This is the first in a series of posts titled “Devils Advocate”, in which I look at a personal finance issue from a slightly different angle that I would normally. I thought it might be interesting to see whether it prompts any sort of debate. Best read with a pinch of salt.
So, this reclaiming bank charge nonsense is really starting to drag on. In particular, the case of Tom Brennan vs Natwest, seen as a test case that would possibly mean the floodgates for claims would really open, and that banks would be forced to justify their charges has stretched on and on, has stretched on and on, and we are now awaiting for the judge to decide when he can be bothered to leave the golf course and actually make a judgement.
To be honest, I’m past caring now. In fact, the more I think about it, the more I want Natwest to win the case. After all, I’ve never gone over my overdraft, or had a cheque or direct debit bounce, so I’ve never incurred either lawful or unlawful charges. But I’ll probably end up having to pay some sort of monthly or annual charge for my day-to-day banking, just because other people can’t manage their finances properly.
And while were on the subject of bank charges, the over-enthusiastic campaigning of the self-styled “Money Saving Expert” Martin Lewis is really starting to get on my nerves. It seems like every week he’s popping up on Tonight with Trevor McDonald or some other sensationalist TV programme with the same old basic advice to have a moan at your bank and they’ll cave in. Despite claiming to give consumers revenge over the companies that have screwed them for so long, his cheap looking website is merely a cleverly disguised way of generating income from affiliate schemes. I bet he’s rubbing his hands at the fact that the bank court cases are taking so long to get sorted out, as it just means that he can repeat the same old rubbish and keep his name in the press.
- NatWest Invest: NatWest Launching Online Investment Service (February 9, 2017)
- Fraud Warning For Bank Customers On Twitter (September 10, 2015)
- Monzo Killing Off Its Prepaid Cards (January 23, 2018)
- Loot Banking App Launches (December 11, 2016)
- Moneybox: Save & Invest With As Little As £1 (September 2, 2016)