Bank charges are one of the biggest financial headaches of UK citizens today. Unfair bank charges are stated by The Office of Fair Trading as any bank charge amounting above £20. Almost every bank account and loan transaction in the UK have accumulated unfair bank charges from late repayments, overdrafts and bounced cheques. This is a short guide to help you understand how you could reclaim bank charges in the fastest way possible.
In the UK today, unfair bank charges are the biggest concern of many citizens. It is because the Financial Services Authority had found banks charging more than the prescribed amount for service and violation charges. The accumulations of such unfair charges took its toll on the planned budgets of customers. Filing a bank charge claim is the best bet of any customer who intends to reclaim all the unfair bank charges they deserve to have returned to them.
Unfair bank charges are deemed by The Office of Fair Trading as any amount going above £20. Customers should check every billing statement they have received and look for any amounts that go above this amount. It has been reported that some customers have received £30 to even £50 in both service and violation charges. Following a few complaints, the FSA proves this to be true and asks banks and lenders to refund the amounts to successful claimants of bank charges.
Unfair bank charges could be accumulated for service charges, such as over-the-counter transactions, bank transfers and sometimes even ATM transactions. Violations in the form of bounced checks, late repayments and overdrafts are also subject to unfair bank charges. Mis sold products, such as mis sold PPI and mis sold mortgages contribute greatly to the likelihood of customers having unfair bank charges.
Many customers are having problems in repaying for their loans because of these mis sold products. Due to the late repayments, they accumulate bank charges for their violations. Banks have abused their customers further by going above the prescribed bank charge amount. Sometimes, banks intend to mis sell products on their customers to increase the chances of customers accumulating late repayments and overdrafts to pay for their current loans.
UK citizens are given the right to reclaim bank charges through PPI claims having a bank charge claim. It is advised that they work with claims experts to get back all the refunds they deserve. Claims handling companies and their claims experts have the skill and knowledge required to help customers reclaim all the bank charges they deserve. Be sure you are working with a no win no fee claims handling company to ensure that you are getting the best legal help you could have.