Claiming your Overdraft Charges back
The reality is that banks overdraft charges provide a lucrative source of income.
It's still worth complaining about bank charges, despite the freeze on court action ahead of the Office of Fair Trading test case against the banks on overdraft penalty fees. There will be a decision in Mid 2008. The bulk of the UK public claiming overdraft fees are those with a limited income. The overdraft fees inevitably increased their debts.
As well as claiming back charges for bounced Direct Debits’ & Cheques etc, are you also able to claim back charges relating to exceeding an overdraft. Overdraft charges applied to accounts account are unfair penalties and not an accurate cost of administering banks time costs.
Guide to claiming back your overdraft charges back
Money Advice Direct chosen partner; Claims Financial Limited offer to assist the those who wish to claim back bank charges for going beyond your overdraft limit, or for cheque and Direct Debits bouncing. Click here to APPLY NOW!
Claiming Your Overdraft Charges Back – The Public must defend themselves
Many customers and consumer groups claim that these charges exceed the banks' actual damages when an overdraft limit is exceeded.
The legality of overdraft charges is questionable, with some banks happy to refund consumers. It needs to be decided whether overdraft charges are in line with banks internal costs, or actually an unenforceable penalty.
Details on claiming overdraft charges back
- Many banks state that there is no point in the public claiming unauthorised overdraft fees back because they are not penalty charges but fees for a service.
- It is not that difficult to arrange an overdraft so fees should be in line with the banks administration time.
- Some banks say that claiming your overdraft charges back is unacceptable because the fees are in return for the bank current account provider protecting the customer's reputation by not bouncing cheques and direct debits
- The UK overdraft fees market is becoming in line with abroad where customers have to pay high tariffs for overdraft charges
- In the UK overdraft charges fall hardest on people on low incomes, such as students and the retired, who can least afford them
- There should be greater transparency over charging on bank statements outlining all the charges and a 14-day notification period before a charge is imposed. This should ease the problem of charges being imposed on charges.
- It has been suggested that a 14-day notification period before overdraft charges are made would be the answer. An alert system on your online banking account would be a way of reducing unfair overdraft fees.
The banks rely on knowing that most people won't do that so they get away with charging overdraft fees. It is becoming clear the high street banks are very nervous about the overdraft fee issue and may have no alternative but to review their policies on claiming back overdraft policies. At present banks are refusing to take into account any mitigating circumstances surrounding overdraft fees. They have adopted the attitude of 'tough luck, pay up', and can hit consumers with multiple charges in only a few days.
If you would like help claiming your overdraft charges bank please click here to APPLY NOW!
Apply online - act now and get your money back!!
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In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
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