Reply to: Bank charges?

[bobhope]

Not necessarily. There are some people currently testing the Statutes of Limitations Act to see if they can go back further. In particular, there is one Court case taking the place tomorrow.

It does get a little in-depth but if you visit www.consumeractiongroup.co.uk/forum and have a search around there is some interesting information.

Can you provide a link? I couldn't see the thread about the Statutes of Limitations Act. I was hit quite heavily in my pre-contractor days (more than 6 years ago)

[oraclesmith]

Why pay bank charges at all ?

My limited company business account is with the Co-Op through FSB membership and there are no charges providing you're in credit and you don't do unsociable things like bounce cheques on them, and they pay interest on your credit balance. It's a permanent no-charge deal, unlike most banks where they start charging after 12 or 18 months and/or don't give you interest on your credit balance.

[tim123]

Watch out though, Tim reckons its ok for banks to charge like a bull!

I have never even come remotely close to saying that.

All I have said is that I am (very) suprised that it is an issue the members of this board have a direct interest in.

tim

[GrindstoneCowboy]

Just to clarify what you are saying here.

Acouple of letters to my bank can get me back any moneys paid in excess overdraft fees etc regardless of how they have been accrued?


Christmas come early !

[Mailman]

Someone was saying banks profit from unlawful charges runs at around ONE BILLION pounds a year!

That is an amazing amount of money to make!!!

Which I could get on to a weez like that!

Mailman

[NetwkSupport]

Bank Charge

I went over all accounts ive had for the last 6 yrs (including closed ones) in all my total charges from 4 current accounts and 4 credit cards were £3500

I've so far had full refunds from 6/8 accounts to the total of £1800

[Mailman]

The guy you want to follow is Spice Skull. Very informative stuff he's been posting.

Mailman

[barracad]

The unfortunate thing is that you can only go back 6 years.

Not necessarily. There are some people currently testing the Statutes of Limitations Act to see if they can go back further. In particular, there is one Court case taking the place tomorrow.

It does get a little in-depth but if you visit www.consumeractiongroup.co.uk/forum and have a search around there is some interesting information.

[Mailman]

What ever you do dont accept and go for everything you are owed!

Mailman

[Mustang]

Initial result

As I said, I have already been offered 50% of what my charges actually are and that was only for asking them to provide me with details of the charges!

I also noted that NatWest sent a information sheet with my latest credit card bill. It highlighted that they were reducing their late payment fee.....!!

At least it's a start!

[Darren@UptonAccountants]

Bank Charges

We've a client who's gone down a similar route with NatWest, charges approx £3k in fees over the last few years, went to see the business manager after submitting a written request for a refund...within 2 weeks the lot reappeared in his business account, result!!

[bobhope]

The unfortunate thing is that you can only go back 6 years. I had loads of bank charges (1-2k I reckon) in my pre-contractor days. Still, I'll double check to see if I've overlooked anything.

[Mailman]

Watch out though, Tim reckons its ok for banks to charge like a bull!

But the simple answer is to write them a letter demanding your fees back. Give them a couple weeks to answer. When they dont answer send them a final warning giving them 7 days to pay up. When they dont lodge a claim with the small claims court (can be done online) and you will get your fees back AND the cost of lodging the claim.

But watch out though, some banks dont like you doing this and are closing peoples accounts (A&L springs to mind).

Mailman

[barracad]

Reclaim Bank Charges

Anybody who wants help and support reclaiming these charges can visit www.consumeractiongroup.co.uk/forum

Loads of advice and support, totally free of charge - they even have standard letter templates you can use.

[Mustang]

Tex, I am intending to go down that route but first I have to establish what I have actually paid!

My amusement is mainly because 1) they assumed that I was going to do that rather than answer my original question and 2) they offered me the money