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Just walked past the plasmas at work, court has ruled in favour of the banks, suprisingly enough. Now I was only caught out a couple of times when I was a student, but how on earth does it cost £25 up to sent an generic letter?
Think of it like this:
If the court had ruled against the banks, they would be hit with an avalanche of claims, thus requiring them to go cap-in-hand to the treasury again for more subsidies drawn from your taxes.
Essentially, the ruling is cash neutral.
🙂
I agree, still don't understand how my bank can charge me £30 a day for going overdrawn, when (as far as I can see) it doesn't actually cost them anything.
Apart from the crappy photocopied letter they send me telling me exactly how poor I am.
I wonder if the result would have been any different if it hadn't of happened when the banks are struggling?
I managed to get £1800 worth of charges refunded off HSBC a couple of years back. Had to threaten legal action mind. didn't go to court.
Glad I did it back then.
+1 Ourmaninthenorth
Already being discussed further down the page, but I'm also glad I got my claims in early - nigh on £2000 here too after four years of being a poverty stricken student.
Some will say I shouldn't have gone to uni if I couldn't afford it - I say I could have easily afforded it with my cr@ppy P/T jobs if I hadn't ended up paying ridiculous charges which always seemed to come off the day before my pay went into my account, thus landing me with hundreds of pounds of yet more charges.
OMITN - you have a good point, but unfortunately, it will always be those at the bottom of the food chain who will end up supporting those at the top. Those who, perhaps by no fault of their own (redundancy / mental health issues / poorly paid) will always find themselves short of a £5er at the end of each month, and get charged through the nose for their audacity.
Good point Ourman. Whe I first became self employed I was working for a guy who was struggling to get money in from huge building companies,while paying his subs(us) bank charges cost him his business, to illustrate user removed's point about the smaller guy.