The Sunday Times this morning has an article about how the banks are repaying their illegal charges imposed on customers who have gone over their agreed overdraft limit.... for up to the last 6 years.... they are paying people NOT to take them to court!
Paid £5000 to one guy.... if you have been charged -time for your payback. Go for it...., good luck.
2006-08-05 23:16:03 · 23 answers · asked by Anonymous in Business & Finance ➔ Credit
The charges are illegal because the banks know that they are excessive and therefore not defendable in the courts, one case is of £350 charge on a £100 overspend. Ignore any minions, who probably work for a bank, who try to advise you otherwise.
2006-08-05 23:28:54 · update #1
Once. Just after I started working in 1981. They tried to charge me £50 for going overdrawn by £10. A friend of mine went overdrawn for a day (it was on the 15th of the month, the same day we get paid.) We reckon she was overdrawn for five hours. They sent her a letter demanding £100. I wish I could tell you that she closed the account, but the banks depend on us all finding it too much trouble. They've become little better than muggers. And at least a mugger doesn't keep you on hold for ten minutes while you try to access your own money!
2006-08-05 23:18:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I wish they'd do something about that here... my bank charges $34 for overdrafts. I've literally, on numerous occassions, had a $34 charge for going $0.20 over my limit.
They'll also charge you for every single time, so I've had times where I didn't realize my account was empty, and came home and checked it, to find five charges of $34, for 5 transactions that were all like $1.50, $3, $2.50 charges at 7/11 or something, it's insane.Total spenditure of under $10 over the limite, yet $170 in overdraft charges!
They've also charged me overdraft charges for amounts that were accidentally taken out of my account twice by a company, and then reversed before the charge came through, simply because it was 'authorized' on the account!
2006-08-06 11:34:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Here in the States most banks have overdraft protection for customers which is a form of lending money when you overdraw your account.
Otherwise, a charge of $30.00 is common, and many banks today are like sharks ready to attack when you falter with your account.
They are so intense (the banks), that they actually force people to go bankrupt by their charging of late fees and overdraft fees.
I believe something like 1.2 million Americans filed for bankruptcy last year.
Even Donald Trump filed for bankruptcy...actually several times, and comes out clean and starts all over again.
They used to have a debtors prison.
Bankruptcy became a joke.
2006-08-05 23:24:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I have been charged by a bank for going over my overdraft. It was truly their error but I had to pay the price even after I showed them it was their error. I had to eventually switch banks. It has been hard but I had to do it. Now I am looking still for yet a better bank. The one that I went to is a little better but does not leave any chances to be .01 overdrawn. They will issue a warrant and will charge you 35.00 plus you have to pay the retailer or whomever you wrote the check out to their costs also.
2006-08-06 00:51:39 · answer #4 · answered by TONYA S 1 · 0⤊ 0⤋
Go in in person and scream!! THEY were at fault for paying a S/O that you cancelled so demand they refund that charge. And point out that had they not done that, the overdraft thing wouldn't have happened, so demand they refund that too!! I shout - and have nearly always got it back (and thats on my daughters account not mine!! but my bank wouldn't want to lose the family business accounnt so maybe they cave in easily to me. Certainly worth a try though.
2016-03-27 00:54:11 · answer #5 · answered by ? 4 · 0⤊ 0⤋
No. And the charges you talk about are not illegal. The issue is whether they are fair and have been properly calculated. It is often about whether the bank finds it cheaper to go to court or to settle. There are a number of test cases going through the courts.
If you don't want to pay the charges, don't go overdrawn. You have to be a seriously bad customer to incur £5K of charges for going overdrawn.
2006-08-05 23:21:20 · answer #6 · answered by izzieere 5 · 0⤊ 0⤋
I was amazed to see on the BBC how the british banks are abusing those charges! I live in the Nretherlands, and have a frequent overdraft, but the charges are really peanuts.
2006-08-05 23:20:10 · answer #7 · answered by Gungnir 5 · 0⤊ 0⤋
if honest people have to pay say £20 quid for prearranging an overdraft, why should others get to go overdrawn and not get charged anything. Banks aren't government agencies giving free handouts they are businesses.
Even your name "Free Parking" implies that you are on a quest to get a free ride in life at the expense of others. Go get a job and pay your bills on time.
2006-08-06 01:05:14 · answer #8 · answered by binksiesbaby 2 · 0⤊ 0⤋
It all depends on the fine print , on the rules of your certain bank account. I have gone over, and i do get charged for the money borrowed with does make sense. Because the bank had to cover for me.
2006-08-06 00:16:15 · answer #9 · answered by karen 2 · 0⤊ 0⤋
Every time my bank charge me for an overdraft I richly deserved it. My credit card company, Discover, was giving me bogus charges. When I questioned it, they not only took off that charge for that month but credited me for every month going way back. It wound up like a 100 dollars.
2006-08-05 23:21:29 · answer #10 · answered by John16 5 · 0⤊ 0⤋