Victory for OFT.....Court Decides Bank Charges Unfair - HotUKDeals
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Victory for OFT.....Court Decides Bank Charges Unfair

modoc Avatar
8y, 7m agoPosted 8 years, 7 months ago
Breaking news on Sky News
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modoc Avatar
8y, 7m agoPosted 8 years, 7 months ago
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(31) Jump to unreadPost a comment
Comments/page:
#1
Link here
#2
get in there!
#3
also here:

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

On another note..... doesnt that guy in the picture look like an older version of Timmy Mallet?
#4
well I will cash in soon my £2000 ...
#5
Woop Woop Woop!

GIRFUY!
#6
:thumbsup: I'm gonna contact my bank for my last 6 years of statements so i can work out how much they need to give me back :)
#7
I had my claim going through when everything went on hold, so I will now recontact my bank and give them the opportunity to pay up!
#8
cheerleader
:thumbsup: I'm gonna contact my bank for my last 6 years of statements so i can work out how much they need to give me back :)


they'll charge you for that..... if you have online banking then you may well be able to download them from there, I know you can do with nationwide.
#9
If you guys need the letter to send to the banks here is one : http://images2.moneysavingexpert.com/attachment/letter1.rtf
1 Like #10
I understand why you're all happy with the decision but unfortunately you're all being very shorted sighted with this victory, as overall, we'll all lose out, rather than just the people that don't keep close tabs on there finances.

Yes, it was unfair that banks grossly overcharged but I feel banks punished there customers that wasn't in control of there finances and rewarded the people that were.
Do you honestly think that banks aren't a business?
They charged these fees and offered a great free service in practically everything else, such as online banking, free 24/7 phone support and 24/7 cash withdrawals from cashpoints etc, which all cost and now we're all going to have to pay every time we use these services.

Banks obviously assumed that these overdraft fees would cover there costs and for years, gave us free services but they didn't expect to pay the money back, so now they need to make up for all the money they've lost by providing us with all those free services.

Don't forget that there are banks on the verge of bankrupcy but the Government are trying desperately not to let that happen, so they're ploughing billions of tax money (which comes from all of us, so expect taxes to increase even further in the near future) to give banks that dire need of cash injection but with the reversal of these fees, I promise we'll all pay it back and with the country so close to recession, this will be a disaster.
2 Likes #11
Please make the cheque for £10 payable to the bank/building society or credit card that you are claiming from. If you don't have a cheque book, you can send a postal order instead.


Hi guys, in most cases the initial letter you will have to send to your bank will be a Data Protection Act Request. This will allow you to obtain 6 years of previous statements for a fee depending on each bank. They have 40 days to send you this data.The relevant addresses are all here:

Abbey;

Data Protection Manager
Data Protection Team
Regulatory Compliance
Abbey House
201 Graftons Gate East
Milton Keynes
MK9 1AN

Alliance & Leicester;

Customer Contact Centre
Bootle
Merseyside
GIR 0AA

American Express Services LTD
PO Box 68
Brighton
BN2 1YL

Bank of Scotland aka HBOS

Date Protection Manager
Trinity Road
Halifax
West Yorkshire
HX1 2RG

**post code changed 9/5/07

Barclays Bank;

Barclays Data Protection
Radbroke Hall
Knutsford
Cheshire
WA16 9EU

Barclaycard

Data Protection Team
Dept LRC
Barclaycard
Northampton
NN4 7SG

Bradford & Bingley

Bradford & Bingley
Data Protection Team H18
PO Box 88
Croft Road
Crossflatts
Bingley
West Yorkshire
BD16 2UA

Cahoot

Friars House,
Manor House Drive,
Coventry,
CV1 2TE

Capital One;

Legal Compliance Specialist
Capital One Bank (Europe) plc
Trent House
Station street
Nottingham
NG2 3HX

CitiCards;

Richard Cooke
Data Protection Officer
Citi Cards
CitiFinancial Europe plc
1 Exchange Quay
Salford
Manchester
M5 3EA

Clydesdale Bank

Clydesdale Bank Customer Relations
20 Waterloo Street
Glasgow
G2 6DB

Cooperative Bank;

THE COOPERATIVE BANK PLC
LEVEL 2
DELF HOUSE
SOUTHWAY
SKELMERSDALE
LANCS
WN8 6NY

Egg

Jenny Gordon
Data Protection Manager
Egg PLC
1 Waterhouse Square
138 – 142 Holborn
London
EC1N 2NA

GE Money/Finance

Sarah Wainwright
Data Protection Administration
GE Money
PO Box 700
Leeds
LS99 2BD

Halifax Bank

Date Protection Manager
Trinity Road
Halifax
West Yorkshire
HX1 2RG

**post code changed 9/5/07

Halifax CREDIT CARDS

FAO Data Protection Officer
Halifax Card Services
Pitreavie Business Park
Dunfermline
Fife
KY99 4BS

HSBC Bank;

FAO Data Protection Controller
8 Canada Square
London,
E14 5HQ

Lloyds Bank;

Swallow House
10 Swallow Street
Birmingham
B1 2AL

Marbles

FAO Data Protection Officer
120 Edmund Street
Birmingham
B3 2QZ

MBNA;

M B N A EUROPE BANK LTD
STANSFIELD HOUSE
CHESTER BUSINESS PARK
CHESTER
CHESHIRE
CH4 9QQ

Monument Credit Card Services
Barclaycard
The Portland Building
25 High Street
CRAWLEY
RH10 1BG

Natwest;

Retail Regulatory Risk
2nd Floor
Cornerstone
60 South Gyle Crescent
Edinburgh
EH12 9WF

Above changed 15/04/07

Nationwide;

Data Protection Team,
Nationwide Building Society
Kings Park road,
Moulton Park
Northampton
NN3 6NW

Royal Bank of Scotland;

Data Protection Team
36 St Andrews Square
Edinburgh
EH2 2YB

Tesco Credit Card

PO Box 6050
Southend-on-Sea
SS99 1WL

Woolwich Openplan Customer Contact Centre
Jackson House
Jackson Road
Clacton On Sea
Essex
CO15 1WH

Yorkshire Bank;

Yorkshire Bank plc
c/o Clydesdale Bank Customer Relations
20 Waterloo Street
Glasgow
G2 6DB
banned#12
Wow, you can tell this headline is from Sky news :w00t:

Court Decides Bank Charges Unfair

Er, sorry but they didn't do that at all. The case wasn't even to decide if they were unfair!
#13
i thought the case was to decide whether you could decide if the charges were fair or not
#14
well banks make money with or money ...you think or money is then keep in the safe till we decide to have back?? they are not saints!!!
FAT CATS
banned#15
guerilla
i thought the case was to decide whether you could decide if the charges were fair or not


from the bbc

A judge has decided that the Office of Fair Trading (OFT) can apply consumer contract regulations to decide if bank overdraft charges are fair or not


Mr Justice Andrew Smith said: "This does not necessarily mean they [the charges] are unfair.
#16
& So Be It !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Get 'ya Money Back Time Folks ..... Go For It :):):)
#17
[COLOR="Red"]CAN BE CLAIMED[/COLOR]

Account misuse fee
Cheque return fee
Card misuse fee
Unarranged borrowing fee
Unauthorised overdraft fee
Unpaid DD fee
Unpaid cheque fee
Unpaid standing order fee
Late payment fee (credit cards, store cards, catalogues etc)
Exceeding Authorised Overdraft Limit
Exceeding Unauthorised Overdraft Limit
Direct Debit/Standing Order/Cheque returned fee
Irregular fee
Paid refferal fee
Total charges (HSBC personal accounts only, not business accounts)

[COLOR="red"]CANNOT BE CLAIMED[/COLOR]

Cash Machine Withdrawl Fees
Account Service Charges
Service Fee / Annual Fee
Charges related to foreign currency transactions and conversions.
Monthly account fees on certain type of accounts.
Normal overdraft interest charges
#18
@colin does that mean my understanding is right or wrong?
#19
This case has decided nothing of the kind. All it does is give the OFT the right to apply consumer law. There is no indication whatsoever that the charges are considered unfair.
#20
colinsunderland
Wow, you can tell this headline is from Sky news :w00t:



Er, sorry but they didn't do that at all. The case wasn't even to decide if they were unfair!


what was it then?
#21
realfriendlyman
I understand why you're all happy with the decision but unfortunately you're all being very shorted sighted with this victory, as overall, we'll all lose out, rather than just the people that don't keep close tabs on there finances.

Yes, it was unfair that banks grossly overcharged but I feel banks punished there customers that wasn't in control of there finances and rewarded the people that were.
Do you honestly think that banks aren't a business?
They charged these fees and offered a great free service in practically everything else, such as online banking, free 24/7 phone support and 24/7 cash withdrawals from cashpoints etc, which all cost and now we're all going to have to pay every time we use these services.

Banks obviously assumed that these overdraft fees would cover there costs and for years, gave us free services but they didn't expect to pay the money back, so now they need to make up for all the money they've lost by providing us with all those free services.

Don't forget that there are banks on the verge of bankrupcy but the Government are trying desperately not to let that happen, so they're ploughing billions of tax money (which comes from all of us, so expect taxes to increase even further in the near future) to give banks that dire need of cash injection but with the reversal of these fees, I promise we'll all pay it back and with the country so close to recession, this will be a disaster.

I can see what you're saying........but......how much have these banks saved from 'streamlining'(job losses in our language!)....my guess is a heck of a lot more than the costs of free online banking,cash machines etc.

And I also doubt that some banks are on the verge of bankruptcy because of some customers going overdrawn.....more likely through greed of investing our money on higher risk investments.

These banks are not poor and the charges are extortionate.......they happily put people in a position of being more in debt than they currently are(and that can be for many reasons) by adding several hundred £s of charges on an already depleted account!
#22
Is it worth sending the letter off, if you're bank charges in total are less then £100?
#23
Don't spend what you haven't got.


If the day comes when the banks are not allowed to charge, they will simply revert to the old days and close your account ( you will not be able to get another one elsewhere ) and call in the Bailiffs. Either way you lose.

Live within your means, not within your dreams. Prison is where you would have been not that long ago.
banned#24
MinstrelMan
what was it then?


read the bbc news report.
Its a bit more complicated than that, but basically this case was never to decide if the charges were unfair or not. It was to decide if contract law could be applied to bank charges by the OFT, and while this is a big step in the fight against them, it doesn't change anything.
#25
I understand people's frustration if they have managed their finances well, but as a student I find it very difficult to keep my head above water and will be pursuing my claim with vigour now.

As far as the banks no longer offering "free" banking: this is a possibility, however they still manage to make money from our money, imagine if everyone decided that they would deposit their cash in a safe at their house or in a credit union instead of a standard "bank" then the banks would be in real trouble.
#26
colinsunderland
read the bbc news report.
Its a bit more complicated than that, but basically this case was never to decide if the charges were unfair or not. It was to decide if contract law could be applied to bank charges by the OFT, and while this is a big step in the fight against them, it doesn't change anything.


I think it does change things, however not as much as people would like to believe.

The onus is now on the OFT to declare bank charges "unfair and excessive", which hopefully they will do, this means that providing the courts uphold this decision by the OFT people should find reclaiming easier.
#27
I used to find it very hard to manage my finances - I had a mortgage and bills etc at 18 and was forever being charged, then charged because a charge had taken me over an overdraft limit etc etc - once it was £25 that cost me £180 (I got back £80) This is a step in the right direction but I'm under no illusion that we will pay for it some other way... I'd still like my money back!

Poor banks - need to be bailed out £billions and give money back... I feel so sorry for them...

/sarcasm
#28
Just went throught my statements, and written the letter. Fingers crossed!
#29
[COLOR="Red"]Is this the end of free banking? [/COLOR]

No. We don’t have free banking in the UK anyway. We have 'fees-free' banking for the in-credit; ask most people with overdrafts if their bank is free. The current account market is hugely competitive, two banks offer 0% overdrafts, two pay more than 8% in-credit interest. They're all desperate for business and any bank that levies charges will haemorrhage customers.

And let's put this in perspective, while it's big money for reclaimers, for the banks it’s a fraction of their £bns of write-offs due to the credit crunch. The Bank of England has just pumped £50bn in there. If they do start blaming bank charges for any new nasty fees, it lets them off the hook for their own credit management, don’t believe their spin.

Martin Lewis
#30
KDH001
Don't spend what you haven't got.


If the day comes when the banks are not allowed to charge, they will simply revert to the old days and close your account ( you will not be able to get another one elsewhere ) and call in the Bailiffs. Either way you lose.

Live within your means, not within your dreams. Prison is where you would have been not that long ago.


I was once over charged by Marshall Ward with an order that had a voucher from here, Halifax point blank refused to drop their charge of paid item and going over. £70 charge for the sake of £10 I agree there should be charges but £5-£10 is fair.
#31
Is this the end of free banking?

No. We don’t have free banking in the UK anyway. We have 'fees-free' banking for the in-credit; ask most people with overdrafts if their bank is free. The current account market is hugely competitive, two banks offer 0% overdrafts, two pay more than 8% in-credit interest. They're all desperate for business and any bank that levies charges will haemorrhage customers.

And let's put this in perspective, while it's big money for reclaimers, for the banks it’s a fraction of their £bns of write-offs due to the credit crunch. The Bank of England has just pumped £50bn in there. If they do start blaming bank charges for any new nasty fees, it lets them off the hook for their own credit management, don’t believe their spin.

Martin Lewis

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