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  • 4 months later...

As usual you have it sussed there quids.


Oh wait, what if one of the banks offers free banking in order to attract customers? I?m not sure but I?ve heard somewhere that that is how this thing called capitalism works.


Unless of course they all have some sort of agreement with one another.


Oh but wait a minute. That?s called a cartel. They?re illegal aren?t they?


Or does the law not apply to financial institutions?

The verdict was unexpected, if it had gone the other way the would have stopped....from BBC


It took Lord Phillips just a couple of minutes to deliver a profoundly important ruling for UK banks and their customers.



The Supreme Court has decided that for the past two and a half years the OFT has been barking up the wrong legal tree.


The result is that banks can continue charging high fees for customers who go overdrawn without authority to subsidise the cost of providing current accounts to other customers who stay in the black.

Well Sean you can apply that mantra to anything the banks or capitalism does, afterall it's a free market economy - supply and demand et al, but there comes a point where it gets out of hand as we have just experienced with the credit crunch. Brendan is right with bringing in regulation to capitalism, do you trust them not to screw up again?..

I must admit to not knowing a lot about the issues argued or the case but when did charging penalty rates start to be the reason for providing current accounts for free? Not all of them are free anyway.


And anyway a current account isn?t really ?free? even if it is free. They get your salary every month to do with what they will. Not to mention your savings which most people will have through the same bank.


And unless you live in a house that wasn?t procured in some way with a mortgage, you have never bought anything on credit and you have never paid tax on anything, banking is not free.


I don?t have any problem with an agreed fee being paid for an agreed service but if someone doesn?t have money in an account why not just not allow money to be taken out of it?

OK block your ears , avert your eyes as you may find this offensive





I USE CASH*



No charges , no fees, just filthy notes to trade with in your bin, Lastly the superior customer service you receive from the Butcher, the Baker , Candlestick maker is marvelous I tell you







W**F






* whenever I can

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