bank penalty charges ??????????????????????

Question

have just sent off 1st letter how long do the banks take to respond what are the chances of getting my money back several thousands

Answer 1

Hi - your question appears to concern two things:
Q1. How long til the bank responds, and
Q2. What are your chances of getting money back.

I will address each in turn.

A1. Banks are regulated by the Financial Services Authority, and as part of this regulation they must act in accordance with the FSA Handbook. The specific section about complaints is called DISP, and sets out that firms must
a) acknowledge your complaint within 5 days
b) write to you within 4 weeks to tell you how their investigation is going
c) provide a 'final response' to your complaint within 8 weeks

If you are not satisfied with the response, or if the firm isn't able to respond within 8 weeks, you can refer your complaint to the Financial Ombudsman Service free of charge.

You should note that the timescales are not a delaying tactic - they give the firm a reasonable period of time to investigate your complaint (and don't forget that a bank has more than just one complaint to deal with).


A2. Your chances of getting money back depend on a number of things, mainly which financial institution it is, whether you're prepared to go to court over the matter, and how much is at stake.

Complaints referred to the Financial Ombudsman Service are free for you, but cost the firm £360. In most cases, a firm will therefore make a commercial decision to settle your complaint before the matter goes to the FOS if it's cheaper than the FOS fee, because they are charged the £360 whether the complaint is found in your favour or the bank's.

Any money that you do get back is likely to be the difference between the amount that you actually paid for being overdrawn (or otherwise in default), and £12 for each occasion or month that you were in default (the amount that the Office of Fair Trading suggested was reasonable).

You should also bear in mind that, although you might get your money back, the bank may give you 30 days notice and close your account, which they are within their rights to do. You should therefore consider whether you can move your account to a new bank and have plans in place if you need to do this.

Hope this helps.

Answer 2

How do you accumulate "thousands" in bank "penalties"? You need to stay on top of your financial business! If you're refering to CD's or Money Market accounts it's all in the fine print regarding early withdrawl! Banks today are scamming everyone with this illicit activity and they'll take you to the cleaners the minute you divert your attention!!!!!!! You have to fight back and don't wait for the government to help you as they all have their hands in the cash drawer!!! Open an account with a small amount of cash for the sole purpose of cashing checks! The rest of your banking can be done by other means to escape the grips of these ruthless parasites! Try paying bills with postal money orders to which you will find the cost far less than a banks checking account scams!!!!!! Credit cards for "RESPONSIBLE" people is another means using direct deposit! There are ways but you have to take "responsibility"in more ways than one!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Keep your cash elsewhere! Why take risk for a measly 3% intrest?? This country is on shaky ground and has been their for quite some time! We are living on borrowed time for the next "depression like the 30's" and this government will never warn you! You can take that to the bank!!!!!!!!!!!!!!!!!!!!!!!!!!!

Answer 3

They have 40 days to respond about your bank statements and once you have received them and highlighted out all of your charges and sent them back they then have 14 days to respond. They will probably tell you you have no chance but just send them another letter threatening to take them to court. If you go to www.itv.com/tonight there is all the information you need to get your charges back.

Answer 4

The banks will tell you they can take 8 weeks but since this is a delaying tactic you should demand a reply within 14 days. As to your chances, I understand they are good as no bank has ever defended their charges in court as yet so everyone who claims wins. At least I hope so, as I'm about to commence action myself...!

Answer 5

Wow, that's a pretty hefty bank charge. I dont think there is any rule of thumb time period for a bank to get back to you, but in my experience, its worth continuously hassling them. Phone them up and ask them if they have received your letter and then keep ringing them to find out what action they are going to take. It is a frustrating situation when you are trying to get them to refund charges but keep persevering, I firmly believe their policy is to keep you at bay long enough so that you get fed up and just give up on the whole thing but don't let them get away with it!
Here is a link which you should find useful about bank charges:
http://news.bbc.co.uk/1/hi/business/6170209.stm

Answer 6

A couple of weeks! I told First Direct that they owed me £862 they sent me a letter back saying I hd miscalculated and that it was actually £1162 in charges I'd paid!! we came to a settlement at £998!!!

That was before the world and his wife got on the bandwagon though!!

xx

Answer 7

Go on the site consumeractiongroup. I used this site to help me claim £3120 back from Natwest! From sending off my Data Request Template for 6 years of statements, it took me approx 2 months to obtaining money.

Answer 8

hi, (ANS) What maximum folk (banking purchasers) overlook is that having a economic business enterprise account means you have "a shared relationship" which comprise your economic business enterprise. meaning that the economic business enterprise has a responsability to you the customer yet you in addition to could have an obligation to the economic business enterprise to no longer abuse the service provided. **to place it in simple terms who's in charge:- The economic business enterprise is 50% in charge to you & you're 50% in charge to the economic business enterprise for a fashion you utilize the service. **this means that once a individual has an overdraft facility that's an agreed function of the account or modern account. Its time-honored that an agreed overdraft facility is charged for at a definite reported cost (the cost is frequently in Black & White interior the money owed T&C documentation). i.e. you have agreed to the expenses once you opened the account all those months or years in the past. **Banks do tend to get very dissatisfied in case you bypass over your agreed overdraft shrink without telling them first, that's as a results of fact its no longer your man or woman money your utilising or drawing against. that's in actuality the banks own money. Banks are in actuality lending you "their money" once you utilize an overdraft or bypass over your present OD shrink. The economic business enterprise is lending their money to you based on the perceived point of threat you signify to them i.e. credit scoring. **consequently the extra you bypass over the OD shrink the better the expenses or consequences they'll slap on precise as they sense the threat of returning or improving is going down with increasing debit tiers. **in spite of what many banks declare, there is no! such subject as unfastened banking. Banks consistently cost for his or her centers whether the expenses are hidden in different techniques. **undergo in strategies Banks at the instant are not charities they actually exist just to make a earnings from what they do. anybody thinking otherwise is being naive for my area. style Regards from Ivan

Answer 9

I'd should take a few weeks, but you should put in a date, i.e. please repond to me by xx/xx/xxxx to avoid legal action etc. Make sure the deadline is reseonable this should push them to repond to you before the date.

Answer 10

ages i guess
as this seems to be a major media thing at the moment