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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

to think that people should shut up about their bank charges? You incurred the charges, so pay up.

400 replies

AitchTwoOh · 09/05/2007 12:57

honestly, i've got a friend who just got £5500 back and he's off on holiday with the proceeds.

he's absolutely USELESS with money and knowingly incurred all teh charges, so why exactly does he deserve to get the money back? it's not a bloody savings account he's been paying into...

OP posts:
MellowMa · 09/05/2007 13:27

Message withdrawn

speedymama · 09/05/2007 13:34

Agree with OP. I've never been overdrawn, neither has DH,or our parents etc. I do not spend what I don't have.

People should take responsibilty for their actions. Why don't people, who express indignation against the banks, manage their financial affairs properly? Banks are a business, not a charity and it really irks me that responsibile customers like me will have to pay more for the irresponsibility of others.

MrsWho · 09/05/2007 13:34

What most people seem to have overlooked is that is is infact their own money ,most people talk about it as if it is a bonus.

hatrick · 09/05/2007 13:37

This reply has been deleted

Message withdrawn

PeachyChocolateEClair · 09/05/2007 13:39

People should take responsibilty for their actions. Why don't people, who express indignation against the banks, manage their financial affairs properly

because whilst there are soem idiots out there, as I haev other posters have expained its often the banks mistakes that lead to it- or those of others, such as peolpe paying in to your account. We were away when the WTC didnt go in, how could we have known? And all the resulting DD's etc weren't meant to have been rejected, the money was ours. Ditto people who are paid late etc etc, which often happens- often the person just doesn't realise theya re missing money, there's no intention there. One small error from another body can lead to huge sums of fee to be paid back.

niceglasses · 09/05/2007 13:39

Maybe they don't manage them 'properly' due to a run of bad luck, or an oversight, or yes, maybe a non-water tight grip on finances. Do the banks deserve to make millions on the back of that?

The fact is these charges are far, far too high - they do not reflect the real cost.

And yes, banks screw the worst off all the time - hitting the most vulnerable. Note First Direct charging a tenner a month if you don't have 1500 going thru your account. Nice and moral innit??

Gobbledigook · 09/05/2007 13:41

Ha ha Aitch!! My friend and I have been saying this for ages!

It's not always someone's fault they run into trouble, I know that, but I best most people just need to learn how to reign in spending.

At the end of the day, if you taking money over your limit it's stealing. The money isn't yours!

OrmIrian · 09/05/2007 13:42

But it's not always responsiblity speedymama.

DH is a self-employed carpenter. Once he's paid a set amt of money into his a/c once a month he has a varying amt of money left to cover his work expenses. Those expenses might be a variable regular expense such as petrol - he could be working 10 miles away or 50 miles away. Or they could be a one-off big expense such as a new drill for £250. Or work on his van. None of these things can be avoided if he wants to get work and if he doesn't work he gets into worse financial difficulties. This time of the year things are very tight as his overdraft is near it's limit. Next month he will pay in his tax rebate which will put him well back in the black. But right now if his van blows up or he breaks some vital equipment, or as happened recently he gets injured and can't work for a while.... he is highly likely to go over his limit. And the bank gives him bot bloody barrels when it comes to charges.

I would be surprised if the majority of people getting charged aren't more or less like DH - not feckless or irresponsible, just managing a somewhat uncertain financial situation.

MrMariella · 09/05/2007 13:43

Speedy, and anyone else..NO, YOU WON'T HAVE TO PAY FOR OTHER'S POOR MANAGEMENT!! YOU MAY WELL HAVE TO PAY BECAUSE BANKS WANT MORE OF YOUR MONEY.

Sorry about the caps.

mrsflowerpot · 09/05/2007 13:43

I agree with Aitch broadly - I think there is a huge difference between the people who have been properly ripped off by the banks through no real fault of their own (the £450 charges for the £6 overdraft example below for eg) and people who are just really crap with money and take no responsibility for it.

I do think it's right that the banks are forced to bring the charges down and that people get some money back, particularly as it's disproportionately the people who are struggling for money for one reason or another who have been stung by them. But it doesn't sit right that some people are getting rewarded for being useless and irresponsible and spending money they didn't have (or need) to spend .

PeachyChocolateEClair · 09/05/2007 13:45

I would agree, ormirian

Gobbledigook, if the banks want to call that stealing then they need to put in place a suystem to rpevent it- if a regular payment doesnt reach your account (eg your wages / WTC) then they should be able to suspend DD's until its sorted. I bet that would save people a small fortune in fees, tbh.

MrMariella · 09/05/2007 13:45

No flowerpot - they aren't being rewarded. Read the effing posts properly.

They are having THEIR OWN MONEY returned to them. That is all....

niceglasses · 09/05/2007 13:47

Yup, it is their money - nobody stole it. If you go over your limit - they take money off you. Its just that money which is being refunded and entriely proper that pple view it as a windfall and do whatever the hell they want to with it.

Jeeeezzz.

OrmIrian · 09/05/2007 13:48

I would also say that I personally don't get overdrawn in my a/c or in our joint a/c. But that's no great acheivement as I have a set amt going in and a more or less set amt going out. If I get overdrawn it would be because of my overspending. It's easy to be smug about these things when you are in a situation like mine.

MellowMa · 09/05/2007 13:49

Message withdrawn

Original poster
AitchTwoOh · 09/05/2007 13:50

there are lots of things i think could be improved about banking to make them more equitable. it's never struck me as fair that if a cheque bounces the person who tried to bank it loses out. the charges and compounding of charges is unfair and has been ruled to be so, however i can't believe the amount of people i know who are thrilled that they are getting tousands back and aren't taking responsibiliy for the mess they got themselves into.
at some point, a court may rule that macdonalds must pay people who got fat from eating burgers, but i'll still hold them responsible for their behaviour.

OP posts:
MrMariella · 09/05/2007 13:51

This thread has a really unpleasant smell of self-righteous finger jabbing, and peeps who have the intelligence to see the bigger picture, but would rather please themselves with lots of further finger-jabbing. good afternoon all.

Tutter · 09/05/2007 13:52

lots of good points aitch

just wanted to stick up for you= you're not the only good two shoes vis a vis observing limits - have done so even as a student when had feck all cash. just took a bit of diligence

niceglasses · 09/05/2007 13:52

Well, you (somewhat slightly self righteous lot (meant in niceish way) will be glad to know that if you claim twice, they will probably close your account. So best to learn ones lesson as it 'twere. Dontchaknow.

Stigaloid · 09/05/2007 13:53

I think you are being unreasonable. A lot of my friends who have incurred fees did so because the banks had us sign up as students at uni, offered amazing deals with interest free overdrafts, knowing that we would have to live in them in order to get by but once they took the interest free away, we would be living in our overdrafts and receiving penalties each and every month. Very rarely do people leave uni with a job that will take them out of their over draft and into the clear AND give them more than enough money to live on. Most student overdrafts are around £1500 and you're lucky if you get a starting salary of £1000 per month, which means always living in debt until you can save up enough to get clear (as well as pay off the student loan)

Others simply have a bad run at work and lose their jobs, have other financial burdens hit them etc. Just because some have been lucky enough to never experience financial difficulties, doesn't mean it is reasonable for them to be annoyed with others who incurred unfair charges who then legally obtain them back through refunds.

PeachyChocolateEClair · 09/05/2007 13:53

Aitch would you really expect them not to be thrilled? And what should they be doing really, buying the bank managers a round of drinks?

As many of them will have been rather badly off people, this 'windfall' might be the only chance they ever get for a holiday / put some koney in savings (often a bad idea if youre on benefits though) or whatever.

Original poster
AitchTwoOh · 09/05/2007 13:54

really, pann? i was just asking a question. if someone who got fucked by a bank because of a simple mistake or hard luck wants to claim back, claim away. but you don't get to thousands of pounds of charges without ignoring letters and i think that some responsibility shoudl be taken. anyway, you sound particualrly testy about this, have you been claiming yourself?

OP posts:
mrsflowerpot · 09/05/2007 13:55

I have read the effing posts thank you.

Have you read mine? I think the charges are too high. I think they penalise people who can least afford it. I think it's right that people are being refunded.

But I also think that there are some people who incurred these costs through nothing other than their own stupidity. And they are getting a nice little windfall too - and no, actually, it's not all their money, because they are getting 100% of the charges refunded, rather than just the amount that has been deemed to be excessive.

ConnieLingus · 09/05/2007 13:56

What's the weather like in those ivory towers??
We did have some money problems last year when I was off on maternity leave and DH was laid off from work. Rather a drastic cut in income with exactly the same outgoings. The huge charges the bank made only added to the problem. We were living within our normal means, but the income at the time didn't cover rent, council tax, utility bills, food etc
We wouldn't get thousands back, but certainly a couple of hundred

Stigaloid · 09/05/2007 13:56

"Six months later the OFT have decided that an investigation is indeed necessary, and in a couple of weeks will let us know the issues which they will be looking in to. The report is expected before the end of the year. "

We are the only country in Europe that does not charge for having a bank account. They are looking into the viability of allowing banks to charge. It will happen eventually as all over the world banks charge for the services they provide. The question is how much is fair?

Personally i think that the £10-£12 per month so far suggested is ridiculous. I do all my banking online, never speak to a single representative (in this country) bank my own cheques through self service and manage it all on my own. I don't know what the £10-£12 per month would therefore pay for seeing as there seems to be no customer service with banks these days anymore.

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