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Bank charges
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I have been speaking to someone at work who claims that a friend of his has found a way to get all of your bank charges back off the bank from the last 6 years, all you have to do is get the last 6 years bank statements (for a charge of �25) and then you can get your money back, because the bank are not allowed to take it off you as they are makeing a profit on it, does anyone know if this is true? (if so, i think i am about to become a millionair, lol). The fella at work said that his mate has just got his cheque through now.
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For more on marking an answer as the "Best Answer", please visit our FAQ.There is a general feeling that banks are charging excessive amounts for the fees which they charge. As the won't admit to how much revenue they make from them, you can be fairly sure that it isn't insignificant!! I think that the banking regulator is looking into the issue.
With an increased focus on these bank charges, banks are being a bit more flexible. I managed to get �100 back in fees, when I missed a DD payment for a credit card bill.
The approach that I had taken was I told them I thought that it was excessive, as it was the first time. I threatened to talk to the banking regualator, and to go to the media (ie WatchDog or the newspapers, this a typical Daily Mail kind of a story!!!), also threatened to take my banking elsewhere.
After a bit of arguing, I got the whole lot refunded. I am not sure that you will get them refunded for the last 6 years, but recent ones should get refunded, in the current climate.
Here is further advice on reclaiming bank charges;-
http://www.moneysavingexpert.com/cgi-bin/viewn ews.cgi?newsid1141050760,24632,
With an increased focus on these bank charges, banks are being a bit more flexible. I managed to get �100 back in fees, when I missed a DD payment for a credit card bill.
The approach that I had taken was I told them I thought that it was excessive, as it was the first time. I threatened to talk to the banking regualator, and to go to the media (ie WatchDog or the newspapers, this a typical Daily Mail kind of a story!!!), also threatened to take my banking elsewhere.
After a bit of arguing, I got the whole lot refunded. I am not sure that you will get them refunded for the last 6 years, but recent ones should get refunded, in the current climate.
Here is further advice on reclaiming bank charges;-
http://www.moneysavingexpert.com/cgi-bin/viewn ews.cgi?newsid1141050760,24632,
There was a whole episode on telly the other night on this subject, the Tonight program with our Trev I think. Basically if you think the charge is unjust, ie charging you �35 for bouncing a �10 cheque then you may well be successfull but purely because it is easier and cheaper for them to settle than to go to court. They did add a word of caution however, just because the bank pays it back doesn't mean they are admitting they are in the wrong. If the trend for threatening them with the small claims courts escalates then they may well say sue and be d*mned to stop the flow. I do however have a friend that charges her back �10 a letter is ever she has to communicate with them (thats what they charge her) and they have paid it!!
Be aware, as highlighted in the link above, that least one bank (can't remember which one offfhand) has already started issuing 30 day notice of termination for the accounts held by customers who have succesfully reclaimed these charges.
They have done so on the basis that customers initially signed an Agreement which had Terms & Conditions listing the charges and since these customers no longer wish to abide by the Ts & Cs then they have broken the Agreement i.e. no longer wish to operate the account.
They have done so on the basis that customers initially signed an Agreement which had Terms & Conditions listing the charges and since these customers no longer wish to abide by the Ts & Cs then they have broken the Agreement i.e. no longer wish to operate the account.
perhaps carefull consideration should be given to the fact that any charges you recieve will impact on your credit score and due to the fact that you didnt stay within the terms and conditions of your bank account another bank may not welcome you with such open arms after you have been asked to leave your current bank .better just to go into your bank if you might be in difficulty and have a chat