Watch them bleat now eh?

[darmstadt]

And about those excessive bank charges - the overdraft limit is what it says - an overdraft limit. I once incurred four such charges, £20 for each direct debit that bounced on a day my wages didn't arrive in time. I thought that was unfair too, but it was in the terms of my account.

In Germany I can put the charges on my next invoice as the company who I charge to are at fault, in fact this goes for permies as well (I have had a company pay my bank charges and tax defaulter payments this way.)

[wendigo100]

Less than 20% of that profit was made in the UK, so the Chancellor can go p1ss in the wind if he wants a larger slice of the rest.

And about those excessive bank charges - the overdraft limit is what it says - an overdraft limit. I once incurred four such charges, £20 for each direct debit that bounced on a day my wages didn't arrive in time. I thought that was unfair too, but it was in the terms of my account.

However, it taught me a lesson and I did two things about it: I changed banks, and I made sure I didn't go overdrawn again without arranging it first. They are two things from the book entitled "Self Reliance".

Now, if careless account-holders are helping to fund my pension, why should I complain?

[zathras]

HSBC makes $20bil before tax...now watch them all bleat about windfall taxes!

Although...seeing as most of HSBC's upswing in profits is from its personal banking division perhaps the bleaters are on to something?

Mailman

While generally windfall taxes are a bad idea. It is worth noting the charges imposed on your account everytime they bounce a direct debit. Those charges may actually represent a penalty and may not be recoverable in law see Castaneda and Others v. Clydebank Engineering and Shipbuilding Co., Ltd. (1904) 12 SLT 498 the House of Lords held that a contractual party can only recover damages for actual or liquidated losses incurred from a breach of contract. This is also the position in English law: Dunlop Pneumatic Tyre Co Ltd v New Garage and Motor Co Ltd [1915] AC 79.

They may also represent an unfair term of contract which is contrary to the Unfair Terms in Consumer Contracts Regulations 1999 (SI. 1999/2083). under reference to paragraph 1(e) of schedule 2 of the said regulations:

‘Indicative and non-exhaustive list of terms which may be regarded as unfair - 1. Terms which have the object of effect of - (e) requiring any consumer who fails his obligation to pay a disproportionately high sum in compensation’.

26 July 2005 the OFT stated that 'a charge is likely to be disproportionately high if it is more than a court would be likely to award if the lender sued the cardholder for breach of contract'.

Now bring this up with any bank verbally and they will trot out the line that every other customer pays them happily and that you signed the contract (yes, the same one that has the unfair terms in it).

If people really raised merry hell over this then that would reduce their profits without having to impose any form of windfall tax.

See the following for more information;

http://www.govanlc.com/pro-forma%20l...0to%20bank.htm

http://www.opsi.gov.uk/si/si1999/19992083.htm

http://www.telegraph.co.uk/news/main...4/nabbey04.xml

[Fungus]

This is true Fungas...but...imagine this...the bank you are working for decides to triple your annual profit share because it doesnt want the money to fall in to Gordo's evil clutches!

Mailman

Muleman

I don't work for a bank. God, what a thought.

But I don't like the idea of Flash Gordon milking companies to build a so-called socialist utopia. He should keep his filthy mitts to himself.

[Mailman]

This is true Fungas...but...imagine this...the bank you are working for decides to triple your annual profit share because it doesnt want the money to fall in to Gordo's evil clutches!

Mailman

[Fungus]

I think the profits are better spent on paying dividends to shareholders (pension funds) to expanding the business (real jobs creation as opposed to public sector administrators), buying lear jets for directors (stimulating manufacturing) than being pissed against the wall by government.

Yup.

And if you take away profits, it reduces the incentive to do well, and in fact companies will probably just spend more money anyway to avoid making big profits, and they might spend it less wisely, just to keep it out of the hands of Big Gordon and his Merry Bandits.

[DodgyAgent]

HSBC makes $20bil before tax...now watch them all bleat about windfall taxes!

Although...seeing as most of HSBC's upswing in profits is from its personal banking division perhaps the bleaters are on to something?

Mailman

I think the profits are better spent on paying dividends to shareholders (pension funds) to expanding the business (real jobs creation as opposed to public sector administrators), buying lear jets for directors (stimulating manufacturing) than being pissed against the wall by government.

[Central-Scrutiniser]

Keep the Aspidistra flying

Doubleplusgood

[Mailman]

HSBC makes $20bil before tax...now watch them all bleat about windfall taxes!

Although...seeing as most of HSBC's upswing in profits is from its personal banking division perhaps the bleaters are on to something?

Mailman