News Regarding Banks Procedure Now

[jackdaniels101]

OK PEOPLE ... looks like we are not gonna see our money for a while.

 

i just phoned up the bank and told them that two days ago i was this close to coming to a final settlement but one of their review managers failed to phone me back as they promised they would do

 

i was informed that ALL work being carried out with bank charges complaints have been STOPPED until further notice - i was even told that most of the review managers have been LAID OFF, and this morning all the negotiation teams have been disbanded and some people from those departments have been laid off.

 

i was also told that if it was up to them they would give me my money right there and then but there is absolutely NOTHING they could do, and that was after being on the phone for a good 15min talking to the actual manager.

 

there is no one dealing with your complaints now , its all in the hands of OFT and this court case , so anyone who has got the offer of 50% paid to them can either reject the money and wait for the OFT decision (which means you CANNOT spend that money until the result of the case) this could be a tad difficult if you already have money in your account

 

OR

 

you can cut your losses and spend the money - but you wont get anymore.

[GlasweJen]

WOW, i'm surprised lay offs haven't been advertised in the news? The tabloids would usually have a field day with a big company laying off a whole department.

[jackdaniels101]

yep i know , i was a bit surprised they actually told me that, lol

[GlasweJen]

smells a bit off to me, i think this may be a new stalling tactic as bank of scotland are advertising positions on their website

[sea-sidelady]

You need to carry on with your claims as usual unless told by court otherwise.

[shirei12]

I tried phoning CR at halifax today and was given this central number that are dealing with everything now 0845 603 9793. Guess what NO REPLY:mad:

[deadlykiss]

sounds about right ,, anyway how do these banks no they are going to win this hearing ,, umm are they not already admitting liability by paying out over the last year/s ,, im just clutching at straws but think we should all keep going

[MacBoy]

The agreement between OFT & 7 banks makes reference to the fact that it will be up to individual courts to decide whether cases be stayed or whether they should be allowed to continue.

(from zootscoot's sticky yesterday)

I'm filing on Monday, just the same. SSL is absolutely right - stick with your schedules:D

[michee]

I owe my bank a couple of hundred in charges.

 

Perhaps I should put my payments to them on hold!

(Recorded message at Bank of Scotland is quoting a year until a decision is made).

[MacBoy]

michee - Which BOS number is that? . I think we should all gather evidence about how the banks are handling this - we wouldn't want them to see them abusing the concession that the FSA has given them pending the test case now, would we?

[michee]

Hello

 

It's the telephone banking number: 08457 20 30 99

Went to option 1 to discuss my account, then selected the choice for discussing recent bank charges.

 

Abbey are the same, everything on hold until the decision is made, couldn't even access my complaint!

[MacBoy]

OK - Thanks michee - but the number you gave me went straight to the 'lost & stolen' dept. I dialled 08457 203040 (Halifax Banking no.) instead and navigated my way to the message you reported.

 

I've recorded that safely to my computer - the 'it could take over a year' bit is IMO a deliberate ploy to discourage people from continuing complaints. It didn't take them long to start taking advantage, did it?

[Dusary]

Market watchdog the Financial Services Authority (FSA) will allow banks to suspend dealing with any claims for repayment of overdraft charges filed against them until the test case has been decided. However, the banks will still need to make a note of any claims lodged, and will have to honour offers to settle that were made before the test case and FSA waiver were announced.

 

I think you guys that have had that "response" from the banks should ring FSA!!!

[moneyhelp]

OK - went straight to the 'lost & stolen' dept.

 

Gone AWOL ya think :D

[Dusary]

I have just RUNG the FSA - "Cosy" was very helpful. He suggested that folks should e-mail if the banks were not answering their phones!

 

He also referred me to this part of their website: ........

 

 

 

 

What should you do now?

 

 

 

 

If you've made a complaint or are thinking of making a complaint about unauthorised overdraft charges here are some general questions and answers to help you – for information about your individual circumstances speak to your bank or building society.

1. What this will mean for you, if
   • you have an outstanding complaint
     Your complaint will remain with the bank or building society but will not be dealt with until the test case is resolved.
     
   • you have just been made an offer of settlement by the bank/building society
     You can accept the offer or wait for the outcome of the test case. You have two months to decide if you want to accept or reject this offer.
      
     If you decide to wait for the outcome of the test case, you won't then be able to take up the original offer.
     
   • you have received a final response from the bank/building society which does not include an offer
     If you are not happy with the firm's response, you can still take your complaint to the Financial Ombudsman Service. However, the Ombudsman is unlikely to progress complaints about unauthorised overdraft charges – other than in hardship cases (see below) – until the test case is resolved.
     
   • you have already had a settlement and want it reviewed
     A full and final settlement is just that – it is final. In some exceptional circumstances a complaint can be reviewed – for example, if there is evidence of coercion or bullying.
      
     However, you can still complain about any new charges incurred since that settlement.
     
   • you are in very difficult financial circumstances – 'hardship cases'
     If you have a case of genuine financial hardship, your bank or building society must deal with your complaint – see the Banking Code for how they can help. If you're not happy with the firm's response to your complaint, you can take it to the Ombudsman, who will consider whether your complaint can be dealt with before the test case is resolved.
     
   • you wish to complain from today
     You can complain now or you can wait until the test case has been resolved – you won't lose out. Your complaint will be recorded and stored, then dealt with as quickly as possible once the test case is resolved.
      
     Your bank or building society will still have to acknowledge your complaint within five days.
     
   • you want to complain to the bank about other issues
     You can still use the existing complaints process for other financial complaints – see Making a complaint. But, if your complaint relates to the fairness of unauthorised bank charges, that part of your complaint won't be dealt with until the test case is resolved.
     
   • you want to make a complaint in Scotland
     You can take your complaint to the Ombudsman or the courts. If you want to take your complaint to court in Scotland, the timing is important. You may want to get independent advice and file a claim now to protect your rights (although you will have to pay a court fee).

[*]Will banks and building societies still charge customers for unauthorised overdraft charges during this time?

Yes, it is likely that they will do so. But this will not prevent you asking for repayment of any future charges if the test case finds they are unlawful.

[*]What about banks and building societies who don't sign up to the waiver?

We expect all banks and building societies to sign up, but we will monitor the complaints handling process of those who don't very closely.

[*]How will the FSA know if the waiver conditions are being met?

The FSA will review compliance with the conditions in the waiver regularly to make sure consumer interests are protected. We can revoke the waiver at any time if we are no longer satisfied that the waiver is appropriate.

[*]How long will the test case last?

We cannot predict how long it will last. However, we have granted the waiver for one year and it will be reviewed regularly. We can, for example, revoke the waiver at any time if progress on the test case is not being made or if a delay is likely to cause undue risk to consumers.

[*]If the banks and building societies win, what does this mean for customers who have received money in the past?

Previous settlements will not be affected by a court decision in favour of the banks and building societies.

[*]What happens if the OFT wins? Will this mean that customers who've had unauthorised bank charges get money from the bank?

It will depend on the precise outcome of the case, but many customers are likely to be entitled to refunds if this happens.

[Dusary]

Seems like a HUGE CAN OF WORMS has been opened!

[MacBoy]

I think you're right Dusary - and anyone with enough knowledge should record any such messages as per my post and get them on disk. Perhaps they could then be hosted on the site as part of a 'name & shame' exercise.

 

Even if CAG are unwilling to do it for bandwidth reasons, I would be willing in principle to host the files as mp3s on a webpage, so that people could play online or download.

 

These banks are getting prematurely smug methinks..

[janzer]

I would think if this lot is now suspended - the banks should also suspend the charges......

[janzer]

If LBA has only just been sent - will this still class as a registered complaint or will it need to go to court stage - any advice really welcome

thanks

[gill5blue]

what about unenforceable Consumer credit agreements on loans and credit cards

I don't think this will affect this will it?

[MacBoy]

gill5blue

 

Worth checking out with a mod or helper, but it seems to me that this suspension is restricted to bank overdraft charges.

[MacBoy]

janzer

 

It seems from zootscoots 'OFT Test Case - What It Means To You' post that only those of us who haven't yet issued court proceedings are affected. Relevant paras:

If you have already issued a court claim then continue as normal until you hear otherwise from your court. Make sure you continue to comply with any orders and attend any hearings. Do be prepared for the fact that the court may issue a stay pending the outcome of the test case and this could take some time.

 

If you have not yet issued a court claim do stick with your time table as before and issue a claim. If you do not issue a claim until after the test case, you may lose the right to claim some of the older charges under the Limitation Act. Your claim may well be stayed but at least you have your foot in the door and will therefore be at the front of the queue when it comes to payouts after a successful test case.

[jubaxt]

i think this applies to all cases that have not yet been oficially filed-ie n1 or mcol janzer

[cheryl27]

I have filed an N1 form and mine is not for overdraft charges it is regarding direct debits is this in away different from the test case? Gutted! thought I would have my money in 2 weeks!

[moneyhelp]

what about unenforceable Consumer credit agreements on loans and credit cards

I don't think this will affect this will it?

 

Loans and credit cards are not affected - carry on with your claims.