So today is the day – the bank charges test case begins. I do not understand this for many reasons and this will be the first of many “not fair news” stories I write about as they often get my goat.
To clarify – UK banks allegedly apply “unfair” charges on customers when customers borrow via unauthorised lending. The Office of Fair Trading is trying to get Banks to charge less and refund customers, some of which have already successfully been refunded.
“These fees can amount to more than £30 for going into the red or having a cheque bounced and in some cases customers have been refunded thousands of pounds each.” says the BBC website.
My issue however is this – these charges are laid out in Terms & Conditions when you take out the account. If you don’t like them, don’t take out the account!
I wouldn’t take out a mortgage then complain when I wanted to repay early that I incurred a charge as the early repayment charge would be clearly set out in the Terms & Conditions.
This is a test case simply highlighting how lazy our society has become where people do not bother to read smallprint. The test case will also look at whether Terms & Conditions are written in plain enough English. Surely though if people are struggling to understand them, they could go and ask their bank? Again, it is not rocket science.
The case also shows that our society is obsessed with getting something for nothing just by claiming “it’s not fair.”
Also, this case will probably mean that people like myself who actually bother to manage their money and so do not get bank charges, will have to start paying for the privilege of having a bog standard current account.
Overall – a big old farce.
