A mark, a yen, a buck or a pound


i’ve been watching with interest (no puns intended) the office of fair trading’s persual of banks and credit card companies for excessive and unauthorised charges. The OFT said that in the future, credit card late repayment charges in excess of 12 would be considered unfair and likely to be challenged in the courts. Charges, the regulator argued, “should only reflect the administrative costs of dealing with the default”.

my bank has particularly brutal charging policies (38 pounds per default with a further charged applied every day that you remain over your limit) and it is encouraging to see that this issue is being looked into. nick cambell commented on the bbc site that: “… I expect to pay some sort of charge when I have exceeded my balance, what I object to is the high amount and the sheer aggressiveness of the charges that has come about over the last few years.”

which is exactly how i feel. the all too familiar cycle of ‘direct debit is refused due to lack of funds, charge is applied, charge takes you over limit, further charge is applied because of this – ad nauseum’ is a bit much. i am usually very easy going about these things, and not someone who doesn’t expect to pay my way (i have no issues with council taxes, t.v licenses etc..) but i do feel that banks are really pushing it.

i find myself, increasingly alf garnett-like, wanting to just shove all my money under my matress and live cash-only. as far as possible, i do but your wage has to go somewhere, the insurance will only accept direct debit, etc.. etc…

showed my age with this post, didn’t i?


0 thoughts on “A mark, a yen, a buck or a pound

  1. I had to look it up (thanks again for all the links) to figure out you weren’t talking about Alf. I thought “wow, I didn’t know Alf had a last name.”

    Yeah, totally not the same thing.

    Alf Garnett seems a lot like Archie Bunker.

  2. Banks? Quite frankly they suck. Surprisingly though, just about every time I challenge a charge, including the annual fee on my credit card, my bank has either cancelled the charge or reduced it. It’s amazing what those phone operators (in India lol) will do to get rid of one angry bitch.

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