Bank charged me interest for keeping my money!

Mickk

I set up a new current business account about 6 months ago, I lodged a decent sized lump sum into it and there have been no other transactions at all. The last statement I got shows the only transaction as a payment of interest! It's only a small amount but is it a mistake or just really taking the piss?

AndyJB

Mickk wrote: »

I set up a new current business account about 6 months ago, I lodged a decent sized lump sum into it and there have been no other transactions at all. The last statement I got shows the only transaction as a payment of interest! It's only a small amount but is it a mistake or just really taking the piss?

Hi,
What did they say when you asked?

Gloomtastic!

I had this when I set up my business account a few years ago.

As soon as you set up an account the government hits you for some sort of account tax - I think it's about €5. The bank pays this so before you've lodged any money in your account you're overdrawn!

I called up my manager when i noticed on the first statement and she credited my account with the interest charge straight away.

DubTony

This happened to me a couple of years ago. I needed a second current a/c for some direct debits. The bank issued an un-needed cheque book and I was hit for the govt. stamp duty. That was €7.50 I think. It turned out I didn't need the a/c after all and closed it after about 6 weeks. In the meantime I received a statement with the €7.50 deduction and interest on the €7.50 of ... wait for it ... €15.97. IN A MONTH !!!!!! :eek:

I hadn't lodged anything so when I rang my guy in the bank he came up with a "unauthorised overdraft charge".

"So why was it listed as interest?"

"hmmm ... dunno. I'll get that taken off"

I guess they make sh*t up. Like that's news.

:rolleyes:

DubTony

DubTony wrote: »

This happened to me a couple of years ago. I needed a second current a/c for some direct debits. The bank issued an un-needed cheque book and I was hit for the govt. stamp duty. That was €7.50 I think. It turned out I didn't need the a/c after all and closed it after about 6 weeks. In the meantime I received a statement with the €7.50 deduction and interest on the €7.50 of ... wait for it ... €15.97. IN A MONTH !!!!!! :eek:

I hadn't lodged anything so when I rang my guy in the bank he came up with a "unauthorised overdraft charge".

"So why was it listed as interest?"

"hmmm ... dunno. I'll get that taken off"

I guess they make sh*t up. Like that's news.

:rolleyes:

Its more like they know well thats its there, but they won't remove it unless you notice it and give them some stick. Can you imagine how much money the banks in Ireland alone make out of charges like that that go unnoticed?
I had this before where I lodged money when I opened the account so there was no overdraft, but there had been an overdraft for a few hours while the money was being lodged and I still got charged a one off penalty for being overdrawn for a few hours on the new account. Clever little bankers pinching an extra couple of mil a year doing stuff like this

I have firmly come to the conclusion over the last couple of years that the bigger the company, the more unethical the company!

DubTony

Deleted User wrote: »

Its more like they know well thats its there, but they won't remove it unless you notice it and give them some stick. Can you imagine how much money the banks in Ireland alone make out of charges like that that go unnoticed?
I had this before where I lodged money when I opened the account so there was no overdraft, but there had been an overdraft for a few hours while the money was being lodged and I still got charged a one off penalty for being overdrawn for a few hours on the new account. Clever little bankers pinching an extra couple of mil a year doing stuff like this

I have firmly come to the conclusion over the last couple of years that the bigger the company, the more unethical the company!

I was just talking to my old man about this. A friend of his got an accountant to do a check on his current account statements just before he sold his business in the mid 90's. It took 3 months after the accountant told him it would take a couple of weeks. It seems the accountant thought he'd gotten it all wrong and checked and rechecked. The final figure he'd been overcharged in charges and interest was over IR£30,000. This was over a 20 year period. An average of less than £30 a week.

He threatened court action, the bank paid up; with interest, but only after he signed a "Please don't ever even mention this to anyone ..." agreement.

The mind boggles. Imagine the kind of "fees" large multi-national banks must be stealing from customers. And then there are credit charge interest rates. They could pull figures out of the sky for millions of customers.

Am I right in saying that there are bonuses paid to account managers based on the profitability of the accounts they steal from look after?

Tom Padraig

i dont trust the banks at all anymore with my savings

i'd love to have the money to buy bullion gold bars and bury it ,