25 November 2009

Got a bank overdraft, kids? Say hello to corporate power...

OMG... the banks have managed to screw consumers yet again...

The Supreme Court's judgement in favour of the banks on unauthorised overdraft charges is absolute cack. Listen to this:

In explaining his ruling, the Supreme Court's president Lord Phillips said that bank customers agreed to pay overdraft charges as part of the price of having a current account, so they fell outside the scope of the 1999 consumer contract regulations.

Has Lord Phillips ever tried living in the modern world without a bank account? Or finding a bank which doesn't impose extortionate overdraft charges? Good luck to him. The idea that banking is some kind of free choice, in the modern economic system, makes about as much sense as saying that eating or breathing are some kind of free choice. It's patent bollocks.

Yet more licence for an already overstuffed banking sector to wheedle more money out of the consumer. After one botched attempt last autumn, we most definitely need full-scale nationalisation of the UK banking sector so the damn thing can be run properly. As in, NOW.

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