Number 3
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It is a punishment. People need to learn to manage their money better. We all know the terms when we sign up for a bank account, and in my opinion, the banks are perfectly jusitified to make charges if we break the terms of the agreement. Banking is a buisness, not a charity, and it is there to make money. |
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Alex
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It is not to teach you a lesson, or kick you when your down. It is to make money out of you. If you are in debt and are going to have trouble paying bank charges, they can turn a simple oversight into a nice little earner.
Thats business. |
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Sir Sidney Snot
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http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1141050760,24632, |
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Rich T
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Because they like to kick you when you are down. |
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Wafflebox
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They claim that is the fee that they incur for you havig insufficint funds. However, the fee is actuallly only for them to send you a letter saying that you've got insufficint funds!!
Legally, you can claim all fees back, for the past 6 years, as it's been proved that they are charging too much.
Go to below website for more information:
https://www.which.co.uk/reports_and_campaigns/money/campaigns/Banking%20and%20credit/The%20ASBO%20campaign/take_recovery_action_559_75004.jsp |
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CLIVE H
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Because they're a bunch of greedy bankers is why. Your best bet is to have all your salary etc put into a savings account which pays interest. This way you do not pay bank charges. You do not get a cheque book either, but most banks will roll out a cheque for you to a named firm or person - no problemo. I heard that in the States all banks must pay interest on current accounts - why not here in UK? Time for a bank customers' revolution. |
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Dj
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Banks charge some fee for not maintaining the minimum balance in the account by their customer. The very purpose of levying such fee is to inculcate the habit of adhering to the financial discipline in the financial sector and also providing the minimum income to the Bank by virtue of such maintenance of minimum balance.
However, the question of charging such fee when there is no balance or less balance in the account is mainly because in the event of some funds coming to the account in future, the Bank gets its fee collected by debit to such account (where the balance was not sufficient at the time of levying the same.). |
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sabbathdei
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because they are a shower of b'stards-they use the money to pay for their christmas parties |
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seventy
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Another great site is
http://www.penaltycharges.co.uk/
when in site click on 'skip intro' at right hand side. On next page click on 'forum' You'll find every which way question/answer. They also have letters drawn up by lawyers which you can download then print off, to send to banks to reclaim charges. There is a procedure to follow. If you scroll down there is a forum on Uk banks and Building soc |
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Gary O
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If you live in the UK you can claim any unfair charges back like the ones you have said. check this site out more moneysaving idea's |
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lola
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good question!!!
it's because of most of the reasons already stated,
coz they can,
coz they're in the business of making money and this is an easy way to do it,
it's not an effective deterrent or punishment as most people don't intend to go over they're limit so it's a rubbish thing to do.
but hey, they're in it to make some cash and boy do they!! |
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NHMike
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Because they can!
(And you agreed to it when you open the account - read the fine print!) |
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gerrifriend
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That's a good question and one I have asked more than one bank. You go £5 overdrawn and they charge you £30 to tell you so you are now £35 overdrawn. If they just didn't bother to tell you it would sort itself out next time your wages went in. The truth is they do it because they can. All banks are the same so it doesn't matter which one you use they are all as bad as each other as far as I can see. But it's almost impossible to do without them so what can we do. |
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Carrot
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a deterant and to teach you a lesson |
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Country Crock
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For a similar reason why hospitals charge 5X more for the same services when you don't have insurance.
The answer is, "Cuz they can" - you're already in a bad place, which limits their abillity to get paid, this way if only 1 out 10 pay, they still recoup their expenses. |
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dreamgirl
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The same reason they send guys to prison who already are down on their luck. It is a deterent or punishment. |
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ang j
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An administration fee apparently for re-calling the request |
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