Radio 4 Today programme this morning

[martinwhite]

Sorry for not posting in the cuttings section, I can't seem to post there.

 

"Today" had a section at about 8:20 saying that the Competition Commission was heavily criticising Consumer Credit companies (i.e. the doorsteppers) for excessive interest rates and profits.

 

Has anyone contacted the Competition Commission regarding bank charges? Why can't I find a bank charging an ethical and legal amount, even allowing for the high figure quoted by the OFT?

[dave]

I have had this thought too - Price fixing was my angle though. The charges are all broadly similar, and they ALL charge them - in some cases letters have been sent to customers outlining the charges as similar 'to our competitors'.

 

Surely this deserves investigation?

[martinwhite]

Yes, I think that this is valid. Shall we start a mail campaign to the CC?

 

The fine line between "the going rate" and "price fixing" is a wobbly business indeed! Another angle might be regarding the consequences of complaining/claiming (i.e. account shutdown, credit ref problems) and the lack of a "white knight" to go to for future business.

 

If I complain about my mechanic because he overcharged me for a series of jobs, and he tells me to b*gger off and never come back (as some do) then I am at liberty to find another mechanic/garage who works more fairly. Who can bank customers go to? The one that unlawfully rips them off the LEAST?

 

Incidentally, have any of the banks reduced their charges yet in line with the OFT statement?

[dave]

No, and I doubt that they will.

 

I have written to the OFT regarding my GF's account closure after they settled out of court.

 

Not heard back yet.

[martinwhite]

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