Co-Op charges hike to £15 !!!

[hillards]

At first glance the letter I just received was a simply change of conditions to a basic Co-Op Cashminder account I've had for years. Then alarm bells started ringing.

 

Back in 2006 the OFT decided that £12 was a MAXIMUM charge for standard bank charges like unpaid DD, overlimit and so on. The banks decided that £12 was the new rate, not a maximum, and have yet to prove the actual cost - hence people still reclaiming unlawful charges.

 

Look at the copy letter and you'll see that the Co-Op intend to increase their unpaid item fee to £15. The seem to say that this is because the FCA is now responsible for consumer credit business, not the OFT.

 

I don't go overdrawn and don't have any direct debits that would cause me personally to incur the revised fee, but how do they justify the price hike? The ruling obtained by the OFT is still in place - isn't it ? Or did I miss something... ?

 

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[ims21]

The OFT didn't rule on charges by banks or set any £12 limit.

 

What they said was in respect of credit cards in that they would not investigate credit card charges of £12 and under but it was a court to decide whether a charge of any amount was fair.

 

BCOBS can be the way forward to recover excessive fees being charged by banks on current accounts.

[ims21]

Forgot to say......of course the OFT are no more since April this year.

[rebel11]

You could argue that they shouldn't call themselves The Co-op any longer as the charges don't benefit the customers/members.

[mikeymack2002]

A bit out of date the new co-op "service" charges are now £20.00 as of yesterday