http://myvesta.org.uk/blog/export.xml UK IVA and bankruptcy focused insolvency advice column for people that are dealing with problem debt, money troubles or falling behind on the bills. This advice column will provide you with information you can use. For more information visit Myvesta.org.uk. en-us http://backend.userland.com/rss Your Friends @ Myvesta.org.uk (stever@myvesta.org) myvestaukblog_archive.html steve.rhode@myvestafoundation.org 4600556746945273617 On Unlawful Bank Charges. The Banks Think You Are Stupid. Are you?

So I just finished reading the 39 page Office of Fair Trading response to the bank charge court case going on against Abbey National, Barclays Bank, Clydesdale Bank, HBOS, HSBC, Lloyds TSB Bank, Nationwide Building Society, and the Royal Bank of Scotland Group. I would not suggest reading the document if you are in need of a nap.

What is quite apparent is that while the banks put on a face of caring about their customers they have clearly been caught with their pants down on banks charges. And don’t even get me started about the “screw the consumer” Payment Protection Insurance issues.

The amount of tax money (your money) that is being spent by the OFT in the investigation of bank charges and the pursuit of this case against the banks is ridiculous stupid. When does the insanity end with banks and financial service providers in the UK? Let me be clear, at no time and in no country is it considered appropriate to rape the consumer just for corporate profits. Banks may do it at will but it is not the mark of good corporate citizenship. I have no problems with banks making a profit, just not through deception and doublespeak.

I get the point that the actual cost of the rejection of a presented item is fractional compared to the actual charge levied and that in essence the banks have been profiting from those activities, and they shouldn’t have been. So the banks current position is to argue about what the definition of this or that is. It is shameful and a smoke screen.

The banks should just sign a no-contest agreement, admit to no blame and put a big deposit into a fund to pay out claims to consumers and be done with it. I’m afraid all they are doing right now is providing even more of a public spectacle of themselves to demonstrate that they could give a crap about the individual consumer and that customers are just an ends to a means. We know that’s the case, at least be adult enough to stand up and say that banks. Because while you keep putting on this face on congeniality and community service only to take grandmas money unlawfully, I can’t see how you’re acting differently than a con-artist.

I still struggle why some banks, like Citibank in Germany, only charge three euro’s or so for a rejected item but in England, not that far away and still part of the EC, it is almost ten times as much. WTF is that all about?

I can see a new advertising slogan. In the US there are slogans like “Milk, Does a Body Good”, “Pork, the Other White Meat” and now in the UK we can “Banks, WTF?” If you don’t know what WTF means, ask around. It’ll be worth it.

]]> 11/21/2007 08:57:00 PM Steve Rhode Steve Rhode http://myvestafoundation.org export.xml#4600556746945273617 20071121 20071121