What Counts as Unfair Bank Charges
For years banks have been charging excessive administration fees for customers who go overdrawn
, bounce a cheque or miss a payment. What often happens is those who most need help with money are penalised for the sake of greater profits, often kick starting a vicious cycle of debt that leaves the worst off even worse off.Often, just going a single pound overdrawn can lead to mammoth charges. Most people are do not realise that anything can be done and instead find themselves paying back the huge bank charges only to find themselves overdrawn again because the fine has left them without enough money. Thus begins the vicious, and financially lucrative, cycle.
The banks claim that the huge fees incurred cover the costs they have incurred, but quite often these can be hiked up by more than ten times what it will actually cost them. Many people are unaware that these ludicrous charges can be claimed back. But for those who wish to reclaim bank charges, it is important to understand which charges are fair and which are unfair.
The law states that any fees have to be reasonable for what a customer is offered in return, whilst bank charges must be a true reflection of the costs that have been incurred by a bank. For instance if you were charged huge amounts for just simply being sent a letter, then there is a good chance that your charges have been unfair.
There is a wide range of fees that you can look to reclaim from account and card misuse fees and overdraft fees to referral fees and return fees. To make the process easier should you want to reclaim bank charges, there are financial claims experts who specialise in this process. Many operate a no win, no fee basis and with their help, you can find yourself back in the black in no time.
What Counts as Unfair Bank Charges
By: Ryan Willy