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Licence to Print Money


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I am somewhat concerned about the impact the recent decision made by the courts in the Berwick vS LloydsTSB will now have on banking practices in the future.

 

I thought I would share with you my recent conversation with Lloyds TSB.

 

I noticed on my recent statement that I had been charged a £30 overlimit fee for being £279.78 overdrawn against my £250 agreed overdraft limit. Although I dispute that the fee/charge or whatever they want to call it to meet their purposes is unreasonable, my concern is that on the basis that the transaction that took me overdrawn was a debit card transaction, they had every oppurtunity to not authoise the transaction, and therefore avoid the charge being levied. However they opted not to do this and therefore debit my account with the charge. I have therefore just had an unbelievable conversation with their customer services desk, who were trying to convince me that they have no process in place not to reject the authorisation because, and I quote "We do not have someone sitting there monitoring your account balance, and therefore it is you resposibility to ensure you have sufficient funds". I am still spitting feather partly because I cannot believe that is the basis of their agruement.

 

I can understand how they can get away with murder on direct debit and standing order charges etc, as at the point in time of the transaction they are guanteed to make money if they reject it, as you will be debit with an unpaid fee. However because they know if they did not authorise the debit card payment, they know they will not make any money of the rejection so instead let it go through knowing that they can then charge you an overlimit fee.

 

If this trend continues based on the recent court case which has given the bank now the green light to amend their T&C's as they see fit to bend the laws to their end, then think I may have to invest on a new matress and start stuffing my pennies under it, as think it is likely to be safer.

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If this trend continues based on the recent court case which has given the bank now the green light to amend their T&C's as they see fit to bend the laws to their end, then think I may have to invest on a new matress and start stuffing my pennies under it, as think it is likely to be safer.

 

I take it that you haven't read the full judgement or much of the response either, nor have you noted the many claims that Lloyds have settled since this case. This was a one off - but also a lesson to be prepared - Lloyds didn't even turn up for the case and just got lucky.

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