Bank Charges - STOP WHINING
Generally I’m as against the man as anyone. People trying to take money, or overcharging, because they can would usually really boil my blood… But just lately its the consumer heroes that are beggining to get under my skin, all those people who are banding together to lead a revolt against the evil profit hungry banking industry.
I mean, I’m sure they’ve probably considered the old adage that “nothing comes for free“. Not even bank accounts. Shocking I know, but banks aren’t charities, they are companies. They employ people, they look after and lend money for a profit, they help you get paid, they help you pay your bills, and they spend substantial cash on making things better:
High street banks have delayed the introduction of a new payments clearance system that would reduce the time it takes to move money between accounts from days to seconds. Apacs, which represents the banks, promised in December 2005 that the faster payments service would go live in November this year. But Apacs said yesterday that while the main infrastructure was working, the trials between banks and between each bank and the centre were more time consuming and more complicated than anticipated.
The faster payments service was originally due to cost the banks £50m to £65m including distributing millions of hand held “chip and pin at home” machines to ensure online account holders could authenticate transactions. Now it is expected to cost substantially more.
Emphasis on the cost there, which is a lot of money. Now does anybody, honestly, believe that this should all be done for free? I don’t expect Sky to supply me Sky+ for free. I don’t go to Tesco’s, fill a trolly and then waltz out whilst taking loads of carrier bags for putting smelly gym clothes in without giving anyone any money. Why should all this banking magic happen for free? Why should my bank give me the facility to give other people money (at any time of the day) by visiting a branch, using a phone or by using the internet?
Notice i don’t include using a credit or debit card in a shop, because the retailer already pays that. Or more correctly i do, because the retailers only raise their prices to compensate. Difference is the raised prices then hit everyone, even those using cash. Surely thats not fair for those who were organised enough to withdraw £20 from the cashpoint?
And thats getting close to my point. I’ve paid £50 in 20 years of banking for not having sufficient funds to pay a direct debit. £25 for the bank, and £25 for the mortgage lender who had to try again. High, i agree, but then over twenty years that works out at £2.25 a year for having a bank account. Which is actually pretty cheap.
Compare that to these idiots who range from £600 to £6,000. £6,000??! IN BANK CHARGES? How stupid do you have to be? As far as I can see, you deserve it. If these muppets are so stupid they can’t sort out their finances, why should i have to pay? Doesn’t that strike you bleeding heart consumer superheroes as a touch unfair? Because thats what will happen, if the banks can’t fund their business through attacking the financially stupid with bank charges they’ll just charge us all. And i bet you they increase their revenue.
Its not inconceivable that they could start charging for every direct debit (i have 6 - gym, mobile, landline, gas & electricity, water & mortgage) every month, they’ll charge for the fact that i have an account, they’ll charge for the joint account i have, they’ll charge for the debit cards attached to both, they’ll charge for my pay from work being accepted.
All because some egit spends more than they actually have and then has a good old whinge because it wasn’t their fault their greedy fingers couldn’t put down that dress, those shoes, that pint and that steak. Thats not fair.
Even if the banks somehow get away with it, and the OFT/Courts decide that the charges are legal - you won’t get a penny back. Because the banks will have been backed by law, they’ll be in the right, and for every complaint they’ll flip you the fingers. Hell they might even put up their charges to compensate for the legal costs.
So lets recap:
1. Banks lose - they start charging for banking which affects everybody
2. Banks win - bank charges continue, but no one can claim them bank anymore.
Win win then. 
Filed by Kieran at January 14th, 2008 under Complaint!, Money, Topical?