| If you've been keeping an eye on the
| |
| | them back. As these repayments have
|
| media over the last few months,
| |
| | sometimes run into four figures or more,
|
| especially the parts of it covering
| |
| | and the banks concerned agreed to the
|
| personal finance, you can't fail to have
| |
| | refunds without recourse to legal action,
|
| noticed the huge row over bank charges.
| |
| | the implication could well be that even
|
| Stories abound of customers reclaiming
| |
| | the banks are unsure what the true
|
| thousands in backdated fees from their
| |
| | legality of the situation is.
|
| banks, and with consumer groups,
| |
| | Thankfully, the matter should soon be
|
| activists, and government regulators
| |
| | clarified with the instigation of a test
|
| squaring up towards seemingly
| |
| | case to decide whether the charges are
|
| intransigent banks, the stage is set for
| |
| | fair, or punitive and illegal. There is
|
| a battle that could affect the financial
| |
| | now an embargo imposed by most banks on
|
| future of everyone who makes use of
| |
| | refunding disputed charges, pending the
|
| financial services. But what is the
| |
| | outcome of the case. If the banks lose,
|
| hoo-haa all about?
| |
| | the floodgates could open, and the costs
|
| The basic accusation laid against the
| |
| | could run into millions.
|
| banking industry is that the various
| |
| | Would this be a good thing for customers?
|
| charges levied on customers who go
| |
| | Well, should the banks be faced with
|
| overdrawn, miss repayments, or commit
| |
| | multi-million pound refunds because the
|
| other misdemeanours are excessive. Under
| |
| | decision goes against them, the money
|
| the financial services industry
| |
| | will have to be found from somewhere. And
|
| regulations laid down by government, any
| |
| | that's without considering the further
|
| such charges must only be of sufficient
| |
| | millions of pounds of income the banks
|
| size to cover the administrative costs
| |
| | will lose if charges are drastically
|
| the banks incur by dealing with miscreant
| |
| | reduced. Already, there are monthly or
|
| customers. Many outside the banking
| |
| | annual fees being introduced for current
|
| industry think that this isn't what's
| |
| | accounts, credit cards, and other
|
| happening, and that banks are inflating
| |
| | financial services - irrespective of
|
| their charges to punitive levels, and
| |
| | whether the customer goes overdrawn or
|
| using them as profit makers - both of
| |
| | otherwise breaks the terms of their
|
| which are illegal under current laws.
| |
| | agreement.
|
| Naturally, the banks dispute such
| |
| | Make no mistake: the banking industry
|
| accusations, although when the row first
| |
| | won't allow defeat to erode their
|
| blew up in the arena of credit card late
| |
| | profits, and the lost revenue will be
|
| payment charges, and the regulators
| |
| | reclaimed from somewhere else. It may
|
| insisted that these charges be slashed,
| |
| | well be that mainstream banking customers
|
| all banks promptly agreed to do so.
| |
| | will have to pay a fee to subsidise lower
|
| Further, in many cases, bank customers
| |
| | charges for those who bank less
|
| have been able to reclaim past charges
| |
| | responsibly.
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| for going overdrawn, simply by asking for
| |
| |
|
