Is this theft?

[Moscow Mule]

Bank charges me £5 for going overdrawn when I did not, so I call them. They tell me it will take them 2 weeks to review the matter.

I said but hang on I clearly did not go overdraft I don't even have one!

Still in the 5 minutes it took them to take it the cash, it will be at least 2 weeks before it can be refunded.

Is this not theft?

This will be worth (as a minimum) the interest on £5 plus 25% of the interest due to recompense you for the lack of use of that money over the 2 weeks.

Just be thankful it's not the £18k credit Cater Allen lost from myCo account for the best part of 6 weeks over Christmas.

[51st State]

I can't wait till that unauthorized overdraft test case finishes with the banks...

They stand to lose billions if they lose it... And I'm really looking forward to seeing those #$@%%$ go down!!

Yes, well done pal.

You and the oiks like you get the shedloads of dosh back that you've spent in charges over the last six years, it costs the banks billions, and the rest of us have to wave goodbye to the free personal banking model that we've enjoyed for 20-some years. All in order to subsidise you tools that can't help yourselves from spending money that's not yours, and then whining about being charged for it.

I can't wait for your house to be re-possessed, you short sighted fool.

[threaded]

Interesting subject this theft lark. My daughter who is currently doing 'A' Level Law was talking about some silly examples of what is and isn't theft from her textbook.

Yes, but the banks intention was to permanently deprive them of the £5 and only gave it back when challenged. Theft Act 1968, section 16, and possibly Theft Act 1978, section 2(1)(b).

You think Larceny is a larf, get her to tell you about Tort, starting with Donoghue and Stevenson.

The whole legal system is cobblers, just think what'd happen if a hacker became a lawyer: Oh they did, goes by the name Bill Gates.

[Xenophon]

I can't wait for your house to be re-possessed, you short sighted fool.

The only thing that would make that situation worse would be if Clare Balding rocked up at your house while it was being re-possessed. That would be a really bad day. Imagine having to look at her cube head AND lose your pad all on the same day.

[scooterscot]

Sounds like A & L to me, they've 'reduced' charges for bouncing a ch/dd, but charge £ 5 a day for each day going over the o/d limit - could be up to £ 150 p/m!
Probably assume that £ 5 is not worth arguing about.

It is A&L!

Even if it were 5p I'd clamp down on there bollocks with an anvil.

It's my money not theirs.

[BrilloPad]

Yes, well done pal.

You and the oiks like you get the shedloads of dosh back that you've spent in charges over the last six years, it costs the banks billions, and the rest of us have to wave goodbye to the free personal banking model that we've enjoyed for 20-some years. All in order to subsidise you tools that can't help yourselves from spending money that's not yours, and then whining about being charged for it.

I can't wait for your house to be re-possessed, you short sighted fool.

But the banks have been begging us to borrow from them for ages. cheap credit. why should an overdraft be any different to a loan?

what gets me about banks is thet make out they are doing you a favour while charging huge amounts for c**p service. It needs to be as easy to switch bank accounts as it is to switch gas/electric provider. let the market decide.

[51st State]

But the banks have been begging us to borrow from them for ages. cheap credit. why should an overdraft be any different to a loan?

what gets me about banks is thet make out they are doing you a favour while charging huge amounts for c**p service. It needs to be as easy to switch bank accounts as it is to switch gas/electric provider. let the market decide.

It's not the arranged overdraft that's in the spotlight with the unfair charges; banks charge interest for these (at a pretty hefty rate, agreed, but similar to standard credit card APRs). It's the charges for going over any arranged borrowings.

So, for instance, a banking punter has a £100 arranged overdraft. They write a cheque that takes them over this (normally knowing it will do), then they get charged for this and any subsequent payments that the bank honours on their behalf. Why shouldn't the bank charge for that. Are you telling me that your limited wouldn't do exactly the same?

People want things both ways. If the bank said f* you - you've got no cash so we're not paying your electric/gas/sky bill people would be equally outraged.

[scooterscot]

The whole economy is sitting like a pellet in a catapult ready for release.

We all clung to affordable petrol/fuel prices now there 10p at least higher than this time 3 months ago.

Poorish people trying to afford homes they cannot now suffering.

The government staving off the bad times like they don't really exist.

A change is coming, it's not going to happen gently, utterly the poor are going to suffer the most.

[MrRobin]

I'm with 51st. All these people (and their King, that annoyingly smug Martin Lewis) claiming the charges are illegal etc etc are going to be laughing the other side of their face if they win when the banks introduce compulsory charges for accounts.

[BoredBloke]

Yes, well done pal.

You and the oiks like you get the shedloads of dosh back that you've spent in charges over the last six years, it costs the banks billions, and the rest of us have to wave goodbye to the free personal banking model that we've enjoyed for 20-some years. All in order to subsidise you tools that can't help yourselves from spending money that's not yours, and then whining about being charged for it.

I can't wait for your house to be re-possessed, you short sighted fool.

We don't get free banking. We get Bloody expensive banking. What is the BoE interest rate at the moment? What rate do the banks give us on our current accounts? It's no suprise that we have some of the most profitable banks based in this country.