2007-07-31 01:10:53 · 5 answers · asked by Steve Yahoo 1 in Business & Finance ➔ Taxes ➔ United Kingdom
The banks are greedy, always have been and always will be!
The ironic thing is that if they hadn't been so greedy that could of had lower charges that were still unlawful and generating a profit, but hardly anyone would of claimed them back!
The situation at the moment is that the OFT is bringing a test case to the high court, to prove once and for all that the charges are unlawful. If they win, it will make it a lot easier to claim back your existing charges, and new charges will be a lot lower. However, if the bank win then it will mean an end to claiming back your charges.
Because of the test case, the FSA have currently allowed to the banks to put a hold on dealing with bank charge claims, at least for the next year. Its still worth putting in claims, and the banks have to log these, but no one will actually get any money back until after the result of the test case, which could be as long as 1 - 2 years off (the banks are likely to drag it out as long as possible as this is the ideal situation for them).
To be kept up to date with the latest developments, have a look at my web site below, which has detailed info about the situation as well as guides to claiming.
The site is free to use!
2007-07-31 02:25:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This isn't a very well worded question! There is plenty of advice about how you can go about reclaiming various fees. I suggest www.moneysavingexpert.com as a good start.
That said, following the start of the OFT enquiry I understand that all new claims will be put on hold - and only existing ones settled - until there is a result.
With regards to the wider issues you raise, it was interesting to see the supposed "big test case" thrown out of court yesterday. Furthermore, if this really costs the banks the £1bn or so they say it will - I guarantee the consumer will pay for that in the long run. "Greedy" or not, they will need to recoup that.
I would be very suprised if free bank accounts still exist in the UK in three years time. Most other countries have to pay for the privelege of having an account, and soon we will too! Which if you count it up over the years will probably be a lot more to pay than a one off £50 fine for not being in control of your finances...
2007-07-31 01:26:51 · answer #2 · answered by simplesimon 5 · 0⤊ 0⤋
banks will not be paying back any overdraft penalties for a while yet. they have just agreed to take a trail case to court.. the outcome of which will determine what happens.
If their charges are seen as illeagl I'm sure they will be repaid, but then again if you dind't go overdrawn int he first place it wouldn't be an issue..
......would it
......WOULD IT?
The UK is fairly complacent about going overdrawn, if you tried to do the same thing in the US your actions could be treated as fraud. I don't know where the best place is, but it does strike me that there are too many people who are either cavalier or incompetent about financial matters int he UK.. ranging from the ex chancellor (Grasping Gordon), down to the humble person on the street
2007-07-31 01:23:11 · answer #3 · answered by Mark J 7 · 2⤊ 0⤋
Don't be simplistic ..
... (most) Banks are owned by Shareholders .. and (most) Shareholders expect value (i.e. dividends) for their money ..
This creates a competitive environment where banks have to pay dividends to attract investors .. and that means they have to charge 'customers'
If you don't want to feed the banks, either :-
a) Don't go overdrawn
b) Get a 'basic' account that does not allow you to go overdrawn
c) 'bank' with a not-for-profit organisation ..
2007-07-31 04:05:29 · answer #4 · answered by Steve B 7 · 1⤊ 0⤋
You can already claim them back. See www.moneysavingexpert.com
2007-07-31 01:14:01 · answer #5 · answered by Showaddywaddy 5 · 0⤊ 0⤋