was no choice.

 

I could go on but it seems to me you have no idea of what many people have to contend with, and to debate with you would only increase the size of your sanctimonious erection for to bash away at later on.

 

Enjoy yourself while you can.

 

JMHO

 

Glenn

[Thailand]

The Missus is right KBF, I know thats going to be hard to swallow - but if you can't beat 'em... Join 'em.

[jansus]

1. the only reason people are reclaiming all charges is that the banks will not quantify the actual true admin cost they are allowed to claim lawfully.

2. The majority of people do not incurr charges deliberately - why would you? It is a waste of money and you have to pay it back plus the extorionate charges- there are some genuinely heart breaking stories on this site.

3) if the banks charged fair admin fees the service charges and overdraft interest charges will still apply as they are deemed lawfull so those who do mismanage thier accounts would still be penalised

4) the banks have antagonised customers by their non personal attitudes-caused mainly by cost cutting (to increase profits)

5) the courts are supporting these claims and the banks are not defending- just using bully boy tatics.If the ruling changes or they make a successful defence then this will all stop in an instant and all you other perfect customers can breathe a sigh of relief your "free banking" will be safe.And lets just genuinely hope you never make a mistake or fall on hard times because I dont think the banks will remember you and your support of them in their times of trouble;)

[Bookworm]

Quote:

DO NOT ALLOW TRANSACTIONS TO GO THROUGH IF THEY WILL TAKE THE PUNTER OVER THE LIMIT

Here's a question for you. Most of your direct debit payment are due to debit on the 1st of each month as you are generally paid near the end of the month so things come out a couple of days after, however there was a mistake with your wages. Which of the following would you rather happen -

1) Allow the bank to pay direct debits and pay for this service (as in all my messsages I do think charges should be lowered).

OR

2) stop paying things when you reach your limit. As a result, you miss a payment on your mortage and your home is now at risk. Miss a payment on your loan/credit card and now another financial organisation is after you for immediate payment. Miss a payent on your car/home insurnance - this may stop you from been able to claim. Have your credit score shot to pieces as a result of these actions (option 1 will have an impact on your score too, but only over a long period of time, where as this option will almost affect your score overnight)

 

I know which one I would rather have, and it certainly isn't option 2.

 

Neither. I do NOT allow direct debits on my account. Direct Debits are the instrument of the devil, IMO. My banking is done through standing orders, which I set up to coincide with our money coming in. Funnily enough, the moment we did that and took control of how much and when the money came out of the account, and not let them help themselves when they wanted, our finances started getting a lot healthier... Coincidence? I think not...

 

Regardless of the above, the answer is actually that it is not the bank's responsability nor duty to care about our mortgage or insurance. Their job is to pay out the money we have entrusted them with while it's there, or the one they have agreed to lend us, and that's it. The rest is down to us. As I have said times before, they are not our moral guardians, not our carers. Whether we are at risk of defaults or not (leaving aside the fact that they are very often the worst offenders for putting the defaults in the first place), or losing our homes, or whatever may befall us, THAT is our responsability.

[nicsussex]

Here's a question for you. Most of your direct debit payment are due to debit on the 1st of each month as you are generally paid near the end of the month so things come out a couple of days after, however there was a mistake with your wages. Which of the following would you rather happen -

1) Allow the bank to pay direct debits and pay for this service (as in all my messsages I do think charges should be lowered).

OR

2) stop paying things when you reach your limit. As a result, you miss a payment on your mortage and your home is now at risk. Miss a payment on your loan/credit card and now another financial organisation is after you for immediate payment. Miss a payent on your car/home insurnance - this may stop you from been able to claim. Have your credit score shot to pieces as a result of these actions (option 1 will have an impact on your score too, but only over a long period of time, where as this option will almost affect your score overnight)

 

I know which one I would rather have, and it certainly isn't option 2.

 

 

And unfortunately in my case and many many thousands of others this is eactly the way that the banks have behaved - thankyou for your input but please only comment on situations that you have some experience of.

[breeze1996]

My Gosh what it is to be in the possition to have a bank account with a balance that lets you not miss your wages being paid late or your d/d early.

 

I work hard just to be able to live, My children go without things because what should have gone into my account was a day late and suddenly I have charges of £105 for a month. You save up and have enough to clear the charges, a month goes by and the same dam thing happens again.

 

How can any normal person save when the charges that appear wipe out just about any cash you have scrimpt to save. Christmas is a nigtmare, Birthdays make you cry, and Summer holidays what the heck are they.

when you live on what you earn the is no extra cash because it all goes to feed the excessive charges the banks use. The car goes wrong and your looking at how little you need to pay out at the suppermarket and still eat this month.

 

I'd love to go back to a cash society but the govenement forced us to have and use a bank account. Grow up, yes bank charges but fair ones not us little people paying someone £1,000,000 to tell us were not saving enough.

[Conquer]

The worst bank out there for this has to be Lloyds TSB Bank

 

whereby they charge £15.00 per day for unplaned overdraft usage

 

this is what winds me up

 

a direct debit gets returned unpaid due to (a) your wages are late, (B) you dont have enough money.

 

 

The Bank charge you £30 for returning the payment as unpaid to which there fee puts you into a overdraft to which you did not agree.

 

they then charge you £15 per day

 

oh and the company who should have been paid, Also charge you a late payment fee of say £20

 

so for example if your wages are 5 days late you would have to be

 

£105 Bank Charges + £20 to the Payee Company totallying £125

 

Do you think this is fair?

 

I for sure dont