2007-01-07 21:22:30 · 12 answers · asked by patjoub 2 in Business & Finance ➔ Personal Finance
In terms of legality it's actually a grey area. Many people are reclaiming bank charges dating back for the past six years. The reason banks are paying these back is because people are threatening court action.
The bank are terrified that if any case does go to trial in which they are ordered to pay back fees there will be a sudden claim from millions of customers.
If such a case ever made it to court and they lost it would also lead to current charges being aboloished and a masive part of bank profits being removed overnight.
Martin Lewis the owner of Moneysavingexpert.com has written lots about this and it's worth checking out.
2007-01-07 23:11:58 · answer #1 · answered by Brendan M 2 · 1⤊ 0⤋
All NSF fees are avoidable. All people who overdraft their accounts on a regular basis are not keeping track of their balance. That's your responsibility. Never go off a balance that shows on the computer - you need to reconcile it by deducting everything that has not cleared - like the check. Then you know what you can spend. You need to keep track of your balance in a check register. Write everything down and subtract anything you do whether it's a check, automatic payment, card purchase, cash withdrawal and add in any deposits. At a minimum write down the amount because that's the most important thing to write down. Subtract what you authorized and you have what you can spend without overdrafting your account. Reconcile to your bank statement every month or more often if you need to online. Check off everything in your check register that has cleared then take everything that has not cleared and subtract it from what the bank has. They should match. Sometimes a checking isn't for everyone. It might be cheaper to use cash to buy things and buy money orders to pay bills. Just think of all the money orders you can buy for $35.00.
2016-05-23 09:17:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Bank charges like this ARE illegal. It is a simple breach of contract - you agreed to stay in credit but didn't - and in English Contract Law they can only recover their ACTUAL COSTS as a result in you going overdrawn - probably 50p for a letter. The £35 is a punishment they are imposing on you which is illegal.
Banks have given back something in the region of £5million of charges recently and have not defended a single claim in court - they know the charges are illegal and they cannot possibly win.
Go to one of the sites suggested and get your money back - you work bl00dy hard for it, so don't let the bank rip you off.
2007-01-07 21:43:38 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Your obviously with the abbey bank! I went overdrawn by £2.95, and they sent me a letter to say that they were charging me £35 also. When I phoned them they said that these rates are in the tarrif of charges, but this is only given to you once you have already signed the agreement, so technically they are in the wrong as you are meant to have all these charges made aware to you before opening the account
2007-01-07 21:31:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It sounds tough, but that is the way it goes. Just make sure that you have enough funds in your account to cover the £35 fine when it comes off, or you will get charged another £35. that's how the banks make money.
Try phoning them, and give them a sob storry ... like a bereavemnt, and you forgot to put more cash into the account. Don't tell the bank that a REAL person died, because they can easily look that up. Good Luck
2007-01-07 21:26:52 · answer #5 · answered by Anonymous · 0⤊ 1⤋
No, bank charges like this are punitive and therefore illegal. Go to the Bank Action Group website and they will tell you how to claim it back.
You can also go back 6 years and get the lot back if they have done it before. Good luck.
2007-01-07 21:27:47 · answer #6 · answered by derbyandrew 4 · 2⤊ 0⤋
See previous answers - in particular the one which suggests calling your bank and asking them to rescind the charges.
2007-01-07 21:24:42 · answer #7 · answered by Anonymous · 0⤊ 1⤋
give the bank a ring & explain to them usually if it is your first charge this year they will refund it to you as a goodwill gesture. Good luck
2007-01-07 21:37:04 · answer #8 · answered by richardwales79 3 · 2⤊ 0⤋
yeah it sucks doesnt it my bank took 2.50 bank charges n made me go over by 1.10 n charged me 30 quid for the privilige!
2007-01-07 21:28:55 · answer #9 · answered by Poppy28 2 · 0⤊ 0⤋
Go to www.unclaimedbankcharges.co.uk or is it .com? You can claim your charges back from the last 6 years.
2007-01-07 21:26:40 · answer #10 · answered by Laird John Meredith 3 · 0⤊ 1⤋