Get back Bank Charges

Want to reclaim bank charges?

Until the result of the test case, the regulator, the FSA has put a hold on reclaiming. Yet it’s crucial to start a reclaim now, as you can only go back six years (five in Scotland), and delaying may mean you lose the ability to get the money for old charges back. To start your reclaim use the free template letters in the guide below.

This is a step-by-step guide, including template letters, on how to force your bank or building society to repay the last six years' charges for going beyond your overdraft limit, or for cheque and Direct Debits bouncing.

Where to get further help

The reason you can reclaim is simple; it’s because bank charges are unlawful. Of course, the banks don’t agree, which is why there’s currently a High Court case deciding once and for all. Yet this guide isn’t about making a political point; it’s a practical guide to getting your money back.

All in all, it means bank charges are unlawful, so as the banks had no right to grab your cash, but still did it, you’re entitled to get it back. The banks’ primary argument against it is that ‘unfair contract’ terms don’t apply to bank charges, and that’s exactly what the test case is deciding.

No one’s saying there shouldn’t be bank charges, just that they are set massively too high; a few pounds would be more appropriate. Yet it’s important to remember, the banks have designed the charges to make them serious cash find out more.

Now it’s time to contact the bank and ask for your money back. Simply write and say you believe all the past charges (and detail them) were disproportionate and you want all the money back.

What happens next

Most people should get a letter back from the bank acknowledging the complaint, yet saying that the financial regulator, the FSA, has given it permission to suspend all bank charges complaints. The same is true if you try and go to the Financial Ombudsman. Ardent and experienced reclaimers could try and continue with your complaint in the county court, but in most (although not all) that will be put on hold too.

At the moment this step is unlikely to actually get your bank to pay out, but it’s a warning that you mean business. Some MoneySavers are still reclaiming charges in their local county courts, although each local court is dealing with complaints differently so there is a chance yours could still be suspended.

The ultimate decision is yours. It’s a combination of whether you want the hassle of continuing versus getting the cash. The likelihood is that if you carry on you will get the money, but it will take longer; then again it’s not guaranteed and there’s always a chance (however small) you’ll lose and not get anything.

Yet put a bank charges claim to court and if, as is common, the bank doesn’t acknowledge the claim (see later for more details on this), you’ll win by default in 14 days and get your money back speedily and with the 8% interest added on top, while the FOS will take a few months. Yet if the bank does acknowledge the claim the court process could take a lot longer and you could get involved in a fight.

While it’s not the preferred method, if you do choose to go to court rather than opt for the FOS, go online for ease. It doesn’t usually get as far as you having to turn up in court as banks don’t really want to get that far as it would mean having to reveal their true costs or set a precedent for other courts to follow. If you live in England you currently need to apply in your local court, although the same procedure applies.

If you don’t have plastic to pay on, get the paperwork to start the claim from your local county court and pay there; it’s the same price. This may be waived if you’re on benefits.

Once the case is started there’s a race on between you and the bank; can they get in a defence or at least acknowledge they’ve had the paperwork within 14 days? If not you can ask for a judgment against the bank for the full amount of the claim without any hearing.

If you are going to use a lawyer make sure you fully understand the charging structure. You should NEVER PAY ANYTHING UPFRONT OR IF YOU LOSE. If the company is not open and up front about its fees (usually around 25% of what you get back) look elsewhere. You could also ask for references from other satisfied customers, which it should be happy to do if kosher.

If you require assistance and advice on how to get your bank charges back please click here APPLY NOW!

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