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Banks have unfairly charged millions of people across Britain. The best way to save money is simply to open a new bank account and start afresh.
According to the Banking Code Standards Board complaints against banks are increasing due to the high charges banks impose for minor account problems. Many customers are now fighting back and claiming back for unauthorised overdrafts, bounced cheques or failed direct debits where charges have been £40 a time.
Customers who have had even the slightest problem can get charged £20 for a letter to be sent whilst customers personal debts pile-up as banks rack up the charges.
Fortunately for customers there is a systematic legal way to reclaim unfair charges from the banks and thousands of people are using it to fight back.
At the moment the Financial Services Authority has given the banks the right to put any bank charges claims on hold while an outcome from a text case is resolved by the Office of Fair Trading and banks. However this waiver does not apply to business bank charges or to credit card charges so these claims can still be processed.
Debt Plan Direct advise to continue to submit unfair bank charge claims despite the fact it may only be possible to claim back for a maximum period of six years.
Many banks have set up bank charges refund departments and do continue to refund charges on a case by case basis.
If you are in genuine financial hardship, the banks will still have to consider your case and the FSA waiver does not apply.
When applying to open a new bank account check the bank is not partnered with another organisation as they may share information between companies; here are the main ones to look out for:
- NatWest and Royal Bank of Scotland
- Barclays and Woolwich (also includes Barclaycard)
- Halifax and Bank of Scotland
- Abbey National & Cahoot (On-line Bank)
- Co-operative and Smile (On-line Bank)
- HSBC and First Direct (Online and Telephone Bank)
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