Bank Charges

[NetwkSupport]

Anyone heard anything about being able to claim back all or a percentage of bank charges that you have been charged over the last 6 yrs?

I heard this on BBC radio 4 and also on the below sites..just wanted to see if its worth persuing...if theres anything as bad or worse than Hector and taxation its the damn banks.


http://www.fool.co.uk/news/comment/2006/c060405f.htm?ref=foolwatch

http://www.which.net/campaigns/personalfinance/bankingcharges/index.html

 

[Pondlife]

Anyone heard anything about being able to claim back all or a percentage of bank charges that you have been charged over the last 6 yrs?

I heard this on BBC radio 4 and also on the below sites..just wanted to see if its worth persuing...if theres anything as bad or worse than Hector and taxation its the damn banks.


http://www.fool.co.uk/news/comment/2006/c060405f.htm?ref=foolwatch

http://www.which.net/campaigns/personalfinance/bankingcharges/index.html

And they point out that while cuts in default fees might be welcomed by the one in five customers who incur them, it makes more sense to avoid them altogether by simply setting up a direct debit to always pay off at least the minimum balance each month.
Of course, banks will have to recoup the loss somehow -- something that'll probably hit the four in five customers who pay their bills on time!


Say goodbye to free banking then.

 

[Dalek Supreme]

Yes, punitive charges are illegal. The charge has to accurately represent the cost incurred and not be a profit generating scheme.

 

[TheMonkey]

Yes, punitive charges are illegal. The charge has to accurately represent the cost incurred and not be a profit generating scheme.

I wonder if that applies to speed cameras.

 

[Dalek Supreme]

I wonder if that applies to speed cameras.

That's a penalty for committing a crime. Going overdrawn or not paying your credit card bill by the due date isn't generally considered criminal.

 

[Dalek Supreme]

Say goodbye to free banking then.

No, just to illegal profit-generating charges that do not represent the cost incurred by the financial institution.

 

[NetwkSupport]

before I went into contracting i was a permie and didnt earn too much, as a result struggled now and then financially
the banks were a great help by charging me charges and making me further in debt, then id go overdrawn again cos i couldnt afford their charges, vicious circle.

Im going to try get somehting back off the f#####'s will let you know how i get on....

 

[Dalek Supreme]

There are cases of people claiming back hundreds or thousands. You have to pay the interest naturally but any charge deemed punitive (i.e. does not relate to the cost incurred by the bank when you defaulted) is to be refunded in its entirety. The OFT reminded the banks in April this year that they were acting illegally but they carry on regardless knowing full well that most of their customers will just pay up like sheep.

 

[NetwkSupport]

Power to the people!!! stand up and be counted!!!!

 

[MrsGoof]

I you get charges occasionally then just ring em up and ask them to drop the charge.

Forgot to pay last months CC bill, so rang em up and Charges + Interest removed

If you don't ask you won't get