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jamesieboy
Helping with the Count
Joined: 15 Feb 2009
Posts: 327
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 Posted: Tue Oct 20, 2009 10:59 pm Post subject: Bank of Scotland's new overdraft charges |
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Bank of Scotland have just given some devastating news to their customers who have an overdraft.
From 6th December they will 'be introducing new, simple and easy-to-manage overdraft fees'.
If you have an arranged overdraft of up to £2500 they will charge you £1
A DAY !!!!!!!!!!!!!!!!!
If you have an arranged overdraft over £2500 they will charge you £2 a day.
Oh, and if you have an unarranged overdraft they will charge you a hefty
FIVER A DAY !!!!!!!!!!!!!!!!!!!!!!!!!
This is one of the main banks that we, the taxpayer, had to bail out to the tune of tens of billions because they got themselves into a terrible mess
by lending out money willy-nilly to every Tom, Dick and Harry, and now they are penalising their loyal customers for doing someting which they greatly encouraged only months ago.
Has there ever been a bigger cheek in corporate history?
I feel a campaign coming on.
Has there ever been a greater [/u]
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Alasdair
Our Scotland = 2nd Job!
Joined: 01 May 2008
Posts: 1021
Location: Clydesdale
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| Posted: Wed Oct 21, 2009 6:52 am Post subject: |
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It's simple and esy to understand. Should save people whinging about 'not understanding' bank charges.
I mean, you wouldn't expect to get any other product for free. Why should we expect to get an overdraft for free?
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landg
This is Ma' Life!
Joined: 05 Aug 2009
Posts: 617
Location: awaiting approval by a mod/admin
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| Posted: Wed Oct 21, 2009 7:16 am Post subject: |
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seems simple enough to me, you go over and take money that is not yours you get charged a small set fee per day.
i occasionly go over my £250 just before pay day, to know i'm getting charged £1 per day over is a great relief. |
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jamesieboy
Helping with the Count
Joined: 15 Feb 2009
Posts: 327
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| Posted: Wed Oct 21, 2009 11:52 pm Post subject: |
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For years the banks and the govt encouraged people, and especially young (perhaps naive) customers to get into debt.
It was consumerism on the never-never. You can get anything you want and you don't need to worry too much about the consequences of massive debt.
Now the B o S are turning on their customers in a nasty way. I have spoken to a number of people, my son included, and there is an air of panic about finding funds to pay off their overdrafts before 6th December, or it's going to be a endless vicious spiral of debt.
Now I know previous posters on this thread have made sensible, common sense comments relating to their own positions but there are millions out there who are not so well-informed or experienced in life, especially in matters financial.
And those are the ones I feel sorry for. |
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Alasdair
Our Scotland = 2nd Job!
Joined: 01 May 2008
Posts: 1021
Location: Clydesdale
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| Posted: Thu Oct 22, 2009 6:26 am Post subject: |
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| jamesieboy wrote: | For years the banks and the govt encouraged people, and especially young (perhaps naive) customers to get into debt.
...
... there are millions out there who are not so well-informed or experienced in life, especially in matters financial.
And those are the ones I feel sorry for. |
I suppose these are the two key points.
Some people can manage their money, some people can't, some people get into a situation where getting out of debt is virtually impossible, and some people simply can't afford (ironically) not to get into debt in the first instance.
It would probably be reasonable therefore to only apply the new charges system to 'new debt', rather than changing the rules mid-stream. Of course, it would also depend greatly on individual circumstance.
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landg
This is Ma' Life!
Joined: 05 Aug 2009
Posts: 617
Location: awaiting approval by a mod/admin
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| Posted: Thu Oct 22, 2009 7:07 am Post subject: |
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| jamesieboy wrote: | For years the banks and the govt encouraged people, and especially young (perhaps naive) customers to get into debt.
It was consumerism on the never-never. You can get anything you want and you don't need to worry too much about the consequences of massive debt.
Now the B o S are turning on their customers in a nasty way. I have spoken to a number of people, my son included, and there is an air of panic about finding funds to pay off their overdrafts before 6th December, or it's going to be a endless vicious spiral of debt.
Now I know previous posters on this thread have made sensible, common sense comments relating to their own positions but there are millions out there who are not so well-informed or experienced in life, especially in matters financial.
And those are the ones I feel sorry for. |
so the banks should stop charging people because there are numpties who cannae manage money. thats the numpties fault, not the bank. |
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Stevie
Independentist
Joined: 22 Nov 2008
Posts: 1179
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| Posted: Thu Oct 22, 2009 3:43 pm Post subject: |
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My gut instinct when I heard the word bankers was to growl, 'total complete b******s.
But having listened to some of the argument, I find myself somewhat swayed and more charitable of mind... no not really, they're just a bunch of b******s.
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Every man dies, not every man really lives.
Alba gu bràth! |
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Shagpile
This is Ma' Life!
Joined: 03 Jan 2006
Posts: 794
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| Posted: Thu Oct 22, 2009 6:07 pm Post subject: Re: Bank of Scotland's new overdraft charges |
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| jamesieboy wrote: | Bank of Scotland have just given some devastating news to their customers who have an overdraft.
From 6th December they will 'be introducing new, simple and easy-to-manage overdraft fees'.
If you have an arranged overdraft of up to £2500 they will charge you £1
A DAY !!!!!!!!!!!!!!!!!
If you have an arranged overdraft over £2500 they will charge you £2 a day.
Oh, and if you have an unarranged overdraft they will charge you a hefty
FIVER A DAY !!!!!!!!!!!!!!!!!!!!!!!!!
This is one of the main banks that we, the taxpayer, had to bail out to the tune of tens of billions because they got themselves into a terrible mess
by lending out money willy-nilly to every Tom, Dick and Harry, and now they are penalising their loyal customers for doing someting which they greatly encouraged only months ago.
Has there ever been a bigger cheek in corporate history?
I feel a campaign coming on. |
Will they still be charging GBP35.00 to tell you though?
That's the only charge I have issue with. 35.00GBP is more than someone on minimum wage earns net in a day. And for an automated process? |
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Fidget
Standing in a Council Ward
Joined: 21 Jan 2007
Posts: 556
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| Posted: Thu Oct 22, 2009 8:32 pm Post subject: |
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| Alasdair wrote: | It's simple and esy to understand. Should save people whinging about 'not understanding' bank charges.
I mean, you wouldn't expect to get any other product for free. Why should we expect to get an overdraft for free? |
The point you're missing here is that they are doing this to recoup the money they are losing over getting their knuckles rapped over charging excessive fees. So effectively, they are recouping money they should never have been making in the first place. |
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Alasdair
Our Scotland = 2nd Job!
Joined: 01 May 2008
Posts: 1021
Location: Clydesdale
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| Posted: Thu Oct 22, 2009 8:46 pm Post subject: |
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| Fidget wrote: | | Alasdair wrote: | It's simple and esy to understand. Should save people whinging about 'not understanding' bank charges.
I mean, you wouldn't expect to get any other product for free. Why should we expect to get an overdraft for free? |
The point you're missing here is that they are doing this to recoup the money they are losing over getting their knuckles rapped over charging excessive fees. So effectively, they are recouping money they should never have been making in the first place. |
Except I do understand.
I don't have a problem with the ideas of fees/penalties being imposed for exceeding agreed overdraft levels and waht's more I've even been caught out once of twice myself.
The banks are businesses, their not there to just hand out cash.
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My arts and crafts site http://madestuff.co.uk |
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magister ludi
Gaining a Reputation
Joined: 13 Dec 2008
Posts: 225
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| Posted: Thu Oct 22, 2009 8:54 pm Post subject: |
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| Alasdair wrote: |
It would probably be reasonable therefore to only apply the new charges system to 'new debt', rather than changing the rules mid-stream. Of course, it would also depend greatly on individual circumstance. |
except is was the "old" debt and those that took it out that caused the problem......it's the "new" debt that's keeping things afloat |
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Fidget
Standing in a Council Ward
Joined: 21 Jan 2007
Posts: 556
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| Posted: Thu Oct 22, 2009 9:21 pm Post subject: |
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| Alasdair wrote: | | Fidget wrote: | | Alasdair wrote: | It's simple and esy to understand. Should save people whinging about 'not understanding' bank charges.
I mean, you wouldn't expect to get any other product for free. Why should we expect to get an overdraft for free? |
The point you're missing here is that they are doing this to recoup the money they are losing over getting their knuckles rapped over charging excessive fees. So effectively, they are recouping money they should never have been making in the first place. |
Except I do understand.
I don't have a problem with the ideas of fees/penalties being imposed for exceeding agreed overdraft levels and waht's more I've even been caught out once of twice myself.
The banks are businesses, their not there to just hand out cash. |
Clearly you don't understand. Is it reasonable, in your opinion, to charge somebody £1 per day for every day that they are 1p overdrawn? That is what we are talking about here. Legal loan sharks. |
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landg
This is Ma' Life!
Joined: 05 Aug 2009
Posts: 617
Location: awaiting approval by a mod/admin
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| Posted: Thu Oct 22, 2009 9:41 pm Post subject: |
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| Fidget wrote: | | Alasdair wrote: | | Fidget wrote: | | Alasdair wrote: | It's simple and esy to understand. Should save people whinging about 'not understanding' bank charges.
I mean, you wouldn't expect to get any other product for free. Why should we expect to get an overdraft for free? |
The point you're missing here is that they are doing this to recoup the money they are losing over getting their knuckles rapped over charging excessive fees. So effectively, they are recouping money they should never have been making in the first place. |
Except I do understand.
I don't have a problem with the ideas of fees/penalties being imposed for exceeding agreed overdraft levels and waht's more I've even been caught out once of twice myself.
The banks are businesses, their not there to just hand out cash. |
Clearly you don't understand. Is it reasonable, in your opinion, to charge somebody £1 per day for every day that they are 1p overdrawn? That is what we are talking about here. Legal loan sharks. |
aye, it's not a f***ing charity, it's a business. you don't like it go somewhere else or learn how to manage your cash. |
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jamesieboy
Helping with the Count
Joined: 15 Feb 2009
Posts: 327
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| Posted: Thu Oct 22, 2009 11:38 pm Post subject: |
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What we now need is a national bank where the profits raised go back into the good causes that are the national interests and do not go into the pockets of the greedy shareholders.
National Bank of Scotland anybody?
It happens in other countries, why not here? Many people would start accounts in it, for sure. |
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Alasdair
Our Scotland = 2nd Job!
Joined: 01 May 2008
Posts: 1021
Location: Clydesdale
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| Posted: Fri Oct 23, 2009 6:09 am Post subject: |
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| Fidget wrote: | | Clearly you don't understand. Is it reasonable, in your opinion, to charge somebody £1 per day for every day that they are 1p overdrawn? That is what we are talking about here. Legal loan sharks. |
Without turning this in a panto, "OH YES I DO!", 
I think I merely come at this from a different angle to you. Banks are businesses, banks provide a service, services have to be paid for. OK, I can accept that perhaps there should be a limit on how far into your overdraft you have to go before the charge kicks in, purely from a customer service point of view.
Where would you put the arbitrary line though, £1, £100, £1,000? Maybe they should charge £1 for every pound your overdrawn everyday? This isn't really the point though.
Businesses charge for their services, banks clearly state what their charges are. I don't see a problem with that, I might suggest that the real problem lies elsewhere, namely in situation where people either feel the need to overspend, or more worryingly, where people HAVE TO overspend in order to have the necessities of life, i.e. food, shelter and warmth.
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My arts and crafts site http://madestuff.co.uk |
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Alasdair
Our Scotland = 2nd Job!
Joined: 01 May 2008
Posts: 1021
Location: Clydesdale
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| Posted: Fri Oct 23, 2009 6:11 am Post subject: |
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| jamesieboy wrote: | What we now need is a national bank where the profits raised go back into the good causes that are the national interests and do not go into the pockets of the greedy shareholders.
National Bank of Scotland anybody?
It happens in other countries, why not here? Many people would start accounts in it, for sure. |
Was it during the 2007 election that the SSP wanted to nationalise RBS? I scoffed at that at the time. A national bank though does seem at least a little attractive, perhaps though people need to make better use of credit unions.
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Fidget
Standing in a Council Ward
Joined: 21 Jan 2007
Posts: 556
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| Posted: Fri Oct 23, 2009 6:19 pm Post subject: |
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| Alasdair wrote: | | Fidget wrote: | | Clearly you don't understand. Is it reasonable, in your opinion, to charge somebody £1 per day for every day that they are 1p overdrawn? That is what we are talking about here. Legal loan sharks. |
Without turning this in a panto, "OH YES I DO!",
I think I merely come at this from a different angle to you. Banks are businesses, banks provide a service, services have to be paid for. OK, I can accept that perhaps there should be a limit on how far into your overdraft you have to go before the charge kicks in, purely from a customer service point of view.
Where would you put the arbitrary line though, £1, £100, £1,000? Maybe they should charge £1 for every pound your overdrawn everyday? This isn't really the point though.
Businesses charge for their services, banks clearly state what their charges are. I don't see a problem with that, I might suggest that the real problem lies elsewhere, namely in situation where people either feel the need to overspend, or more worryingly, where people HAVE TO overspend in order to have the necessities of life, i.e. food, shelter and warmth. |
Banks aren't just any other business. They are an intrinsic part of everyday life for everybody - a bank account is an essential for the vast majority of people whether that be for their salary to be paid into or even their benefits to be paid into. People are forced to have an account with a bank. It is for that reason that the Gov could not allow the banks to collapse because the consumer is at the bottom of the pecking order for getting their money back if a business goes bust. It is also for that reason that the Gov now effectively insures joe public's bank deposits up to something like £100k now I think. I can't think of any other business that the Gov does that for.
And it's not just a case of if you don't like it then go elsewhere.. to where? Banks all follow suit. Where one does it, the rest will follow. Wasn't that long ago Barclay's announced it wanted to start charging £2.50 to withdraw money from ATM's, and the rest were on it in a flash. Fortunately that never came to anything in the end although I'd put money on it that that will surface again at some point.
It wouldn't be so bad if this was a going forward thing with these charges applied to all new overdraft arrangements, but it's not, it's across the board. So that somewhat negates your point of banks stating their charges since people who til now had free overdraft facilities are about to find themselves with a very expensive overdraft facility in the twinkle of an eye.
And the people it is going to affect most are the people who can least afford it. It's not just a case of people saying oh well I just won't use the overdraft... plenty are trapped in the cycle of being overdrawn month in, month out just making ends meet.
I would agree that if a bank says "this is the charge for the service" and it remains at that as an agreement, then fine, everybody knows where they stand. But it doesn't work like that with banks as we are seeing here. Banks seem to be able to apply charges on a whim to exisiting account holders, and that is wrong. |
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Stevie
Independentist
Joined: 22 Nov 2008
Posts: 1179
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| Posted: Fri Oct 23, 2009 6:29 pm Post subject: |
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| jamesieboy wrote: | What we now need is a national bank where the profits raised go back into the good causes that are the national interests and do not go into the pockets of the greedy shareholders.
National Bank of Scotland anybody? |
A fine idea Jamesie.
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Every man dies, not every man really lives.
Alba gu bràth! |
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Fidget
Standing in a Council Ward
Joined: 21 Jan 2007
Posts: 556
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| Posted: Fri Oct 23, 2009 6:35 pm Post subject: |
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| Now, something like that I would subscribe to as well. |
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Stevie
Independentist
Joined: 22 Nov 2008
Posts: 1179
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| Posted: Fri Oct 23, 2009 7:24 pm Post subject: |
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It goes along in some ways with my idea :
I believe that the Scottish government should fund good quality, comfortable, attractive council housing.
This council housing would then be rented and available to buy at cost price plus a very low interest rate from a Scottish National Bank.
The money that is paid back is then put into building another good quality, comfortable, attractive council house.
And when I say good quality, I don't mean the ugly thin walled brown c**p thar passes for decent council housing.
This would provide new jobs and force builders to achieve higher building standards and lower prices.
I just found this picture of the awful Scottish housing concept on the Scots Independent Newspaper site. It seems other people have had the same idea. Good, maybe one day it'll get done.
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Every man dies, not every man really lives.
Alba gu bràth! |
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