Bank Charges - A suggestion

[anon1]

this is a tough one to answer because i know the answers of the differing balances from separate mechanisms, which is complicated to explain and with regards to what will happen within the next few years.

I know things will happen and that mechanisms are in place to do so. The bank has been for years maximising fee income. I think the OFT looking into the general pricing of current accounts is not, as some might see, a view as to if they will put other charges up should the OFT set a cap, but, in my opinion, was something the banks wanted with a view to charging for bank accounts. I think i can see how it will happen so that a basic basic account would remain free within the banking system but its usefulness would be probably not make it attractive to anyone.

[kennythecelt]

Food for thought Meldrew

[Guest ConsumersRevenge]

anonman - only a few bad apples - you're not with barclays then! lol sorry bad joke. Truth is, I agree with you. I used to work for a debt collections agency (not as a collector though, I will add) and i spoke to several bank employees who didn't like the charges structures even back then, and that was before the whislte blower shows started appearing. I think it jsut stays in people's mind though when they get the bad apple, and they don't remember the others. top marks for coming here though.

[indebtstudent]

What about whistleblowing? My org has a procedure in place and I think there might be an angle here. I'll put the wording up when I can.

[phatram]

Anonman you are so wrong and perhaps you need a reality check.

PEOPLE ARE IN DIFFICULTIES BECAUSE OF PEOPLE LIKE YOU!!!

[bobtail]

Why should you need to keep a float of £100 of your hard earned just so you dont go over?

 

why shouldnt the bank refuse to pay anyone if you have insufficient funds? Why charge for NOT doing something?

 

How can any customer know how much is in their account at any given time to know if they will go overdrawn and have to contact bank to plead for an overdraft extension?

 

I had a joint account at the nationwide BS and we closed the account after a few years before the next months DD went out. However the woman at the counter was a little tardy at officially closing it so we went over by just 10p, and so the charges started it wasnt long before they totalled over £2000. After much phone calling and letter writing they agreed that we had closed the account and decided we owed them nothing at all.

 

Being charged by a bank for having no money is like being arrested for being in prison or like being told youre naked when youre having a shower.

[conalot]

just thought id add here that it was impossible for me to overdraw myself only a cash card to my account the only way was when the bank did that for me hence a claim now for over £3000 so wasnt my doing was it

[AndyGFLees]

I think that the crux of the issue is that the Banks are in the unique position of being able to obtain funds deemed to be owed to them automatically. This needs addressing. For instance, how would you feel if your garage was able to deduct money from your account when they claimed to have finished work on your car.

 

I believe that the banks should work like any supplier of services - no automatic access to your account.

[indebtstudent]

Andy is spot on, like people have said before how is it that the direct debit bounce but the charges never do?

 

If the charges are a fee for service, as they cynically try to claim, then why don't they invoice you for it? This is how garages and other types of service operate.

[Viano]

What ever happened to Anonman?

[noomill060]

anonman is unavailable for comment at this time.

[Viano]

Not lost his job & his prefferential benefits as supplied by his banking employer ?

[dave]

And if it's for a service, you'd think that the VAT man might be interested too - it just doesn't add up.

[Falkirk1298]

That, I think, is the crux of much of this. The banks unilaterally set themselves up as primary creditor, even before statutory authorities like Child Support or whatever. This has to be an abuse of their unique access to our money.

[Viano]

Now theres a thought, can we claim back VAT. If the banks are charging for 'service' ??????

[sanddancer]

Hi anonoman.... as you can see you have disturbed a hornets nest.Please do us all a favor.. Follow Nattie's advice..then join with all other banking staff on CAG giving sound advice.To the benefit of us all!!!!

[therafalution]

I used to work for a bank, that has recently announced job losses, and the staff and union were very concerned that staff were being disciplined for not reaching sales targets. Very ethical that!

I too would like to take my chances with the honest thieves and hide my money under the bed, with my very angry rottie. At leasrt i know it would be safe

[kennythecelt]

And if it's for a service, you'd think that the VAT man might be interested too - it just doesn't add up.

 

Could this be a potential route to success Dave. (Probably very relevant since you made that comment- before Fridays announcement.)

 

None of the charges have VAT applied to them, yet the banks claim it is a service they are providing- why no VAT?

 

Have the banks paid VAT on these "services" ?? Can this argument be raised with the OFT to utilise during the test case?? Surely, if no VAT has been paid, then it has not been a service and the banks would lose that argument and potentially the case.

 

Am I barking up the wrong tree?

 

Comments anyone!!

[bobtail]

Banks are exempt from VAT they should have to pay VAT on all their purchases etc.

 

This from the HoC gives an example of how they could get around the VAT issue

 

House of Commons Standing Cttee on Delegated Legislation (pt 1)

[indebtstudent]

Darn!

[MBMB11]

this is true, and i have a basic bank account to stop me going overdrawn etc, but when my benefits arent paid in on time, and i get charged afailed dd fee, and then a unauthorised od fee for the failed dd fee making my account overdrawn, what do i do?

[indebtstudent]

Well all you can do at present is follow the procedure on here which I know doesn't help at all in the short term (the main reason why the FSA's decision is peverse).

 

The only other thing you can do is not pay things by direct debit, I do this wherever possible because I think the direct debit system is just ridiculouslu riddled with the opportunity for error.

[anonman]

Anonman is still alive - but is no longer employed by a bank. Out of choice I assure you - it just wasn't a fun job any longer. Its all sell, sell, sell - but then that is not going to shock anyone here.

 

However, I do have some insider knowledge, and might be able to help in some ways. Not a guarantee - so no personal attacks please.

[indebtstudent]

I think you just did a very brave thing, your tone has changed noticeably. I too may seek new pastures, I like my job but I have a problem with my company acting in an a manner which is unlawful.

[lindyhop]

Hi Anon.

read your post for the first time today. i did feel for you, but on the bonus side, for me anyway, your post lead to a very intersting debate and details of experiences which i can relate to - so its not just me then.

 

very best wishes with your new job.

 

by the way. are you friendly with anyone over at LTSB? i dont think im their most popular person at the moment - keep chasing them for mis sold PPI which they wont pay back claiming time barred. could you put in a word do you think?

 

oops. i hijacked a bank charges thingly. but isnt it listed under general in new posts?

 

anyway im off again now. Anon so glad that you have decided to keep with the forum, look forward to reading your future posts.