Email address is www.moneysavingexpert.com
2006-12-31 03:36:44 · 8 answers · asked by Sexy Red 4 in Business & Finance ➔ Credit
It's legal for banks to charge you fees for breach of contract, but only to the amount that it cost them for the problem of chasing you up for it. You don't have to be a genius to figure out it doesn't cost a bank £20 when you go overdrawn by £5. They are making profits from this. People have indeed got their charges back from their banks and no bank has contested this in court - yet. The OFT ruled that banks were charging too much for credit card late payment fees and most cards had to reduce their fee from £20 to £12 because of this - nothing has yet been done regarding overdraft late fees though.
For all the procedures to follow to get your fees back from the banks (including form letters) go to this ace website:
http://www.moneysavingexpert.com/ run by the financial expert and TV presenter Martin Lewis. Good luck!
2006-12-31 03:52:45 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Anyone checking the referenced website will see that this refers to British law, not US. Even in Britain, it's not a universal truth regarding all charges.
2006-12-31 03:42:59 · answer #2 · answered by Judy 7 · 0⤊ 2⤋
That's not true. I used to work for Wells Fargo. They are the biggest thieves in the banking industry. There was a class action lawsuit against them years ago due to the number of fees they imposed. SOME customers got their money back but it is still legal for them to fee customers to death.
2006-12-31 03:41:48 · answer #3 · answered by Anonymous · 0⤊ 3⤋
banks make their money from service charges
2006-12-31 03:41:03 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Thanks for that I shall be claiming my charges back!
I don't know how banks can get away with it, it really annoys me.
Down with banks :(
2006-12-31 04:46:28 · answer #5 · answered by Anonymous · 1⤊ 1⤋
I didn't know that,but it's very interesting.I'll definately be looking into that in the new year
2006-12-31 03:44:52 · answer #6 · answered by Lou 3 · 1⤊ 1⤋
Yep am doing it at the moment
2006-12-31 03:43:32 · answer #7 · answered by Anonymous · 2⤊ 1⤋
And you went to WHICH law school?
2006-12-31 14:36:36 · answer #8 · answered by ckm1956 7 · 0⤊ 3⤋