i am consistantly being charged by my bank. i don't qaulify for a overdraft facility. i am currrently working two part time jobs, i also recieve ema of £30 a week. my ema payments always arrive either late or are missed due to school teachers not processing on time. recently i was overdrawn only for one day, and got paid the next day. each time i am charged £25. The next charges are being applied on the 4th of jan for the amount if £50. £25 is for the first day of being overdrawn and the next £25 is appalied the next five working days.this is totaly unfair, i am for ever paying money back to the bank. i am only 18 is this not ellagal for a bank to charging me continuously putting me more and more in to debt.
2007-01-02 06:40:56 · 11 answers · asked by navpreet g 1 in Business & Finance ➔ Credit
YOU CAN CLAIM EVERY PENNY BACK FROM THE LAST SIX YEARS GO ON THE BBC WEB SITE AND SEARCH FOR A PROGRAMME CALLED BANK ROBBERY THE PAGE HAS ALL THE FORMS AND INFO YOU NEED
2007-01-02 06:44:40 · answer #1 · answered by phileemac 2 · 0⤊ 2⤋
I'm amazed that you let this keep going on.
First, no it's not illegal. You are consistently overdrawn every month, so why should it surprise you that you get charged for it every month? It doesn't matter that it's "only one day". Overdrawn means that your money isn't there when it is supposed to be. You shouldn't depend on others to get your money there. You need to be responsible and make sure the money is there before you spend it.
I don't know anything about ema payments, but you really need to take charge of your finances, instead of depending on others to get your money there on time. You desperately need to keep a balance in your account to avoid having this disaster. Clearly, it is costing you enormously. STOP SPENDING MONEY until you get your account fully under control, and then stop trying to spend every penny. Normal people keep a balance in their account to avoid this kind of risk.
If you do all of this and still have a problem, perhaps you need to switch banks. Sometimes, some financial service companies are aggressive in charging fees. Your best bet is to find a better bank to serve you. But, really, I suspect the problem is your own fault.
2007-01-02 16:02:24 · answer #2 · answered by Anonymous · 1⤊ 0⤋
When you open an account you sign a contract. In the contract you almost certainly make an agreement that they can charge you if you try to take more money out of your account than you have in it. Since this is the case, the bank can certainly charge you whatever you agreed to when you opened the account (even if you didn't read all the small print before signing). The best way to avoid these charges is to not overdraw the account. Don't write cheques or approve automatic payments until you see that money has already been deposited and is available.
2007-01-02 14:52:29 · answer #3 · answered by Faeldaz M 4 · 1⤊ 1⤋
This aint illegal but what is illegal is the snowball effect, thats a charge on top of a charge, which technically is illegal as its classed as theft by deception or something, i had the same done to me and i done the following
goto www.penaltycharges.co.uk
Now you can print off ready typed letters to send to your bank here and make them pay all your charges back.
You must give your bank 40days to write back to you, and by law they have to, if they dont comply them send a final notice...trust me then they will reply by giving you your money bank
2007-01-04 10:03:23 · answer #4 · answered by david m 1 · 0⤊ 0⤋
Go to the Mark Lewis website.Cant remember address but just google Martin Lewis and go to his money saving website. He has got a section on reclaiming unfair bank charges. He gives you step by step instructions on what to do. Well worth it.
Give it a go!!
2007-01-03 07:08:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
hi, its not illegal to charge you for going over your overdraft but they can only charge you a proportionate fee ie, the cost of a standard letter a stamp which works out about 2 or 3 pounds. I am currently claiming back my charges going back 6 years. try www.moneysavingsexpert.com and www.penaltycharges.co.uk for more information and good luck
2007-01-02 15:02:16 · answer #6 · answered by Anonymous · 0⤊ 1⤋
no it is not illegal,your bank charges you for going overdrawn without an o/d facility in place any additional charges are for additional things that happen on your account,i.e a diect debit or standing order that cannot be paid due to insufficient funds
2007-01-02 14:44:41 · answer #7 · answered by NATALIE W 3 · 0⤊ 1⤋
Its kind of illegal for them to do it because usually the fine dosent fit the amount, ( basically way to much)
I have been researching this just recently, and I really think you should check the website, and not just for this thing. But anyway The site will tell you all sorts of things about how and why its illegal and how to claim it back with a step by step guide.
I will be doing it.
2007-01-02 14:52:29 · answer #8 · answered by oconnortomlin 2 · 0⤊ 2⤋
i heard on a tv programe lately that you can get back the charges if you go thru small claim courts.
2007-01-04 09:49:41 · answer #9 · answered by mery 2 · 0⤊ 0⤋
Its not illegal for them to charge you. Try not to go over your limit. Cut back on a few things.
2007-01-02 14:46:13 · answer #10 · answered by Anonymous · 0⤊ 1⤋