The court's decision on the test case between the Office of Fair Trading and the banks was made on Thursday 24th April. The OFT has won this preliminary case, which is good news for consumers. If you are an existing client, there is no need to contact us about this as all claims currently remain on hold with the exception of credit card, store card and business account claims. We will contact you if there are any developments with your claim.
However, if you wish to submit a new claim, you can still do so by clicking on the "Submit" button.
It's been well publicised that your bank or card issuer may have had no right to charge you as much as they did. British banks have made an estimated £10 billion in the last six years from charges for unauthorised transactions.
We believe you're entitled to a refund. In fact, anyone who has paid an unfair bank, credit or store card charge has the right to a refund dating back six years. We've already helped thousands of people reclaim their bank charges - let us now help you.
Many banks charge £20 for a letter telling you that you are overdrawn, £30 for a missing direct debit or bouncing a cheque and £20 for a late payment to your credit card. This is scandalous. BBC2s 'The Money Programme' estimated that the real cost to the banks is somewhere between £2.50 and £4.50.
It's not too late to claim back what is rightfully yours. The Office of Fair Trading's (OFT) bank charges test case still means that we can process, submit and register your refund claim. Registering your complaint now means that it will be processed by the Banks as soon as the OFT case is concluded.
For further information call us on 0845 271 4004, or click here to claim online.
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Bank Charges Refund Information
We all grumble about the charges we incur from our banks when we make even the slightest error with our finances. Many banks charge £20 for a letter telling you that you are overdrawn, £30 for missing a direct debit or bouncing a cheque and £20 for late payment of your credit card bill. Well, in the majority of cases these charges are unlawful and can be claimed back.
The Law Relating to Bank Charges
English law states that any charge a bank levies on its customers as a result of a breach of contract by the customer must be proportionate to the actual cost incurred by the bank as a result of that breach. What this basically means is that the current bank penalty charges are too high. Does it really cost your bank £20 to produce and send a generic letter telling you that your account is 1p overdrawn?
BBC2's The Money Programme recently estimated (with the aid of several former senior bank staff) the real cost of sending a computer generated letter with a franked stamp at between £2.50 and £4.50. This means that a bank imposing a £20 charge is making a profit of at least £15.50 every time you go overdrawn.
What Bank Charges Can I Claim Back ?
You can claim back any unfair bank charges, which the law would class as a penalty, that you have accrued over the last 6 years. In some cases you can even claim back the interest that you have been charged on the unfair bank charges.
Banks don't want to go to court as a trial could lead to a ruling that bank charges are unlawful. This would lead to a flood of bank charges claims, costing the banks millions of pounds. Another effect of going to court might be that banks would have to disclose all of their internal cost structures, which they don't want to do.
This being said, banks also don't want to give you back your bank charges. They will make the process as drawn out and as hard as possible in an attempt to deter claims. As with any David versus Goliath battle it pays to be prepared, to be professional and to be persistent. Successful compensation claims can take a considerable amount of time, effort and expertise.
Where Can I Get More Information and Advice About Unfair Bank Charges ?
We have collected together answers to some of the most common questions our bank charges advice specialists are asked here. Alternatively call us on 0845 271 4004 where our staff will be happy to answer your questions.
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