Have you had ANY bank charges in the last 6 Years ?

As you may have noticed from the news and other sources there is a growing movement to reclaim punative charges from the banks.
These charges include unauthorised overdraft, declined Direct Debts and bounced cheques, not to mention the interest that these activities incur.

Which ? magazine has recently done some research into these exorbtant charges and the banks' charges are currently under investigation by the Office of Fair Trading.

Here's a few articles concerning this movement:
Watchdogs Back Fight Against Bank Charges (from The Argus)

Mirror Money - HAS YOUR BANK RIPPED YOU OFF?


One of the BEST resuorces I have found for this and other money related matters is MoneySavingExpert: Consumer Revenge, his no nonsense approach to these matters has got him alot of media attention.
His directions on reclaiming these charges is excellent and a MUST read: Bank charges: Reclaim them, they're unlawful, so you can get six years money back,

But and it's a big BUT, the banks are starting to fight bank and threaten customers with account closure or canceled overdrafts.

Don't bank on reversing the charges | News_ | Guardian Unlimited Money

Banks threaten customers who reclaim account fees - Money - Times Online


Well thet way I see it is that the banks have been making money from our mistakes and are not willing to help, so it's time to fight back.

MSE has a whole board devoted to members stories that have tried just that:
Reclaimed Bank Charges SUCCESS stories - MoneySavingExpert.com Forums

So my letter went off at the weekend, 27th Jan, just time to start with the old waiting games I suppose.

I'll keep you all posted how I get on.

bluerose

Curlyben,

I'm hearing stories about banks putting claims on hold because of cases that are already going on. Saying they are waiting for the out come of a 'test case'. Got any information on this?

Curlyben

Bluerose, yes there is a test case going on involving the OFT and 8 Banks, so the is a stay of action while this is decided.
This doesn't stop you starting the process, it just means that court action will be put on hold.
This test case does NOT affect credit card claims though.

bluerose

Okay. Thanks. I'll pass that information on.

Curlyben

Just a quicky here.
The OFT's test case is well and truly underway.

It's just a case of sitting back and waiting for the judgement.
OFT Test case - Google News

Then the real fun begins as this case is simply the opener to see if the OFT can enforce the UTCCR against the banks for their "services".
What ever the outcome of this first case I believe that it WILL be appealed and possibly end up in The House of Lords, the HIGHEST court in the land.

tomterm8

Even more quicky... the OFT test case (high court case) result is out tomorrow, so good luck Ben

Curlyben

Well it been a hectic 12 months in the world of Bank claims, but they have finally had their last domestic appeal to the UK's highest court, The House of Lords.
Judgement most likely delivered after the summer recess, so some time in October..

This is merely the first part of a potentially two part case, but if the banks have any sense, especially with the current financial crisis and the huge amount of bail outs, they will throw in the towel and refund people wrongly charged..

Either that or they will waste even more tax payers time and money with yet another round of test cases centred around the actual unfairness aspect..

As a rough guesstemate the total value of refunds due, within the "normal" 6 year limitations window, is approx £20 Billion.

Yes seems like alot of money and a few years ago was an unheard amount, but today it's a different matter.
in context the Global financial crises has cost upwards of £10 TRILLION ($15 TRILLION) so far.
This includes all of the bail outs, failures and grantees offered.