Tuesday, February 20, 2007
Basic skills.
Front page of my newspaper today is about bank charges for customers who go overdrawn on their accounts.
They can claim back some bank charges for unauthorised borrowing. Bank customers are entitled to claim refunds because under British law, lenders are not allowed to charge more than the costs they have actually incurred when processing instances of unauthorised borrowing. In its credit card ruling last year, the OFT said an unauthorised borrowing fee of more than £12 was almost certain to be illegal.
Many of these claims can be done with help from internet websites who even provide template letters and forms for the customer to use.
I have no sympathy with these people. Managing your own money is a simple basic skill that all adults should have before leaving school. All these people have been living beyond their means and want to spend money they have not got. I am canny and have always lived within my means. I do not pay any bank charges because I will not spend what I have not got. These people have decided to grab as much money as they can and the banks rather than refuse credit, have allowed this facility and charge fees accordingly. The banks have not forced their customers to go into debt, these customers just cannot manage their own money like sensible adults should. These customers would be livid if the banks refused transactions due to lack of funds but they whinge big time when they incur additional charges.
I wish these customers would simply grow up. They have entered into a contract with their chosen bank yet they want credit for nothing.
Front page of my newspaper today is about bank charges for customers who go overdrawn on their accounts.
They can claim back some bank charges for unauthorised borrowing. Bank customers are entitled to claim refunds because under British law, lenders are not allowed to charge more than the costs they have actually incurred when processing instances of unauthorised borrowing. In its credit card ruling last year, the OFT said an unauthorised borrowing fee of more than £12 was almost certain to be illegal.
Many of these claims can be done with help from internet websites who even provide template letters and forms for the customer to use.
I have no sympathy with these people. Managing your own money is a simple basic skill that all adults should have before leaving school. All these people have been living beyond their means and want to spend money they have not got. I am canny and have always lived within my means. I do not pay any bank charges because I will not spend what I have not got. These people have decided to grab as much money as they can and the banks rather than refuse credit, have allowed this facility and charge fees accordingly. The banks have not forced their customers to go into debt, these customers just cannot manage their own money like sensible adults should. These customers would be livid if the banks refused transactions due to lack of funds but they whinge big time when they incur additional charges.
I wish these customers would simply grow up. They have entered into a contract with their chosen bank yet they want credit for nothing.
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