While, bank charges are inevitable, you can reclaim bank charges and get back some of that money you’ve been paying.If your bank has levied charges against you that you think are unfair, you may have some recourse. Be aware of your rights and try to get back the refund you deserve. There are numerous things that you can do and all you need is the desire to get your finances back on track.
If you’ve been keeping an eye on the media over the last few months, especially the parts of it covering personal finance, you can’t fail to have noticed the huge row over bank charges. Stories abound of customers reclaiming thousands in backdated fees from their banks, and with consumer groups, activists, and government regulators squaring up towards seemingly unyielding banks, the stage is set for a battle that could affect the financial future of everyone who makes use of financial services.
The basic accusation laid against the banking industry is that the various charges levied on customers who go overdrawn, miss repayments, or commit other misdemeanours are excessive. Under the financial services industry regulations laid down by government, any such charges must only be of sufficient size to cover the administrative costs the banks incur by dealing with miscreant customers. Many outside the banking industry think that this isn’t what’s happening, and that banks are inflating their charges to punitive levels, and using them as profit makers – both of which are illegal under current laws.
Further, in many cases, bank customers have been able to reclaim past charges for going overdrawn, simply by asking for them back. As these repayments have sometimes run into four figures or more, and the banks concerned agreed to the refunds without recourse to legal action, the implication could well be that even the banks are unsure what the true legality of the situation is. On a consumer’s standpoint, suffering from these extortionate charges are rampant and numerous people are basically losing.
To claim back bank charges you need to know the charges you are paying and how they are calculated. Many banks use standard fees across the board for all account holders of specific accounts. The easiest way to see the fees you have been paying is to take a look at the last six months’ worth of bank statements and compare them to each other. If they seem to be changing, then they may be a flexible fee based on how much is in your account or other activity. If you are unsure about any fees ask your bank to explain them in a way you understand.
These claims can be filed yourself or through the assistance of one of the many bank charge refund companies who work to get your money back for you at a fee. If you are unsure of where to start with a claim, these companies can be a great help and you pay them out of the money you receive, nothing up front.
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