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fru-gal

Banks Face Paying Out Billions To More Than 12Million Customers After Landmark Legal Battle Against Lloyds Over 'unfair' £750 Fine...

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If this type of rip-off behaviour is regulated then we can expect current account charges to be brought in over the next 12 months.

Needless to say the poor will pay the most.

My thought on this overdraft charges is that such charges are what keeps 'banking' free. I LOL at those who say stuff like "I keep my account in order, so those who don't should be charged" yet they don't realise that those who get such charges are the very people who keep banking free for the whiter than white brigade.

It's odd how you can withdraw cash with a bank balance of zero? Back in my day if you had no money you were either declined at the cashpoint or at the shop till by the then new "PDQ" machines. I read on my bank T&Cs that apparently I have an 'Informal Overdraft' which costs £25 per £10 withdrawn??? Cheaper to go to a PayDay loan company.

Either way, the banks could stop all of this by imposing a 'No mon, No fun' policy. But instead they allow informal overdrafts which are a cash cow for them.

Personally, I don't let myself get that low. However, a friend of mine got hammered by HSBC a few years ago to the tune of £350 for going overdrawn by £75. After some letters, they repaid £275 and asked him to bank some place else?

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thought this judgment did not set a legal precedent - but am sure the DM will be right.

You are right, this does not set precedent. The next step is to take the decision to higher courts to determine if precedent is to be set. The court of Appeal process has to be concluded also. Long way to go.

The judgement http://www.legalbeagles.info/judgments/OliverFosterBurnellandLloydsTSBBankPlcAugust2014.pdf

http://www.qualitysolicitors.com/howlettclarke/news/2014/08/howlett-clarke-secure-first-bank-charges-court-victory-since-2008

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If this type of rip-off behaviour is regulated then we can expect current account charges to be brought in over the next 12 months.

Needless to say the poor will pay the most.

I hope some of the retail bank executives won't get their multi million pound bonuses and they will be the ones who bear proportionally more of the cost. The money transmission business nowadays is mostly handled by bank customers using electronic banking facilities that the banks installed to reduce their costs.

But you're correct in that the banking cartel will soon start charging for the provision of current account facilities. They think they have a captive market since most employers refuse to pay wages and salaries in cash. It may well be that the repeal of the Truck Acts will be reversed or employees allowed to choose a method of payment they prefer if there is a large enough outcry. It is outrageous how the banks are trying to charge relatively large amounts for premium accounts in the full knowledge that the services provided are of little use to most of their customers.

For the sake of £2.70 or thereabouts the avarice of the banks will, I hope, cause such a commotion that will serve them right.

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