Reclaiming bank charges is the biggest consumer revolution since the poll tax riots. It’s estimated the banks have already paid out nearly £1 billion.
Bank charges, also incorrectly referred to as Penalty charges, are a charge levied against a consumer by their bank or provider because they have gone overdrawn. In the case of bank accounts this occurs where a direct debit, cheque or standing order is debited from an account but where there are not sufficient funds in the account to cover them. In the case of credit cards it could simply be that whilst shopping, the consumer has spent more than their credit limit allows.
The fee charged is generally justified by the bank or provider on the basis that such unauthorised borrowing costs them money. This to an extent is true, however it has been found that charges in the UK are far greater then the cost the bank or provider incurs, typically the charge made to the consumer is up to 10 times higher than that cost.
Late payment fees or exceeding your limit on Credit and Store Cards. Unauthorised overdraft fees. Bounced cheque fees. Refused direct debit and standing order fees. The list seems endless, and the charges can be to. But now the law says it is NOT acceptable for banks to charge fee like this.
If you’ve been overcharged on a business or personal account, credit or store card, Financial Claims is here to help, through our site you will find a number of companies and links to some of the top companies for reclaiming unfair bank charges, who can help you get back any unfair charges for the last six years.
Remember, Financial Claims is here to help guide you all the way by being your number one source for unfair bank charges.
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