Bank Charges

[Harry Genshaw]

I keep reading about folk who have been overdrawn getting their penalty charges refunded when they write to their banks to complain. Something to do with a change in legislation where if banks cant demonstrate how their fees were calculated it made the charges unlawful

Does anyone know if this change affects Credit Card charges? Can I ask for a refund if I've been charged for a late payment?

[cowdrill]

urmm ask the bank?!

[mummywhycantieatcrayons]

Commie'll know. Check back in the morning...

[Soldier_Of_The_White_Army]

There are four different latter you can send to your bank in order to get your maey back. Here is the first one which gets a breakdown of all the charges over the last six years. I have the second, that you send after this and the third and fourth that you send if your bank are being stubburn:










[INSERT NAME AND ADDRESS OF BANK]


Dear Sir or Madam,

Re. Account number: [INSERT ACCOUNT NUMBER]

I am writing to request a fully comprehensive list of all the default charges for direct debit, unauthorized overdrafts and standing orders I have paid over the last six years.

Please find enclosed a cheque for the maximum statutory charge of £10. If you are unable to provide this data, I will accept a copy of my statements going back six years; I understand that statements on their own are not covered by the Data Protection Act 1998, yet I’m not requesting the statements per se, but the charges, which I’m entitled to by law.

I look forward to your response within 40 days, as [INSERT BANK'S NAME] is obliged to reply under the Data Protection Act. If not I shall seek remedy from the Information Commissioner.

Yours faithfully,

[YOUR SIGNATURE]




[YOUR NAME HERE]

[Fat Stelios]

http://www.themotleyfool.co.uk

This should help. I am in the process of trying to reclaim the charges at present. They will tell you if cards are covered aswell.

Go into the Getting Out Of Debt section and search for bank charges etc

[communistworkethic]

The OFT ruled last year that credit card charges were too high at approx £25 a pop. You have the right to claim back charges over this amount for the last 6 years. To get this info you make a Data Subject Access request to your bank, (cost £10 max), this will list al the charges you have incurred.

[Soldier_Of_The_White_Army]

The OFT ruled last year that credit card charges were too high at approx £25 a pop. You have the right to claim back charges over this amount for the last 6 years. To get this info you make a Data Subject Access request to your bank, (cost £10 max), this will list al the charges you have incurred.

Commie, being the expert can you confirm that the above letter would do the job?

[Zulus Thousand of em]

The OFT ruled last year that credit card charges were too high at approx £25 a pop. You have the right to claim back charges over this amount for the last 6 years. To get this info you make a Data Subject Access request to your bank, (cost £10 max), this will list al the charges you have incurred.

I think you will find that you will be able to claim all your charges back until some bank is daft enough to actually state, in court, what their actual costs are. They have reduced their charges to £12.00 per pop, but the OFT has not accepted the figure. Independent auditors reckon bank's costs are around the £3 - £4 mark.

In the meantime banks continue to settle out of court, after buggering you around for a few months.

My advice?

1. Pay a pro a percentage to do this on your behalf. There's a lot of them about.

2. If you want to carry on alone send every letter by recorded delivery.

3. Don't give up.

4. Don't forget to charge the bastards interest on the amount overcharged!

[Soldier_Of_The_White_Army]

There are four different latter you can send to your bank in order to get your maey back. Here is the first one which gets a breakdown of all the charges over the last six years. I have the second, that you send after this and the third and fourth that you send if your bank are being stubburn:










[INSERT NAME AND ADDRESS OF BANK]


Dear Sir or Madam,

Re. Account number: [INSERT ACCOUNT NUMBER]

I am writing to request a fully comprehensive list of all the default charges for direct debit, unauthorized overdrafts and standing orders I have paid over the last six years.

Please find enclosed a cheque for the maximum statutory charge of £10. If you are unable to provide this data, I will accept a copy of my statements going back six years; I understand that statements on their own are not covered by the Data Protection Act 1998, yet I’m not requesting the statements per se, but the charges, which I’m entitled to by law.

I look forward to your response within 40 days, as [INSERT BANK'S NAME] is obliged to reply under the Data Protection Act. If not I shall seek remedy from the Information Commissioner.

Yours faithfully,

[YOUR SIGNATURE]




[YOUR NAME HERE]

Once you get the details sent to you, send them this:



[INSERT NAME, ADDRESS AND TELEPHONE NUMBER]
[INSERT DATE]


[INSERT NAME AND ADDRESS OF BANK]


Dear Sir or Madam,

Re. Account number:

I am writing to request that you repay all the default charges that have been applied to my account. I do not believe these charges reflect the true cost to [BANK NAME] of going into unauthorized overdraft.

The charges total £[INSERT TOTAL CHARGE], plus as I believe I have been unlawfully deprived of the money I have calculated £[INSERT TOTAL OF INTEREST] interest at the statutory rate, the amount the court will award.

I therefore ask that you repay me the full amount of [INSERT TOTAL OF CHARGES PLUS INTEREST]. I have attached a full schedule of the charges and interest with this document. [INCLUDE THE PRINT OUT OF CHARGES AND INTEREST FROM THE CALCULATOR AND BE SURE TO KEEP A COPY FOR YOURSELF]

I look forward for a full response to this letter within 14 days.

Yours faithfully,

[YOUR SIGNATURE]

[YOUR NAME (PRINTED)]



If you get no joy after 14 days, send this:


[INSERT NAME, ADDRESS AND TELEPHONE NUMBER]
[INSERT DATE]


[INSERT NAME AND ADDRESS OF BANK]


Dear Sir or Madam,

Re. Account number: [INSERT ACCOUNT NUMBER]
I refer to default charges applied to my account amounting to [INSERT TOTAL OF CHARGES], which I have requested you pay back.
I wrote to you on [INSERT DATE], making the original request for a payment in settlement of my claim. As I have not heard from you/not received a satisfactory response [DELETE AS APPROPRIATE], I am writing to inform you I intend to claim the full amount claimed together with interest up to the date of judgment and court fees in the proceedings through the county court.
This is based on the Unfair Terms in Consumer Contracts Regulations, as I believe these default charges are unfair and not proportionate to your costs, and therefore the [INSERT NAME OF COURT] court will rule in my favour.
I have attached a full schedule of the charges with this document. [INCLUDE A LIST OF CHARGES AND BE SURE TO KEEP A COPY FOR YOURSELF]
I look forward for a full response to this letter within seven days, otherwise I will commence court proceedings to reclaim my money.

Yours faithfully,

[YOUR SIGNATURE]

[YOUR NAME (PRINTED)]




That should just about to it. I'm to bloody good to you lot

[Gravedigger]

http://www.moneysavingexpert.com/

The above link will give advice, has all the template letters and many cases and yes you can claim back charges on credit cards, overdraft "Penalty" charges and the like.

There's another site at http://www.consumeractiongroup.co.uk

Claims below £5000 go to the small claims court, though a bank or credit card company has yet to appear to explain their internal procedures and how they arrive at the punitive charges. They normally settle just before court date.
You apply under Data Protection Act for all your statements (40 day time limit)..put all charges onto a spreadsheet (template provided)..send the bank a letter of intent to pursue them through the court..Send a notice of action..Arrange hearing in court and wait. The banks have 14 days (not working days) to respond. Cost will be about £250 in total. though charges are sometimes waived for those on benefits. Result.. payout at the end.
It's worth having a look on CAG for all things from Bank Charges to Parking Tickets..

[James B]

cheers commy

do we just send it to the branch the account was set up with or is there a specific address for each bank which is best to send it to?

[communistworkethic]

cheers commy

do we just send it to the branch the account was set up with or is there a specific address for each bank which is best to send it to?

your bank will have a process for these - order your DSA report at the branch and get a copy of the bank's compaints leaflet which will have the address to send your complaint (claim) to. It may vary but you should adress your initial complaint to your branch, if you get no joy, you escalate it to the central compaints team, only once you've exhausted this process (deadlock) can you got to the Financial Ombudsman Service.

[Bwfc in the bloodline]

I keep reading about folk who have been overdrawn getting their penalty charges refunded when they write to their banks to complain. Something to do with a change in legislation where if banks cant demonstrate how their fees were calculated it made the charges unlawful

Does anyone know if this change affects Credit Card charges? Can I ask for a refund if I've been charged for a late payment?

CAN BE CLAIMED

Account misuse fee
Cheque return fee
Card misuse fee
Unarranged borrowing fee
Unauthorised overdraft fee
Unpaid DD fee
Unpaid cheque fee
Unpaid standing order fee
Late payment fee (credit cards, store cards, catalogues etc)
Exceeding Authorised Overdraft Limit
Exceeding Unauthorised Overdraft Limit
Direct Debit/Standing Order/Cheque returned fee
Irregular fee
Paid refferal fee
Total charges (HSBC personal accounts only, not business accounts)

CANNOT BE CLAIMED

Cash Machine Withdrawl Fees
Account Service Charges
Service Fee / Annual Fee
Charges related to foreign currency transactions and conversions.
Monthly account fees on certain type of accounts.
Normal overdraft interest charges.


It doesnt affect your credit rating although your bank wont like you for it. Im at the second stage of this process, and on 22nd Feb, i sent a letter to HSBC asking for £861 unlawful charges back and Inc interest £972.38 they owe me.

This isnt due to a change in legislation, more a change in peoples attitude. The banks arent a law unto them selfs. They cant do what they want, if you feel unfairly treated take them to court. How can they justify charging someone £25 for going over there overdraft. Plus this tactic keeps you overdrawn and therefore incurr more charges. I think its disgusting!!

[Bwfc in the bloodline]

cheers commy

do we just send it to the branch the account was set up with or is there a specific address for each bank which is best to send it to?

Read through the links. Be sure you feel you know what your doing before you do it. I used moneysavingexpert.com all the information you need is one there.

[Gravedigger]

http://www.consumeractiongroup.co.uk/fo ... tions.html

This will take you to a step by step example at CAG. Note that there are timescales for banks to adhere to and you should make sure it is you controlling the bank. If they don't do something within that timescale then get action. They will try to gain more time, just don't allow it. No-one who has taken the banks to court for unlawful penalties has lost. Read all the FAQ's and act now.

[communistworkethic]

http://www.consumeractiongroup.co.uk/fo ... tions.html

This will take you to a step by step example at CAG. Note that there are timescales for banks to adhere to and you should make sure it is you controlling the bank. If they don't do something within that timescale then get action. They will try to gain more time, just don't allow it. No-one who has taken the banks to court for unlawful penalties has lost. Read all the FAQ's and act now.

Nor have they actually "won". Cases have only been won by default where the defendant (the bank) has not been present.

[Zulus Thousand of em]

http://www.consumeractiongroup.co.uk/fo ... tions.html

This will take you to a step by step example at CAG. Note that there are timescales for banks to adhere to and you should make sure it is you controlling the bank. If they don't do something within that timescale then get action. They will try to gain more time, just don't allow it. No-one who has taken the banks to court for unlawful penalties has lost. Read all the FAQ's and act now.

Nor have they actually "won". Cases have only been won by default where the defendant (the bank) has not been present.

The bank has never been present has it? All are settled either out of court or by default (i.e. the bank fails to appear.)

One other thing - do not even waste a stamp on reporting them to the Financial Ombudsman Service. A cosy group of ex-bankers who allege that they are impartial. If (when) the bank takes it that far? SUE THE BASTARDS.

[communistworkethic]

No Zulu, you're missing the point. Settling out of court is a business decision, it costs a lot of money to go to court for a large organisation. Not withstanding that there's an OFT factfind ongoing and court cases potentially prejudice this.

You clearly don't know enough about FOS, it's not a regulator but is anything but a paper tiger. It costs a bank £400 just for FOS recieving a complaint, do you think banks want them to go to FOS if they can help it?

As for suing, All I'll say is you're all going top be pissed off when in 12 months you're paying about £120 a year just to have a bank account. Here's the situation from NI 12 months ago.....



Ulster Bank
Direct Debit Set-up
DD Cancellation
Card Replacement
Cheques, Manual Debit, Standing Order*
Switch withdrawals, Direct Debit*
£4.50
£8.00
£7.00
58p
43p

First Trust bank
Direct Debit Set-up
Standing Order set-up/cancel
Card Replacement
Cheques, Standing Orders, Manual debits*
Automated Debit (e.g.)online, Visa Debit)
£4.50
£4.50
£8.00
59p

59p

A customer, with 8 Direct Debits, 2 standing orders, writes 1 cheque and makes 8 purchases by Debit Card per month, could face charges over £100 per year

[Zulus Thousand of em]

No Zulu, you're missing the point. Settling out of court is a business decision, it costs a lot of money to go to court for a large organisation. Not withstanding that there's an OFT factfind ongoing and court cases potentially prejudice this.

You clearly don't know enough about FOS, it's not a regulator but is anything but a paper tiger. It costs a bank £400 just for FOS recieving a complaint, do you think banks want them to go to FOS if they can help it?

Commie, I'm not missing the point. They are not going to court because, at present, their case is untenable.

I may not know enough about FOS, as you say. But my legal and financial advisors are up to speed - and I'll take their word for it.

[Gravedigger]

http://www.consumeractiongroup.co.uk/fo ... tions.html

This will take you to a step by step example at CAG. Note that there are timescales for banks to adhere to and you should make sure it is you controlling the bank. If they don't do something within that timescale then get action. They will try to gain more time, just don't allow it. No-one who has taken the banks to court for unlawful penalties has lost. Read all the FAQ's and act now.

Nor have they actually "won". Cases have only been won by default where the defendant (the bank) has not been present.

I didn't mean won or lost in the legal sense, but it's hard to put into simple terms. Everyone who has challenged the banks has received all their money back. Hopefully it won't be too long before the banks get involved in a test case so that their activities re penalty charging become transparent. However, if they reduced their charges to say £12 per overdrawn item and/or none payment of a direct debit then customers would still be able to claim for the outstanding amounts.