Background To Reclaiming Bank Charges
Reclaiming unfair bank charges is hot news at the moment. But what's it about? Why can you suddenly demand that your bank pays you back charges it has previously made?
In 2006 during a ruling that credit cards should only charge no more then a £12 annual fee the Office of Fair Trading declared that some bank charges were unlawful as well as being unfair.
This produced the opportunity for people to reclaim unlawful / unfair bank charges, charged within the previous 6 years.
British Law does not permit a penalty clause.
This means that charges incurred for going overdrawn etc must be directly propotional to what it has cost the bank to deal with the situation.
So if it costs £2.50 to send a computer generated letter, then the charges must not exceed £2.50.
Yet when customers go overdrawn in the bank, banks have automatically sent customers a standard letter telling them they are overdrawn whilst charging fees from £20 upwards.
This is usually in addition to the interest charges imposed for unauthorised overdraft / being overdrawn.
There are other unlawful bank charges and these are being successfully challenged by customers with banks refunding these unlawful charges.
These unfair charges includes:
• Returned Cheques
• Unpaid Cheque
• Account Misuse
• Fee For Exceeding Authorised Overdraft Limit
• Overdrafts
• Unarranged Borrowing
• Unpaid Standing Orders
• Unpaid Direct Debits
• Card Misuse
• Late Payment Of Credit Cards
• Late Payment Of Store Cards
• Late Payment Of Catalogue Purchases
> Next, How much you can claim.
Click on the banners below to have a look at their services - the more people you contact the more likely you are to find a suitable claims agent.
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