The idea
I would like to see a law to retrospectively repay bank charges.
Following the disappointing decision by the supreme court on bank charges we should review this case and opposed to going through another drawn out and costly court action we should force the banks to repay the charges they have taken from us all over the past years, it is understood that banks only have to keep our information on file for a period of six years so this should at least be the starting point, or if individuals have already made claims against their banks it should be six years from that date.
Given the level of charges applied for frequently going overdrawn for pennies the profit made can run into 1000’s %. This is wrong and is not much different from legitimised door step money lenders
We are all effectively forced to operate bank accounts and it's agreed they must make a profit, but should it be via punitive charges and at the expense of individuals who simply can't afford it or are the most vunerable in our society.
This is why we need a law to address future and the past level of charges.
Why is it important?
A boost to the economy:
It is estimated banks have been making in excess of £2 billion annually out of charges, if these funds were to be paid back for the past 6 years, it would definitely help stimulate the economy, these people would either put it back into the banking system to reduce overdrafts, save it, or alternatively spend it on the high street all of which will help the economy in some way.
Banks today are one of the countries most distrusted and disliked institutions, supported by the tax payer only to award themselves huge bonuses, Whilst 1000's if it's customers face financial hardship forceing them into Debit Management, IVA's, Bankruptcy and in some cases losing their homes. This can not be good for the ecconomy. Although a minority of cases can be attributed to finanicial mis-management the majority of individuals have just often made a mistake or their circumstances have changed through no fault of their own, and most likey due to the collapse of these Financial Institutions due to their mis -management is it little wonder why such a large number of people feel cheated.