2007-02-20 06:10:20 · 11 answers · asked by pigletsam 3 in Politics & Government ➔ Law & Ethics
Yes, they are illegal. We have claimed back all our charges for the last 6 years. My son has also. We've been successful as has hundreds of other people.
Go to Money saving Expert on line ....this will give you all the templates for the letters you'll need to write...it tells you step by step what to do.
Don't be put off when they say they'll go to court and even if you get a court date...they always pay up at the last minute.
It really is worth doing...can't understand why so many people don't. We got loads back. You'll also be able to add interest for the time they've had your money and claim back the charges yo had to pay for taking it on legally...this is a nominal amount.
Get the ball rolling as soon as you can because I know the banks are all trying to figure out how to overcome this.
Open another bank account before you do this just in case they close yours, TSB didn't close ours though.
All the above relates to UK.
Best wishes.
2007-02-20 06:21:07 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Some may be. Mainly it is unethical practices that generate excuses for many charges, and often just greed and stupidity.
Some years ago I transferred a large sum into a checking account from another account at the same bank. I was buying some farm equipment.
When the check was submitted a couple of weeks later, the bank refused to honor it because "If there had not been enough money in the account to cover that check and the usual monthly expenditures from that account, the balance remaining would not have been sufficient to cover both the check and the bounced check fee". There would have been a balance in the account, just not a large enough one in some idiot's opinion.
I had them explain it to me twice. Then I made them call the person the check had been given to and apologize. Then I made them remove the bad check fee they had charged. I then closed all accounts at that bank, demanding cash since they were obviously idiots (this was way before electronic banking)...and...
They had to call and arraigned for a cashier's check from another bank because they didn't have enough in the vault to pay me. I of course had my lawyer present by then. I was really steamed.
That bank didn't last. The major U.S. banks around today are almost as bad and certainly as greedy, which is why I no longer deal with them.
2007-02-20 14:26:47 · answer #2 · answered by Gaspode 7 · 4⤊ 0⤋
It depends on what the charge is about. For example, I made a deposit at 10'oclock in the morning. The bank said prior to 10a.m. a check came in to be processed in my account,they claimed no money there so bounced the check and charged me fees. Since the receipt didn't show the time of the deposit or the time the check was sent in,I was able to make the bank cover the check and dismiss the fees they charged me. Deposit on the same day as a transaction is trying to clear is the terminology they used. Good luck,hope it works for you.
2007-02-20 14:21:32 · answer #3 · answered by fisherwoman 6 · 1⤊ 0⤋
Yes, it is true, some people have been over charged illegally by their banks. You'll have to find out where to go to claim your wonga back.
Just a word of warning first. I heard of one guy who went after his bank, got his money back and they closed his account without telling him. Caused him a lot of problems with all of his DDs etc.
Try the Banking Ombudsman's site - see what you can find out. There should be a link there.
2007-02-20 14:17:01 · answer #4 · answered by Anonymous · 1⤊ 0⤋
There's a lot of controversy about this. They can charge but only their expenses. They shouldn't be charging enough to make a profit from customers. Go to the BBC Watchdog website. Bank charges were discussed in this week's programme.
2007-02-20 19:53:35 · answer #5 · answered by Sandee 5 · 0⤊ 0⤋
No.
You agree to pay those charges to the bank when you sign the paperwork to open an account.
2007-02-20 14:13:44 · answer #6 · answered by Citicop 7 · 1⤊ 0⤋
No- bank charges are legal unless they charge you for something that isn't in the contractual agreement for doing business with them.
2007-02-20 14:14:14 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Look at the link below by Martin Lewis the wonderful money saving guy
2007-02-20 14:15:27 · answer #8 · answered by Anonymous · 2⤊ 0⤋
not illegal but unfair and yes depending on what they are for and how much u have been charged its possible to get them back,
www.moneysavingexpert.com is the best site for it
2007-02-20 14:13:56 · answer #9 · answered by Anonymous · 4⤊ 0⤋
a lot of good info came from your quiestion.
2007-02-20 14:48:01 · answer #10 · answered by waljac6108 5 · 0⤊ 0⤋