Oh god, I know everyone will be amazed at my ignorance as so much has gone on that has been talked about but I am so late to the game - please, please, can somebody tell me very briefly whether I have any chance of ever getting any bank charges money back from the bank if I have not filed a claim ... Thanks.
In A Nutshell ...
- Thread starter Rachelle
- Start date
Possibly, maybe even probably, at the moment the test case which is questioning the fairness of these charges is continuing as the banks go from court to court trying to find someone to agree with them, so far the have failed but the next stop is the House of Lords where they will be appealing to the likes of Sir Fred Goodwin and most of their major shareholders, not that I'm cynical or anything.
Seriously, it looks like eventually a decision will be made that bank charges are not fair and a rate will be set as a guide for an acceptable level, with credit cards, this was £12, I suspect it will be set higher for banks.
Depending on the wording of the OFT, you should then either be able to claim the difference between this new rate and what you have paid, or the full amount of past charges.
Timescale? I suspect we're still looking about 12 months - 2 years!!
Seriously, it looks like eventually a decision will be made that bank charges are not fair and a rate will be set as a guide for an acceptable level, with credit cards, this was £12, I suspect it will be set higher for banks.
Depending on the wording of the OFT, you should then either be able to claim the difference between this new rate and what you have paid, or the full amount of past charges.
Timescale? I suspect we're still looking about 12 months - 2 years!!
Last edited:
Even though that's a long time that's great to hear. I was under the impression that unless you had put a claim through already no matter what was decided it would be too late for me. So good news that I can sit tight and wait (albeit a very long time) and start adding up my charges optimistically ...
I put a claim in to my bank in January - and it took until April to provide me with the inofrmation I requested.
They have since ignored further letters, and in the next week or so I will be writing to the bank to tell them I am about to lodge a claim with the small claims court, not because I want the money urgently, but because the bank cannot be bothered to acknowledge my letters.
Its likely that nothing will happen before October in my case through the courts, and there is a ruling due in October ... my advice is get your claims in now ... i might still have the sample letters i acquired.
My understanding is if the banks loose, the cases already lodged will be resolved first, then the banks will have to write to all customers with an offer to refund some of the charges.
I'm claiming every single charge and have added 8% interest too, and now will be adding court costs.
They have since ignored further letters, and in the next week or so I will be writing to the bank to tell them I am about to lodge a claim with the small claims court, not because I want the money urgently, but because the bank cannot be bothered to acknowledge my letters.
Its likely that nothing will happen before October in my case through the courts, and there is a ruling due in October ... my advice is get your claims in now ... i might still have the sample letters i acquired.
My understanding is if the banks loose, the cases already lodged will be resolved first, then the banks will have to write to all customers with an offer to refund some of the charges.
I'm claiming every single charge and have added 8% interest too, and now will be adding court costs.
Ok, so another dumb question coming up ... first step is then for me to write to my bank asking them to send me a list of all the bank charges I have paid over the last six years (god, I hate to think!), and then I just ask for a refund. Is that about it in another one of my nutshells? Thanks again all. My god, if I god that money back I may even be rich beyond my wildest dreams!
Hey Rachelle
If you've kept your bank statements, you can speed the process up, all you need to do is work through each statement and work out how much you've paid in unauthorised charges for payments not honoured, or going over an agreed over draft, and any interest they've charged for the priviledge.
Once you have that figure, you need to work out the 8% compound interest on all the payments, I have a link somewhere for a calculator that does that, I'll find the link and send it to you.
I was horrified when I worked out how much my charges were ... I could have had several weekends away or bought myself a burger van, so I'm hoping that I get most of it back soon, ideally before October ... but I can wait ... the longer I wait the more interest I'll argue for.
Good luck
Michael
If you've kept your bank statements, you can speed the process up, all you need to do is work through each statement and work out how much you've paid in unauthorised charges for payments not honoured, or going over an agreed over draft, and any interest they've charged for the priviledge.
Once you have that figure, you need to work out the 8% compound interest on all the payments, I have a link somewhere for a calculator that does that, I'll find the link and send it to you.
I was horrified when I worked out how much my charges were ... I could have had several weekends away or bought myself a burger van, so I'm hoping that I get most of it back soon, ideally before October ... but I can wait ... the longer I wait the more interest I'll argue for.
Good luck
Michael
I've just found an article on bank charges and according to article the bank that charges the most for unauthorised transactions is none other than the bank the we own 70%, the good old RBS - maybe RBS stands for the Royal Bank of Swindlers.
I really hope this test case is settled soon, and all the banks are forced to refund partial if not full charges.
I really hope this test case is settled soon, and all the banks are forced to refund partial if not full charges.
Hi, I'm not the sort of person that keeps statements which is probably why I'm in the mess I'm in! So, step one, write to my bank and ask them what I've been charged over the last six years ... here I go! I'll go and hunt out one of the templates that I know are around. But something bothers me - surely they're going to put a cap on people asking them for refunds or, if the people win rather than the bank does anybody out there think that everybody will have to be refunded even if they haven't asked yet?!
Hello Rachelle
I thought I was the sort of person that kept every receipt and statement, but still found I had about 15 missing.
I do beleive that the banks will have to repay the money over time if they loose, the issue will be about how many years they have to pay back ... it might not be six years, it might be less, and I do believe that they will need to repay charges to all customers ... but I'm sure they will not do that quickly ... there is some info on my blog that I'm putting together, based on experience ... see link below my name.
Good luck with reclaiming your charges.
Michael
I thought I was the sort of person that kept every receipt and statement, but still found I had about 15 missing.
I do beleive that the banks will have to repay the money over time if they loose, the issue will be about how many years they have to pay back ... it might not be six years, it might be less, and I do believe that they will need to repay charges to all customers ... but I'm sure they will not do that quickly ... there is some info on my blog that I'm putting together, based on experience ... see link below my name.
Good luck with reclaiming your charges.
Michael
The OFT did a similar exercise with credit card companies a few years ago during which they said the rate at which charges would be investigated was £12, but that they should reflect the costs of collecting the charges.
As the statement was ambiguous, people were still able to claim the full amount of the charges, the credit card companies would not go to court to defend them, although I think Citi did so successfully once but would not reveal their calculations.
I think maybe the bank issue, being much larger, will be less ambiguous and the banks will pay back only a proportion of the charges.
At the moment tho, the court case is only over whether the OFT have jurisdiction over the question of if bank charges are fair, and if they win, they then have to investigate the matter and come to a conclusion.
It will still be a while before this matter is resolved, there will be no quick fix unfortunately.
As the statement was ambiguous, people were still able to claim the full amount of the charges, the credit card companies would not go to court to defend them, although I think Citi did so successfully once but would not reveal their calculations.
I think maybe the bank issue, being much larger, will be less ambiguous and the banks will pay back only a proportion of the charges.
At the moment tho, the court case is only over whether the OFT have jurisdiction over the question of if bank charges are fair, and if they win, they then have to investigate the matter and come to a conclusion.
It will still be a while before this matter is resolved, there will be no quick fix unfortunately.
I've just added the next step to the claiming process with a link to a calculator and useful letters.
All three party leaders have now weighed into the Bank Charges debate and No.10 has instrutced the banks and the regulators to sort the bank charges issue out to everyones interest and quickly ... it looks like there might finally be some action next month.
I still haven't got around to sending a letter off and putting a claim in. I think this is because I live off my o/d facilities and am concerned that the bank will get its own back by suddenly telling me I can't have that facility anymore. What are other peoples experiences? Any advice very welcome. Thank you.
I opened a bank account with another bank, so that if my bank got revengfull, I still had an overdraft facility and cheque guarantee card I could use.
Might be worth considering doing that first.
Might be worth considering doing that first.
That's what I was afraid you were going to say! Problem is as I no longer work but am a stay-at-home mother I have no income coming in (other than my husband's pocket money!). I'm not sure that it is going to be worth it for me. I think that's what held me back last time and I think it might do the same again now! It's been so long since I opened a bank account though - I'm presuming I do need evidence of income - am I wrong?
it was worth me doing as my new account is better, however, I didn't need to as my bank were not difficult. That account now lies dormant, and will be used to receive any payout I get, which will then then invested in savings and bonds, and spending money.