Unfair Bank Charges
Reclaim your Bank Charges - Get all your Bank Charges Refunded
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Banks have been charging their customers extortionate amounts whenever they go overdrawn, a cheque is bounced, a direct debit payment is returned, etc.
The Office of Fair Trading has ruled that it is unlawful for banks and credit card issuers to charge more than the cost incurred to them when their customers:
* Go over their overdraft limit * A cheque is bounced * A Direct Debit is returned * And many other similar misdemeanours
Penalty charges are illegal. Banks can only impose charges, which are in proportion to their costs. Many believe there's no way a £30.00 ish charge, when someone exceeds their overdraft limit or bounces a cheque, is proportionate.
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Remember it could simply be 1p over the limit and you're charged, and even if it's more, you pay interest anyway. It's their costs we're looking at. Does it really cost £30 for a computer to write and send an automated letter?
If it isn't proportionate then it's illegal, and thus you've a right to your money back.
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How can charges get so big, why do people reclaim £1000s? These charges snowball. Imagine you go beyond the overdraft limit, you're then hit with a fine for that and a couple of fines for bounced cheques or Direct Debits. Now suddenly you're around £100 down, which you can't afford to repay - next month there are more fines - and so it continues.
Why don't the banks fight back? I believe there are two reasons banks haven't yet effectively fought back. First they worry courts may set a precedent against them, opening the floodgates for millions to reclaim their charges. Plus there's the fact that to fight this fully in Court, banks would have to reveal their costs; this is commercially sensitive and the last thing the banks want to do - even if they have to pay out compensation.
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Licit Legal Limited, 143 Heaton Moor Road, Heaton Moor, Stockport SK4 4HY Tel: 0161-443-0099 Fax: 0161-442-7378 Contact Email: enquiries(at)llltd.org.uk Company Registration Number: XXXXXXXXXX Registered Address: 93 Wellington Road North, Stockport, Cheshire, SK4 2LN XXXXXXXXXXX
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