Today the BBC reports that 85% of all claims to banks for unfair bank charges have been successful, although only a third of those having received these charges have tried to claim them back.
The report also suggests that a claimant might be more successful by complaining to the Financial Ombudsman Service than by taking the bank to court.
The Independent today reports about the tricky business the banks have been up to to help prevent customers reclaiming their overdraft fees.
The article highlights the common response the banks send out saying data has been archived on ‘microfiche’ which is not covered by the Data Protection Act and therefore do not need to comply with the request for statements to calculate charges incurred. The article claims that this response is wrong and it is still covered by the DPA.
The BBC is reporting hundreds of people a week are turning to claim handlers to assist in claiming back their unfair bank charges.
I don’t think it is necessary to involve any intermediary as all the resources for a successful claim are online and you won’t need to give 25% to anybody.
If in the rare chance you are happy to give away up to 25% of your claim, you should use a recommended handler, as most of the claim handlers advertising are nothing more than a one man band that had a bit of luck with their own claim.
Contact me for a recommended handler should you decide on that route.
Read the BBC article here.
The Financial Services Authority (FSA) has announced it will begin to look in to how banks handle complaints and if customers are dealt with fairly.
Complaints figures are on a sharp rise as more consumers claim back their unfair bank charges but many are reporting their banks are closing their accounts after a successful claim.
I needed to find out how much I have paid in bank charges in the past six years. I sent a letter (the template is in the template letters section) to my bank asking for six years worth of statements so I can calculate all the charges.
The bank responded promptly, didn’t cash my £10 cheque (the most they can charge for access to this information under the Data Protection Act) and provided me with statements within a few days.
I realised I could have saved myself a fair bit of time by calling the bank first and just asking for the statements, and only send the letter if they didn’t play ball.
So I sat with a highlighter and added all the charges together… over £1500!
A few years ago, I was extremely wreckless with my finances.
I never knew how much I had coming in or going out of my account. I was constantly in my overdraft and near the limit. I would go out nearly every night of the week and if I was short of money, I would call up the bank and extend my overdraft, often whilst I was out at the pub!
I remember getting my bank statements through the door and noticing bank charges of about £30 but sometimes as much as £72 as a result of going over my agreed overdraft limit and took it in my stride. However, when I realised just unhealthy my financial situation was and then tried to fix it, I found these bank charges were snowballing, with direct debits defaulting incurring further charges and subsequently found myself with financial troubles for a few years after.
I have since found out it is possible to claim these charges back from and have launched this site to document my claim and provide the information necessary for others to do the same!