Reclaim Bank Charges & Overdraft Fees

Alleged unfair bank charges have been imposed on millions of people across
Britain.

But customers who have been charged up to £40 for unauthorised overdrafts,
bounced cheques, or failed direct debits appear to be fighting back against the
bank charges.

Banks have long been accused of ripping off customers with the high charges
they impose for minor account problems. Complaints against banks have soared
according to the Banking Code Standards Board with most about interest rates
and unfair charges.

Customers who slip into minor difficulties can see a mountain of debts pile-up as
banks charge £20 or more to send a letter and charge large amounts for
going into overdrafts and missing direct debits.

However, there is a way to reclaim unfair charges from the banks and thousands
of people are using it to fight back.

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For the moment, banks have been given the right to put bank charges reclaim
complaints on hold by the Financial Services Authority while the outcome of
the High Court test case is sought by the Office of Fair Trading and banks.

On 24 April 2008, the OFT won the right to assess whether the terms and
conditions underlying the charges are fair. An appeal followed by the banks and
the OFT won this in a decision announced on 26 February 2009.
Note that the on-going waiver does not apply to credit card charges, which can
still be re-claimed and also business bank charges.

The general advice being given to those who feel they have been charged unfairly
is to continue putting claims in. But despite fears that as it is only possible to go
back six years and people may miss out on refunded charges if they wait, the
FSA has effectively set up a dead period until the case ends, which will not count
in those six years. The position of alleged unauthorised fees will be resolved.

Also most banks have set up specific bank charges refund departments and some
may continue to refund charges on a case by case basis.

If you are in genuine financial hardship, the banks will still have to consider your
case and the FSA waiver does not apply.

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