Just In...OFT wins

[lilelvis2000]

http://news.bbc.co.uk/1/hi/business/7364422.stm

Or is it a loss?

[Mailman]

No, its a win. The judgement basically says the banks arent above the law and will leave it up to the OFT to determine what is fair and not fair for bank charges.

Common sense wins the day!

Mailman

[Jog On]

Excellent

I wonder how they’ll pass this on to the customer…

[up4it]

I already re-claimed charges from my bank.

It was only £30 they stole from me but that is not the point!

I threatened to take them to the small claims court if they didn't pay up! Reluctantly, they coughed up!

[expat]

Excellent

I wonder how they’ll pass this on to the customer…

They will have to: a company is not a tooth fairy, the money has to come from somewhere.

Inflated "charges" is not a fair way of making profit, because it is dishonest. Charging all customers to bank with them is a normal and fair way of doing it.

The main beneficiaries of the current dishonest system are customers who avoid "charges". Expect to hear complaints from them if they have to pay for their banking, along the lines of "why should we pay for those who abuse the system?" The fact is that currently those who fall victim to exaggerated charges are paying for those who do not; and there is no just reason why they should. Yes they could avoid the charges; my point is that those who do avoid charges are currently being subsidised by those who suffer them.

[lilelvis2000]

Lets hope they cave in on this and repay the funds taken and re-adjust their charges.

But: with banks crying about this "credit crunch" will the OFT push it?

[lilelvis2000]

The main beneficiaries of the current dishonest system are customers who avoid "charges". Expect to hear complaints from them if they have to pay for their banking, along the lines of "why should we pay for those who abuse the system?" The fact is that currently those who fall victim to exaggerated charges are paying for those who do not; and there is no just reason why they should. Yes they could avoid the charges; my point is that those who do avoid charges are currently being subsidised by those who suffer them.

Correct those of us. including me. Pay charges to pay for other's free banking. I read something on this two years ago..when all this was just starting...that the poorer customers (about 10%) are paying for the other 90% free banking! Should it be other way around if this was truely a just society? (those figures are just a guess and fuzzy)

[HankWangford]

Lets hope they cave in on this and repay the funds taken and re-adjust their charges.

But: with banks crying about this "credit crunch" will the OFT push it?

great, they owe me a fortune from the days I was a struggling permie, at least 5-6k by my calculation

[wxman]

It is the end of free banking in the UK.

[Jog On]

They will have to: a company is not a tooth fairy, the money has to come from somewhere.

Inflated "charges" is not a fair way of making profit, because it is dishonest. Charging all customers to bank with them is a normal and fair way of doing it.

The main beneficiaries of the current dishonest system are customers who avoid "charges". Expect to hear complaints from them if they have to pay for their banking, along the lines of "why should we pay for those who abuse the system?" The fact is that currently those who fall victim to exaggerated charges are paying for those who do not; and there is no just reason why they should. Yes they could avoid the charges; my point is that those who do avoid charges are currently being subsidised by those who suffer them.

/ducks for cover - this one's been discussed before...

I have charges to claim and I think they are unfair and greedy but I don't think the customers who have managed their finances carefully and sensibly should have to pay.

However the banks will pass this on to the consumers because [indert deity] forbid they pay for it out of their profits and bonuses

Lets hope they cave in on this and repay the funds taken and re-adjust their charges.

But: with banks crying about this "credit crunch" will the OFT push it?

That's what I'm concerned about, the timing couldn't be worse could it - maybe Alistair Darling-Hood and his merry band of tax payers will come to the rescue and rob the poor to feed the rich?