Bruce Banner Posted May 31, 2018 Share Posted May 31, 2018 https://www.theguardian.com/money/2018/may/31/fca-watchdog-planning-price-caps-on-rent-to-own-credit-terms-brighthouse I don't think I've ever incurred an unauthorised overdraft fee. Surely it's not too much to expect that adults should take responsibility for their borrowing? Quote Link to comment Share on other sites More sharing options...
Errol Posted May 31, 2018 Share Posted May 31, 2018 Anyone using an unauthorised overdraft should be hit with a large fee. I'm struggling to see what is the issue with that. Quote Link to comment Share on other sites More sharing options...
Parkwell Posted May 31, 2018 Share Posted May 31, 2018 You'd think with all this technology you wouldn't be able to access an unauthorised overdraft. Computer says no and all that. It's as if they want to get you into debt. No that couldn't be it. The bank is my best mate. Quote Link to comment Share on other sites More sharing options...
ccc Posted May 31, 2018 Share Posted May 31, 2018 37 minutes ago, Parkwell said: You'd think with all this technology you wouldn't be able to access an unauthorised overdraft. Computer says no and all that. It's as if they want to get you into debt. No that couldn't be it. The bank is my best mate. Contactless doesn't actually check you have the monies available. It just does a quick check on known fraud on the card etc.. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 31, 2018 Share Posted May 31, 2018 5 minutes ago, ccc said: Contactless doesn't actually check you have the monies available. It just does a quick check on known fraud on the card etc.. Who's stupid enough to use contactless payments ? I sent all my cars back and asked for non-contactless. Quote Link to comment Share on other sites More sharing options...
Maximus Skepticus Posted May 31, 2018 Share Posted May 31, 2018 (edited) deleted Edited May 31, 2018 by Maximus Skepticus delete Quote Link to comment Share on other sites More sharing options...
Maximus Skepticus Posted May 31, 2018 Share Posted May 31, 2018 2 minutes ago, TheCountOfNowhere said: Who's stupid enough to use contactless payments ? I sent all my cars back and asked for non-contactless. That must have been a shock for them...? TfL travel charges are cheaper with contactless now... Quote Link to comment Share on other sites More sharing options...
winkie Posted May 31, 2018 Share Posted May 31, 2018 The issue is not having a fee, it is the amount of the fee, the number of times the fee is taken, the APR cost/price of the debt and the cost of returns due to all the fees, interest and charges......those with the least always pay the most......I suppose money has to be made somewhere, easier to take advantage of the needy, forgetful, vulnerable.......DDs come out of account every month, people are not always paid every month or not paid the same every month.....not everyone is good at maths. Quote Link to comment Share on other sites More sharing options...
Riedquat Posted May 31, 2018 Share Posted May 31, 2018 32 minutes ago, TheCountOfNowhere said: Who's stupid enough to use contactless payments ? I sent all my cars back and asked for non-contactless. An awful lot of people it seems, because apparently it's so much more convenient than using something that isn't remotely inconvenient in the first place. As for responsibility, you're living in the 21st century, need to move with the times. Self-responsibility belongs with bear-bating, serfdom, and wife beating as something that we should be very glad to have moved on from and welcome the state doing it for us. Quote Link to comment Share on other sites More sharing options...
Errol Posted May 31, 2018 Share Posted May 31, 2018 For people too stupid to avoid unauthorised overdraft usage they should just offer accounts where it is impossible to go overdrawn. Quote Link to comment Share on other sites More sharing options...
nome Posted May 31, 2018 Share Posted May 31, 2018 All I see is they're reining it in a little because they don't want to kill the golden credit goose. A parasite that eventually kills it's host becomes a dead parasite. Got to keep the feckless debt junkies on the hook. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted May 31, 2018 Author Share Posted May 31, 2018 The FCA’s main recommendations were: Mobile alerts warning of potential overdraft charges. Stopping the inclusion of overdrafts in the term “available funds”. Requiring online tools to make the cost of overdrafts clearer. Introducing online tools to assess eligibility for overdrafts. Making it clear overdrafts are credit or borrowing. The one that get's my goat there is the "stopping the inclusion of overdrafts in the term available funds". Surely if you have a £1K overdraft facility and £1K in your current account, your available funds are £2K. To state it any other way would be a nonsense. Quote Link to comment Share on other sites More sharing options...
Parkwell Posted May 31, 2018 Share Posted May 31, 2018 13 minutes ago, Errol said: For people too stupid to avoid unauthorised overdraft usage they should just offer accounts where it is impossible to go overdrawn. Make it harder to access debt? You animal! Quote Link to comment Share on other sites More sharing options...
LetsBuild Posted May 31, 2018 Share Posted May 31, 2018 1 hour ago, TheCountOfNowhere said: Who's stupid enough to use contactless payments ? I sent all my cars back and asked for non-contactless. I just disable all of mine, a 3mm drill bit to the side of the magnetic strip near the edge severs the 4 thin wires embedded in the plastic. This stops the loop inducting a current and powering the RFID chip when waved in front of a magnetic field. Leaves the chip/pin and magnetic strip to function as normal though. Quote Link to comment Share on other sites More sharing options...
hotblack42 Posted May 31, 2018 Share Posted May 31, 2018 1 hour ago, TheCountOfNowhere said: Who's stupid enough to use contactless payments ? I sent all my cars back and asked for non-contactless. I'm stupid enough. Using them isn't risky, you know who you are. Losing them and someone else using them £30 a touch until you cancel is risky. Er, don't lose them? Its also risky for the thief - there is almost certainly a timestamped CCTV trained on the till where he/she is creating a timestamped transaction. Even the Met could solve that one. Quote Link to comment Share on other sites More sharing options...
Errol Posted May 31, 2018 Share Posted May 31, 2018 1 hour ago, Bruce Banner said: Stopping the inclusion of overdrafts in the term “available funds”. Making it clear overdrafts are credit or borrowing. If people are this stupid they probably shouldn't have a bank account. Or they should stick to cash in hand at the very least. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 31, 2018 Share Posted May 31, 2018 1 hour ago, Bruce Banner said: The FCA’s main recommendations were: Mobile alerts warning of potential overdraft charges. Stopping the inclusion of overdrafts in the term “available funds”. Requiring online tools to make the cost of overdrafts clearer. Introducing online tools to assess eligibility for overdrafts. Making it clear overdrafts are credit or borrowing. The one that get's my goat there is the "stopping the inclusion of overdrafts in the term available funds". Surely if you have a £1K overdraft facility and £1K in your current account, your available funds are £2K. To state it any other way would be a nonsense. If can't overdraw on current account, fees will be taken from returns, contactless will still create an overdraft?..... If given a credit limit on credit card certain people will use up to limit, like an overdraft, theirs to spend....also give them money/debt to spend on a house they will use up to what the lenders say they are 'good for'.....there must be some confusion about what is their money to spend, and what is their credit limit that is theirs so are spending it and more.? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted May 31, 2018 Author Share Posted May 31, 2018 One thing to remember is that, unless they've changed the rules, overdrafts are repayable on demand, no ifs nor buts. I've had five figure overdraft facility on my current account for the last thirty odd years, which I never use. Every few years someone phones me up and asks if I still want it to which I say "yes, I'll probably never use it but since you don't charge for it I may as well keep it, if you're happy that is", so far they've always said "sure, no problem". Quote Link to comment Share on other sites More sharing options...
Wayward Posted May 31, 2018 Share Posted May 31, 2018 I have heard that free banking is unusual outside the UK. Reason banking is free in the UK is because it is covered by these charges on unauthorised overdrafts etc...so it seems free banking may be coming to an end. Great result I am sure. Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 31, 2018 Share Posted May 31, 2018 4 hours ago, TheCountOfNowhere said: Who's stupid enough to use contactless payments ? I sent all my cars back and asked for non-contactless. Did they actually send you new non contactless ones? Quote Link to comment Share on other sites More sharing options...
regprentice Posted May 31, 2018 Share Posted May 31, 2018 A lot of banks offer a 'shadow limit', ie if you go overdrawn by less than a tenner they won't charge, people get used to this and play with their til they get hit with a charge. As they don't admit to or promote the shadow limit people who are hard up get caught out. My bank (RBS) shows pending contactless transactions the day they are spent, then they disappear from the uncleared balance the following day then they come of the account on day 3. Again the banks making it hard for people to manage their cash easily. A lot of companies don't ring their transactions through 'live' some do it overnight, at the end of the week or whenever. Jongleurs caught me out once by not running through a switch transaction til a month after I'd been. comedians. I keep all my spending in a spreadsheet and seldom have a problem but even trying to balance the spreadsheet each day with things appearing and disappearing can be a nightmare. It's not difficult to imagine the banks designing the most convoluted system possible to catch people out every so often. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted May 31, 2018 Author Share Posted May 31, 2018 1 hour ago, Wayward said: I have heard that free banking is unusual outside the UK. Reason banking is free in the UK is because it is covered by these charges on unauthorised overdrafts etc...so it seems free banking may be coming to an end. Great result I am sure. Hence the thread title . Quote Link to comment Share on other sites More sharing options...
mrtickle Posted May 31, 2018 Share Posted May 31, 2018 1 hour ago, Si1 said: Did they actually send you new non contactless ones? All my banks have, except one. With some I've had to be more forceful than with others. It should be MY CHOICE whether or not I want a card that's capable of contactless payments. Single-point authentication is inherently insecure, and until the day arrives when I can turn the contactless feature on/off myself using my online banking, and set my own much lower limit, I won't use contactless. Notice how it was launched with a hard limit of £15, to reassure people and get them to agree to it, which was then quietly doubled despite this completely changing the landscape of the kind of purchases that are possible and by extension, should have required a different set of justifications. Quote Link to comment Share on other sites More sharing options...
mrtickle Posted May 31, 2018 Share Posted May 31, 2018 4 hours ago, LetsBuild said: I just disable all of mine, a 3mm drill bit to the side of the magnetic strip near the edge severs the 4 thin wires embedded in the plastic. This stops the loop inducting a current and powering the RFID chip when waved in front of a magnetic field. Leaves the chip/pin and magnetic strip to function as normal though. This sounds very encouraging. Please could you post a picture of the result? Quote Link to comment Share on other sites More sharing options...
Wayward Posted May 31, 2018 Share Posted May 31, 2018 3 hours ago, Bruce Banner said: Hence the thread title . Yesh okay but not sure most people know that in most countries you have to pay to have a regular current account that we expect free of charge...or rather paid for by those that can't manage their affairs. Quote Link to comment Share on other sites More sharing options...
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