Bank Charges

[Rich]

here in the UK that illegal -
the day a cheque is banked -then they can hold 1 working day for processing
then the cheque has to be credited - usually witihn 3 days thereafter - but 90% the same day (if its a major bank)

the same with putting a cheque into your account put it in on Monday - it should be credited on tuesday...

That's only been recently they got away with it for years

 

[Vassago]

My banks policy is before 3pm, same day. After 3pm, the next day. However, I've always had them do it the same day up until close. Large checks can take up the 3 days. Anything over that is illegal in my state without just cause.

But again, if you know your bank's policy, you should plan for it or change banks. Ultimately, you're still responsible for your own money and should plan accordingly. If you spend money you don't have, it's still your fault.

 

[Alisa]

But again, if you know your bank's policy, you should plan for it or change banks. Ultimately, you're still responsible for your own money and should plan accordingly. If you spend money you don't have, it's still your fault.

Spoken like someone with ample money in the bank, or a salary on direct deposit.

As a contractor who is just scraping by, I sometimes have to go 50 or 60 days before I am able to collect payment, especially these days. I am extremely responsible, but they still manage to catch me about once or twice a year. So much for "free" checking.

I am not opposed to paying a REASONABLE fee if I go over, but to charge me $35 when my account was overdrawn by $2 for all of six hours is just outrageous (yes this actually happened).

 

[Vassago]

Spoken like someone with ample money in the bank, or a salary on direct deposit.

As a contractor who is just scraping by, I sometimes have to go 50 or 60 days before I am able to collect payment, especially these days. I am extremely responsible, but they still manage to catch me about once or twice a year. So much for "free" checking.

I am not opposed to paying a REASONABLE fee if I go over, but to charge me $35 when my account was overdrawn by $2 for all of six hours is just outrageous (yes this actually happened).

Nah, I'm paycheck to paycheck right now, definitely no ample money here lol. No direct deposit here either. I've also been caught with the fees, but I always blame myself, except for one time when I was charged fees when the protection didn't kick in from my savings like it was supposed to and another time that my ex's account was still tied to my savings and they took my money and placed it in her account. Yeah, I got that money back and she was charged! lol

 

[namliam]

Per Nov 1 dating payments is illegal in the NL as well (may be european law?)

In the NL we dont (directly) get charged a fee for overdraft, but simply incure a 20% intrest rate.... which can be far more friendly.
The funny thing they (used to) do is deposit money (salary) in your account today, dated tomorrow or the day after. It is visible and counting for your total balance, so you go and pay your bills, today, which are then back dated to yesterday and you end up paying atleast 3 day 20% intrest while you were in the black all the time. Much like the check being "on hold".

Seriously US still use checks? You MUST BE KIDDING, where is the internet banking?
Bank / money transferals?
Etc... Even good old cash over dumb checks

 

[Rabbie]

here in the UK that illegal -
the day a cheque is banked -then they can hold 1 working day for processing
then the cheque has to be credited - usually witihn 3 days thereafter - but 90% the same day (if its a major bank)

the same with putting a cheque into your account put it in on Monday - it should be credited on tuesday...

Not sure that is entirely accurate. When I pay a check into my UK bank account the receipt says the funds aren't available for 3 working days.

 

[scott-atkinson]

Not sure that is entirely accurate. When I pay a check into my UK bank account the receipt says the funds aren't available for 3 working days.

Not if you work for the Bank, you can get your cheques cleared the same day.

 

[Rabbie]

Not if you work for the Bank, you can get your cheques cleared the same day.

Most of us don't work for banks and have to wait 3 days to get our money. The fact the banks can do it quicker just adds to the irritation

 

[scott-atkinson]

I think the issue here is the scale of the charges, and yes I was one of the poeple trying to get my money back, my issue started with going overdrawn getting charged excessive charges which then meant that the following month I was chasing my tail and would go overdrawn again, and again get charged again.. It is a Viscious Circle, I had to constantly increase my overdraft limit only to find that charges that hadn't already been added were suddenly added taking me over again, again having to increase my overdraft to compensate.

I put part of the blame of myself losing my house onto this bank as without warning they suddenly ripped a £5000 overdraft that they had helped me to aquire away from me without warning, and then demaned that I pay the money back, which meant that I had to get another loan secured on my house to pay them, so that when the recession hit I was already in a bad way and lost my house..

And now, becuase of some idiot Lord who probably has a vested interest in banking and no doubt shares has decided the bank does not have to pay my money back..

Now talk to me about fair...

 

[GaryPanic]

Most of us don't work for banks and have to wait 3 days to get our money. The fact the banks can do it quicker just adds to the irritation

They aren't cleared - but credited (so you get interest on them after 1 day)
not that the interest on them is worth anything -

small distintion - but it is there -

 

[Rabbie]

I think we are all sorry for you, Scott. I just hope your situation improves soon. However the decision was not made by 1 Lord but by 5 of the highest judges in the country. Their decision was made on a narrow legal technicality which has nothing to do with fairness as you and I perceive it. The door is still open for the OFT(Office of Fair Trading) to pursue the banks on other grounds.

 

[GaryPanic]

My sympathy is with you Scott - and you seem to be a relative small minority of persons who are caught up in this mess- - but I am sure there are a lot of people out there who abused the situation .....

Had i been in your shoes - I would certainly argued the case - after the first set of charges that the second set of charges were/are/did compound the issue and should of been waivered given that you had arranged an overdraft extention to cope with a short term problem -

the Bank should of been more reaosnable - and at that point - you probably shoudl of open another account transfer everything accross and leave the overdraft fees/charges as outstanding and then told them to see you in court - a small claims court generally sides with the little guy - (thats if the big banks can be bothered to turn up)

 

[Alisa]

Seriously US still use checks? You MUST BE KIDDING, where is the internet banking?
Bank / money transferals?
Etc... Even good old cash over dumb checks

Yep, most businesses still pay with checks. No-one is going to hand you thousands or even hundreds of dollars in cash!

 

[Alc]

Yep, most businesses still pay with checks. No-one is going to hand you thousands or even hundreds of dollars in cash!

Canada also uses cheques/checks and, unless they've been discontinued since 2003, so does the UK.

 

[GaryPanic]

Canada also uses cheques/checks and, unless they've been discontinued since 2003, so does the UK.

cheques are to be phased out - however you still will be able to get a bankers cheque or a bank warrant (almostt he same as a cheque - i am unsure as to the difference)



I like cheques - its a relatively safe way of sending monies from A to B
However as a business I can understand that bank transfers are a lot quicker -easier to manage (there is no credit issue as its cash straight away)

 

[Kryst51]

cheques are to be phased out - however you still will be able to get a bankers cheque or a bank warrant (almostt he same as a cheque - i am unsure as to the difference)



I like cheques - its a relatively safe way of sending monies from A to B
However as a business I can understand that bank transfers are a lot quicker -easier to manage (there is no credit issue as its cash straight away)

Besides, what about checks to people that aren't online, I pay rent by check but all other bills on line. Also, I gift via checks sometimes, or when people want me to donate to their children's fundraisers etc.

 

[Alc]

cheques are to be phased out - however you still will be able to get a bankers cheque or a bank warrant (almostt he same as a cheque - i am unsure as to the difference)

I like cheques - its a relatively safe way of sending monies from A to B
However as a business I can understand that bank transfers are a lot quicker -easier to manage (there is no credit issue as its cash straight away)

Interesting. I can definitely see that electronic transfers are more efficient in many ways, but at the time I moved over here, I used to use cheques for various things.

What's the method of taking a rental deposit going to be? If it's a bankers cheque, do the banks charge for them?

 

[oumahexi]

My sympathy is with you Scott - and you seem to be a relative small minority of persons who are caught up in this mess- - but I am sure there are a lot of people out there who abused the situation .....

I'll second that.

...- and at that point - you probably shoudl of open another account transfer everything accross and leave the overdraft fees/charges as outstanding and then told them to see you in court - a small claims court generally sides with the little guy - (thats if the big banks can be bothered to turn up)

That's more or less what I did. When my bank charges went up and up I went to a company who very nicely offered to help me out. Their plan was that I would stop paying my predators, once the debts were sent to debt collectors they would negotiate with them for reduced payments I would then only need to pay x amount a month and after 5 years I'd be debt free and they would own half of my house.

I followed their instructions, allowed my debts to be passed over to debt collectors (didn't stop paying my mortgage though), then I negotiated with the debt collectors, paid all my debts off in 5 years and still own all of my house. There are a lot of scheisters out there.

Scott, it's not easy but there is always light a the end of the tunnel, hang in there honey.

 

[GaryPanic]

Interesting. I can definitely see that electronic transfers are more efficient in many ways, but at the time I moved over here, I used to use cheques for various things.

What's the method of taking a rental deposit going to be? If it's a bankers cheque, do the banks charge for them?

bankers cheque will still exist .....
rental deposit - here in the uk new scheme -still being thrashed out - but effectively monies are held in a secure account and then credited to your account- however this is so new - that I doubt if anyone has used it ..
better by credit card as you have up to 6 months to claw the moneis back ...

(For those not in the know- if you pay by C/c and the goods or services are not as described and the amount is over (£100 i think) then you can claw the money back from the credit card company- you have to inform the c/c company with details 9copy correspondnace etc) then they just take the monies out of the account and credit to you - the company then has to deal either with you or the credit card company to prove the goods/servces were as described ( goverment fines are not recoverable in this way)

 

[GaryPanic]

If you have got credit problems - I would be glad to give pointers on how to manage them - however that is not one for the forum- i would only be giving pointers and alternative options - if you are really stuck then CAB is a good place to start ,
you can also get creditcard frozen while you sort you accountsout - however this freeze is limited to x days 30-60 from memory - however this can give you that breathing space to clear one or transfer -

Egg card transfers might also be a better option....


if its a morgage problem then the range of options to help is increasing weekly - some of the options though are unsavoury - but sometimes a bitter pill needs to be taken

If its pensions then speak to an expert - (not your bank or the person who supplied the pension plan)