Claim your bank charges back

[Dynamike]

That's what they've done in a few cases. They make literally nothing out of a current account in the black, it's not worth the hassle of keeping them unless they can screw you out a few quid with extortionate overdraft charges, once the Financial Service people make a ruling against the charges we can perhaps no longer expect free banking. It's certainly one possibility as banks make a lot of money out these charges; Barclays were boasting record profits last year, if the charges are scrapped they'll have to get their money from somewhere else. No bank has gone through with a court case yet, so you have an excellent chance of them giving your money back, but just be warned they have shut accounts down in a few instances, so be prepared to change account at short notice.

[ssgtsnelly]

dynamike im afraid you are wrong there, an account in credit is WELL worth it to the banks, they use that money to invest in overnight markets such as tokyo and make millions if not billions in profit from these short term investments. banks are no ones friends but themselves, for example LLoydsTSB new idea that they will charge you £35 a year for NOT using your credit card. that is insane. have no sympathy for the banks at all, granted some are better than others (HSBC for me are far superior to any other) but its still a joke.

[Terry Tibbs]

what are you lot on about?! why WOULD they shut down your account, and on what basis? They don't go giving away their customers just because you write them a complaint/query!

Thye have closed some accounts - its purely a issue of spite, you be difficult and ask for cl;arity over the charges, they squirm knowing that they'll ahve to cough up - they close your account down. take their ball home if you like!

Shows how petty they can be, they have no qualms about turning up the heat and basically harrassing you if you miss a payment or such like - the minute the tables are turned they literally throw a strop.

although the majority of Bank profits come from Charges

[theoak]

I point-blank refuse to believe banks have closed accounts over this matter; have you guys got any articles to this effect, or was it your mate down the uni bar who told you.

You are a customer and banks are not in the business of losing customers, and by word of mouth, alienating potential customers. It just makes no sense. These charges are in effect illegal, so keep you or not the banks would still have to refund them or at least a portion of them. Every current account is a potential mortgage borrower/loan/lottery winner down the line.

[Terry Tibbs]

[quote="theoak"]I point-blank refuse to believe banks have closed accounts over this matter]

http://money.guardian.co.uk/weekly/stor ... 21,00.html

http://news.bbc.co.uk/1/hi/programmes/m ... 349877.stm


http://www.financial-ombudsman.org.uk/f ... es_a8.html

[Dynamike]

dynamike im afraid you are wrong there, an account in credit is WELL worth it to the banks, they use that money to invest in overnight markets such as tokyo and make millions if not billions in profit from these short term investments. banks are no ones friends but themselves, for example LLoydsTSB new idea that they will charge you £35 a year for NOT using your credit card. that is insane. have no sympathy for the banks at all, granted some are better than others (HSBC for me are far superior to any other) but its still a joke.

I'm just saying what I've read in the (decent) newspapers and what a guy from the FSA said on the radio In comparison, a current account with peanuts in makes them nothing in comparison to business accounts, mortgages, loans, etc. That's why they charge so much when you exceed your overdraft, it's the only way they can really make a lot from current accounts. Why on Earth would they care about a million student accounts with -£s when they can get some big money from business accounts.

[theoak]

urmmm, because they can have both simultaniously perhaps?

[theoak]

I point-blank refuse to believe banks have closed accounts over this matter]

http://money.guardian.co.uk/weekly/stor ... 21,00.html

http://news.bbc.co.uk/1/hi/programmes/m ... 349877.stm


http://www.financial-ombudsman.org.uk/f ... es_a8.html

Hmmm it sounds like these have been isolaed or specific cases where people have not accepted just a refund of charges or have continued after getting money back form the bank. i woudl still doubt it is a policy of the banks to start shutting down peoples accounts for an initial request to refund the illegal charges. Time will tell.

[Dynamike]

No-one has said it's banks' policy to shut down accounts, just that they have on rare occasions. *continues to smash head against brick wall.

[Robbo4]

Did this a few months ago, from me sending the first letter the money was in my account within 5 weeks. Easy Money.