Re: FT: Banks on the back foot over overdrafts
- From: Peter Lynch <pete@xxxxxxxxxxx>
- Date: Sat, 26 Apr 2008 15:39:59 GMT
On Fri, 25 Apr 2008 15:35:20 +0000 (UTC), M Holmes wrote:
Zolpitald <zsorbitald@xxxxxxxxxxxxx> wrote:This is a rather extreme point of view (assuming it's not a troll).
Banks on the back foot over overdrafts
Financial Times
Published: April 24 2008 19:43
UK high-street banks were in the dock on Thursday over the charges they
impose on customers. The ruling by the High Court was the latest skirmish in
a lengthy battle about regulators¹ powers to examine whether unauthorised
overdraft fees are unfair.
This is the part I don't get. I'd have thought that taking money from a
bank without permission would be straight-out bank robbery. The banks
ought to take a harsh line and say "Pay up or we prosecute and sling
your sorry ass in jail."
The banks can easily prevent unauthorised overdrafts - just by refusing
the transaction that exceeds the customer's limit. Therefore they
are, to some extent, willing participants to the situation and seem
to be happy with the money they make by exploiting it. That's what the
regulators are trying to curb.
--
.. Pete Lynch I have learned from my mistakes and
.. Marlow ... I am sure I can repeat them exactly
.. www.pete-lynch.com --- Peter Cooke.
.
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