Thinking of reclaiming bank charges....?

Question

i am about to start the process of trying to reclaim my bank charges. Has anybody out there done this? How far did it go and what was the outcome?

Answer 1

I am still in the process.

Have a look at the forum on www.moneysavingsexpert.co.uk

It is Martin lewis off radio 2. There are a lot of sucess stories to read there

Answer 2

Hi, I got £406 pounds back. Every bank charge that was summoned over the last 6 years was paid back for overdraft fees. You think it will be a hard scary process, but it isn't. There's loads of sites giving info.. On the search for questions above, type in reclaiming bank charges it will give you some sites to luck into. Definitely do it though. Not one person has ever lost. They pay them all. Good luck.

Answer 3

hi, i'm currently claiming back from alliance and leicester and abbey.

firstly if like many you dont have you statements for the last 6 years you must request them or a list off all the charges incurred over this time and include a £10 fee (the max they can charge) for them doing so. they have 40 days in which to reply to you if not you should follow up with a phone call and report them to the Information Commissioner.

once you've sent it off they will send you either all you statements for the last 6 yrs or a list. compile all the charges and total them. write to them again with the details of the total. you can also include any interest charged whilst you were in unauthorised overdraft. and interest for oportunity costs which is 8% from the day of your first charge. however they are not entitled to give you this additional 8% unless it actually gets to court. all this does is gives them a bit of incentive to pay up instead of getting into court because once there you can add interest compensation for stress and your legal costs to the bill, but it should all be stated in the letters.

once thats done they may write to you trying to convince you the charges are legal, DONT BUY IT. or they may offer you a partial settlement. its up to you to accept this if you feel its satisfactory. or you could accept letting them know that you'd expect the rest in the near future. however most strongly recommend you go for all.

if they dont want to pay up file a judgement against them in the small claims court and if necessary call in the bailiffs

they should not close you account but may try to. the Financial Ombudsmen has ruled against them doing so, so if they do you're allowed to report them and could be entitled to further compensation

from what i've read most cases are dealt with in 2-3 months but i'm sure some are done quicker, then again banks may want to hold on to the money for as long as they can to earn interest.

what most important to remember is if you do get to court you should be properly prepared as ill preparation could cost you to lose. although very few banks send someone to defend them resulting in your immediate victory.

what you should always remember is they will try to convince you they are legal charges, like Alliance and Leicester is trying to do to me now. But press ahead like a charging bull because the masses who've been re-imbursed cant all be wrong.
know i've provided way more info but hope it all helps and good luck

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now for those who keep saying that its in the t & c's.... please dont get me started! people are not disputting that the charges are illegal dont get the masses wrong i'm sure everyone appreciates that all business are here to make profits including banks what we are disputing is the amount that is being charged. if you all take the time to read a few doc you'll soon realise they were possibly overcharging you too because what they are supposed to charge you is what it cost them... the way the banks make profit is by charging interest and investing our money not extortionate charges

Answer 4

If you read it up in the press, thousands of people are going through this at the moment so it will take ages. The banks haven't legally got a leg to stand on and are paying up BUT some are threatening, or actually have, closed peoples accounts afterwards.

Answer 5

You will probably get most, if not all, your charges back. But the bank will then ask you to close your a/c and banks pass their news to one another. You may find it difficult to find another bank to accept you.

Answer 6

i did...i emailed them complaining..they refunded plus a bit more :D made my day...best email i had in ages :D