According to Which! 1 in 5 people are affected by charges imposed on their bank accounts by their bank for failing to pay Direct Debits, Standing Orders and Cheques.
Further to this, they also impose charges for going over your overdraft limit - sometimes, a charge for each day you are over your limit.
The Banks often say that these charges are intended to compensate them for their loss. However many people believe that they are far higher than that. If this is true then the charges are dispropotionate penalties and are invalid. These charges can be crippling for some people.
Visit The consumer action group to find out how to reclaim any disproportionate penalties.
It doesn’t matter if you have been charged £30 or £5000, any of these types of charges on your account within the last 6 years can be claimed back easily and successfully.
I am currently in the process of claiming back unfair penalties and charges on my bank accounts since 2000. I’ll keep this updated with the progress
More Links:
Money Saving Expert
Penalty Charges
Daily Telegraph Article
This Is Money Article
OFT Ruling on Credit Card Charges
6 comments so far
i have been doing this myself and reclaimed charges from a loan company, you can read my weblog at http://www.consumercorner.co.uk/blog
its about time people stood upto the banks
August 20th, 2006 at 7:12 pm
i am currently charged about 120 pound a month for overdrafts!!!!!!
September 5th, 2006 at 11:23 pm
just had a reply from my bank after wrighting a letter about unlawful charges and guesss what! they offered me 6 months of charges back a total of £1000 but i have today rejected there offer as i know one more letter will get me 100% of my money back including intrest!
November 2nd, 2006 at 2:07 am
£120 per month!! That is outragous. Claim back these charges now!
March 14th, 2007 at 10:38 pm
I’m just about to write a letter to the various bodies that I feel have made charges on my account unlawfully.
Does anyone have a basic body of a letter that I can use.
Thanks so much.
Carolyn
January 20th, 2008 at 2:13 pm
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November 12th, 2008 at 8:21 am
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