MSE News: CONFIRMED

A question about : MSE News: CONFIRMED

This is the discussion thread for the following MSE News Story:

The decision is a massive blow to thousands of consumers hit with fees for exceeding their overdraft limit who had hoped to reclaim their cash ...

Read the full story:
OFT gives up bank charges battle

Also see Martin's editorial comment:

The fight's not over

Best answers:

• OFT press release...
  -----> https://www.oft.gov.uk/news/press/2009/144-09
• well if i have lost Ј5000 after three years and every1 was being paid out before then i would rather see my branch burnt to the ground and go to prison than let the money be lost !
• I don't think that would help your situation. Sometimes you just have to hold your head up and carry on regardless.
• Crazy. If they can't sort this out then who will?
• There are still other routes, but I am not sure how viable those routes are for your average Colin from Colchester.
  From the OFT statement -
  'A further relevant factor is the risk that the OFT would be liable for costs
  incurred by the Banks if it pursued an investigation and litigation that
  was ultimately unsuccessful. The test case that has been conducted to
  date was conducted in accordance with a litigation agreement under
  which the OFT and the Banks each agreed to bear their own costs. It is
  not clear that any future litigation would be covered by the same costs
• I'm thinking it is time for us to look at what we have given the banking system as a nation, bailing them out and watching as our country is laid siege upon by these large sucking leeches only to be told that we have no right to reclaim our charges. I watched how this country turned their back against the x factor number 1 but will accept being governed by a banking system!
  Can we not start proceedings to reclaim our tax money back from all the banks we have saved? surely the Government is in place for the people and have to do what we want them to do?
  Lets us make a stand and start sending letters to our local m.p. to get this ball rolling.
• This is actually very good news. I am delighted!
  Why should those who knew what the bank charges were, but carried on spending money that wasn't theirs, be rewarded retrospectively for their behaviour by the courts?
  This country is going to the dogs due to people spending money that wasn't theirs in the first place: banks, consumers and the government. This judgement is a first sign of a return to common sense and normality.
  On the one hand this site encourages being thrifty and living within your means, on the other it believes that the thriftless should be rewarded for their irresponsibility. You can't have it both ways as the courts have said!
• Maybe now people can stop living in the past and move on - hopefully having learned a lesson (with the helps of MSE) and become wiser with their money as a result.
• What a disappointment for many, I'm sure.
  As for OFT (in this instance), Cowards and useless spring to mind.
• What is the point of the OFT if they can't investigate consumer contracts or unfair conditions on contracts. This ruling I believe this make the OFT worthless. What other business is going to allow the OFT to look at their books. Any judgement they make will be dragged thought every court in the land until they find some court that will overturn the decision.
  Would somebody post a petition on 10 Downing Street asking for it to be disbanded? Gordo might see it as a Vote winner and decide to pick it up but judging by how cuddly he has been with the banks up till this point I doubt it.
  This needs to be moved onto the election agenda
  Oh and just for the record I agree that people need to pay some charges but not charges that exasperate debt
• Excellent news, hopefully bringing to an end the ceaseless whining of those who are incapable of managing their finances (oh look, a pig just flew past my window!) and rather than accepting responsibility for their mistakes, choose instead to point the finger of blame at anybody other than themselves.
• This will disappoint many MSEers.
  I wonder how long it will be before banks start reclaiming the refunds paid out to date, or getting court judgements reversed....
• anyone else fed up with these "your own fault you should take the responsibilty" posts.. do these people come here just to wind everyone up?
• I thought they couldnt reclaim refunds they've already given out?
  The only good thing to come out of this, is the banks know they have given away a load of money they need not have.
  Banks should at least give the account holder the option of whether they want to allow their account to go overdrawn or not.
• Good decision. I know that won't be fashionable with those on this forum but there has to be some common sense in that you cant borrow money that isnt yours for free.
  Whilst I do think the charges are high, the banks have mostly revised their charges now to be fairer (although some actually pay more under the new charges than the old). However, there has to be a consequence to unauthorised overdrafts to put people off from doing it.
  A big problem now may be all those that paid up front fees to claims companies. We know the cashflow on many claims companies is not great and they were built on a pyramid scheme. With a major potential source of income removed and they now having to return some/all of the up front fee, will they have the money available to do that or will they go into administration like some have already?
• not charges that exasperate debt
  WTF does this mean? Did you mean 'exacerbate'? Great to see that Mrs Malaprop is still alive and kicking!