Petition for unfair bank charges

System
System Posts: 100,537 🤖 Admin 🤖
edited June 8 in Student general
Hi,

If anyone is interested in petitioning the government with regard to unfair bank charges then please click on the link below to sign the petition,

http://petitions.pm.gov.uk/BankCharter/

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Petition for unfair bank charges


    What is the definition of unfair charges?

    Too expensive or charged incorrectly?
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Petition for unfair bank charges

    The definition on this petition is that they are excessively charging above and beyond what it actually costs the bank if lets say you go overdrawn on your account by 0.50p.
    There is a full write up on the petition page by Martin Lewis on what is being petitioned, have a read there :)
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Petition for unfair bank charges

    If you complain enough to your bank they will refund your bank charges anyway. I don't mean to sound patronising, but when you agreed to the terms and conditions of your bank account you agreed to the set charges!
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Petition for unfair bank charges

    I'm kind of in the middle here. Banks might be guilty of overcharging but as Gem says, we all agree to the charges up front when we choose to use their facilities and it's not as if they disguise them. We're quite happy to max out the free £500 overdrafts and use them almost exclusively to process our payments and make cash withdrawals so I think we can hardly complain when we breach the rules. Many seem to forget they're not charitable organisations but often expect them to be as and when it suits themselves.

    I used to manage a betting shop and often heard the comments that we were ripping them off - but we didn't make them use our services or force them to only pick losers! We weren't a flipping drop in centre! I'm not sure they could ever grasp the idea that someone (i.e. them) had to pay for the lighting, heating, premises, wages and all the other expenses so that that they stay for "free" for hours at a time!

    Regards,

    Robert
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Petition for unfair bank charges

    Ok, wasn't after a debate on this subject just thought some might be interested in signing/looking at this. Yes I am in the middle, however with today become a more electronic society most people don't have a choice to receive wages via cash anymore so are forced to use bank/building society accounts, even the non-overdraft accounts stil let you pay DD and on the maybe one occasion when you thought you had enough money in the account but actually didn't, matter how little it is (as one bank has said even a penny short) then justify charging upto £38 for that is not helping that person's perhaps vunerable financial situation. I understand banks need to make their money too but as the saying goes the rich get richer and the poor stay poor

    Regards

    Kim

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