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Posted by penny pincher : May 3rd, 2007

Bank Charges - anyone know how to reclaim?

I've been hearing a lot about people claiming back charges from banks. does it work? I'm in quite a bit of debt and at this stage, every penny counts. Over the years I've had heaps of charges and was wondering if anyone has sucessfully been able to claim money back?

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Charges

I'm not sure about charges, but I do know that the end of the year we get papers saying how much interest we paid on our loans and we are able to deduct that. Your bank should automatically do this. Like you said any little bit helps.

Posted by: debrajean

I've heard of people doing

I've heard of people doing this successfully myself and have been looking into it. Apparently you can write the bank a letter to start with after you've calculated how much they should repay you. You can even take them to court if they don't go through with your claim. You can claim back up to six years of charges and for things like going over your overdraft and charges for cheque bouncing. Some banks will close your accounts though too so watch out.

Posted by: dragonfly

Bank charges

Banks have been getting a lot a press coverage in recent months due to their charges and I think this is fair enough. It's not just the UK either, the whole world has been talking about these charges and I think a policy review of instantaneous bank charges is in order...

Posted by: Lee Anderson

yep, I have been reading

yep, I have been reading alot about this and there is a way that people can get their money back from unauthorized overdrafts....I'm not to sure how the procedure goes with bank charges
Posted by: sarah-jane

Bank Charges

I pray that you are correct. Is there help here in the US similiar to what you have in your country? I have completely collapsed financially because of bank fees.
Posted by: Jerdisann

Bank Charges,

Claiming back bank charges can be relatively easy to do if you have been unfairly charged. At the moment there is a big court case going on with regards to bank charges and it is possible that the Office of Fair Trading (OFT) will eventually push for there to be a cap on any amounts that can be charged for unauthorized bank charges etc.
If you wish to make a claim get in touch with your bank and advise them that you believe that you have been unfairly charged and are thinking of pursuing this, although you may be asked for proof of this I.E statements.
The Financial Ombudsman has temporarily stopped looking into these cases until a decision is reached in court although many people are still progressing on their own.
I hope this helps.
Posted by: understanding debt