 |
 |
By Julia Kukiewicz Staff Writer
Friday, 25 April 2008
|
 here
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (18 Apr 08)
Julia Kukiewicz's glance back at this week's personal finance news, including the ultimate green investment; how bad service is costing us billions and government wades into the mortgage market.
Money News Roundup (11 Apr 08)
A glance back at this week's personal finance news with Julia Kukiewicz. This week, it turns out men are worse drivers than women, how the government is giving some first time buyers a leg up and whoops... HSBC drop the ball.
Money News Roundup (04 Apr 08)
Julia Kukiewicz rounds up the week's personal finance news, and discovers how Mr Northern Rock has become Mr Northern Rich, how the new bank code is making banks clean up their act and how tuition fees are set to rise.
|
THIS week, the news on the bank charges ruling, a warning about phishing and loud tutting at drivers that lie to their insurers.
First Step to Get Back Bank Charges
A high court judge has finally ruled what everyone else already knew: UK bank charges are unlawful.
OFT figures reveal that banks are making up to £3.5bn a year in unauthorised overdraft fees – that’s a staggering £10m a day which could soon be returned to customers.
Of course, the banks aren’t too keen to lose their extra income.
They have still not decided whether to appeal the ruling and even if they don’t the case is likely to rumble on for months before consumers start getting their money back.
In the meantime, charge reclaim letters continue to pile up and the chances of the banks doing the honorable thing look slimmer by the day…
‘No Phishing’
APACS – the financial services body warned people to take care not to become the catch of the day this week as new statistics show that phishing scams are sweeping the internet.
Incidents of phishing - fooling people into giving away confidential financial information – have more than trebled this year and the scammers are using ever more sophisticated methods to try to get their hands on your cash.
Emails often claim to be from your bank and then ask you to verify or re-enter your details so that they can use them to empty your account.
1 in 4 Drivers are Big Fat Liars
WELL, maybe not big and fat but one in four drivers do lie to their insurers in an attempt to save money, according to new research.
The study – conducted by insurance.co.uk – also found that 98% of drivers consider themselves to be honest.
Now, I’m no statistician but some of those must be lying.
The problem seems to be that being a little economical with the truth of say, how far you drive or the value of your car, can save you a lot of money.
Well, yes. But, then, giving inaccurate information makes the policy worthless so it seems like a quarter of us are missing the point of insurance a little…
And Finally, If you only do one thing this week…
AND finally, if you only do one thing this week and you regularly shop at Sainsbury’s or Tesco you should consider getting one of their 0% credit cards.
If you know that you’ll be able to pay off that balance fairly quickly (that 0% rises to 15.9% for Tesco and 16.9% for Sainsbury’s after about a year) this is a great deal.
The 0% interest rate on transactions can be great for buying that pricey new gadget you’ve had your eye on or giving you a helping hand with the weekly shop. You can even use them in Tesco and Sainsbury’s online stores.
As with all credit cards, of course, caution is advised.
If you think you might be tempted to let your balance lapse or use the card when it will be more expensive, in an ATM or another shop, this isn’t the deal for you.
Otherwise, it’s a wallet-friendly way to save on your shopping. You can read all about the cards - and apply for them - here.
|
