Joined: 07 Jan 2009
Location: Mostly SE Asia
|Posted: Thu Sep 03, 2009 5:27 pm Post subject:
|Yeah, there's more to this than meets the eye.
That said, banks don't seem to have the autonomy they used to. Many years ago, when we were buying a house, the BS stuffed up a bank transfer to the bank, and our bank (I'd been a customer for years) was faced with the decision of whether or not to honour a payment of about £10k, when we only had a few hundred in that account.
The bank manager tried, and failed, to get in touch with us but decided to honour it. Then he wrote to us telling us what he'd done and apologised to us that he'd have to charge us interest on the overdraft. Wow! We were relieved because if that payment hadn't have gone through there was an awful lot at stake.
Later, the same bank (Clydesdale) seemed to centralise their management and decisions and, due to a glitch, a direct debit to pay the credit card bill "bounced". The bank charged us for bouncing it, the credit card company charged us for that too and levied a penalty for late payment, etc, etc. All in all it cost us nearly £100 because we were £20 short or some other paltry sum.
Ever heard of a book called "Why the poor pay more"? I read it years ago, but the message still rings true. If you don't have money society obliges you to pay more for everything.