[Curlyben]

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 a lot 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.

[valinors_sorrow]

Do Brit wannabees count? LOL

Actually I have challenged a few charges at American banks recently and they removed them post haste. Like when my company was charged for a customer's bounced check when it was arbitrarily put through a second time without us even seeing it and having a chance to get the customer to rectify it. And it was a hefty fee too. The poor bounced check author got nailed twice for their fee. And other assorted nickel and dime stuff I have challenged too. Seems that is the new tactic... chip away at the consumer's pocket whilst they aren't looking to boost corporate bottom lines. Cell phone bills are doing it too. And the new rebate tactic is to conveniently forget about it or send you a letter that if you don't read the fine print and respond, you don't get the rebate. Ugh.

[curlybenswife]

It's worth looking into Val the banks are really just taking the pee and have been for many years its time as consumers we all fought back.

[NeedKarma]

That has been a thorn in my side for a number of years. A Canadian backlash is under way: globeandmail.com: Banks 'gouging' customers on ATM fees, Layton says

[valinors_sorrow]

I did the same thing with all the crap charges in the refinancing of a mortgage, letting my new bank know that if they cannot explain precisely what we are paying for in every one of those closing cost "this and that" fees, then we would not be signing the papers that day and any cost incurred with drafting up new papers with a new date would be on them. I think we pared down quite a few of the charges that way. Its amazing what is negotiable and how corporate America is sticking it to their customers who take it either out of ignorance or apathy. And before any of you say to yourself, wow what a penny pincher Val is LOL I do this out of a sense of conscience, not cash! LOL

I am an Ayn Rand fan politically and the first mandate any "Ayn Randian" has is to "vote" with our money!

[Curlyben]

NK, England had that backlash a few years ago now, especially as all the cash machines, ATM's, are linked.
There's only a few privately operated ones that still charge but these are run by businesses and not the banks.

[Curlyben]

So are there any other Brits that will join the bandwagon ?

[Curlyben]

Update from me and my claim.
Feb 7th received the stock we are sorry to hear about your complaint letter.
They said they'll respond with in 2 weeks.
We'll just have to see what happens.

So any more Brits going to fight the good fight and reclaim what is rightfully ours ?

[JoeCanada76]

Agree with needkarma, the canadian banks are bad for this too. We are late in fighting it but it is starting to happen.

Ben, as far you receiving a letter saying sorry to hear about your complaint letter and will respond in 2 weeks, I would not count on that. If it was me though I would keep them on their toes and keep at them.

Joe

I am not a Brit, Wish I were I would be right in there fighting a good fight.

[Curlyben]

*Update*
Saturday I received a letter from the Customer Relations dept concerning this issue.
They still haven't supplied my six years worth of statements, but promised they will arrive in the next three weeks.

My guess is they are holding off as long as possible so the OFT (Office of Fair Trading) can publish their report into bank charges.
This is due sometime in April, so I'm cutting things fine here.

Oh well, I'm going to get my charges back one way or another ;)
It's about time the "Little people" stood up to BIG business, especially when the UK banks have posted MASSIVE profits for last year, in the region of £40 BILLION!!

[Curlyben]

Come on guys.
So far there has been OVER £10 MILLION reclaimed from the banks.
Consumer Action Group are one of the main sites.
They give you all the information that you need to make a successful claim.

[Curlyben]

Just an update.
I'm still waiting for statements from my bank, so a nasty letter tomorrow I think.

Also I was digging through my records and found an old credit card, now paid off, that charged me penalties. Time to go after them as well then ;)

Come on any more Brits going to join the fight.
If you need any help, feel free to ask.

[Curlyben]

OK Nasty letter sent.
This is starting to be fun.

Now my bank has 7 days to respond or it's off to court we go.
All for the sake of some paperwork.

The really annoying thing is the fact that the office that is dealing with my request is only 30 minutes drive away.
I could have personnally collected them by now!

[Curlyben]

I got a response to my nasty letter and they promise my info in 5 days.
Just have to wait and see.

It now appears that the normal 6 years SOL doesn't apply to these charges as the Banks have been hiding the fact the charges are unlawful.
So over 6 years is claimable.
Now which other Banks shall I go for ;)

Might even have a look at the Wife's as well.

[Curlyben]

One snotty letter and a couple of e-mails later I just received this:

I have checked your previous reference and it would appear that one of my colleagues has sent the statements to you yesterday. You should receive these within 3-4 working days.

However, I have passed your details onto a colleague of mine so that they can contact "The Office" tomorrow morning to double check. I have also requested that they contact you directly using the mobile number you supplied in your e-mail.

If there's anything else we can help you with in the meantime, please let us know.

So they should be here shortly.
About time too!
Way over the 40 day legal limit, but I don't have the time to take them to court over non-compliance.
Bigger fish to fry ;)

[JoeCanada76]

Finally getting somewhere. That took forever, lets see if you actually do get them. I am holding my breath, nah too long of a wait. Lol

[Curlyben]

One of the members of the site I belong to has just taken his bank for £36K, yes £36,000 in unlawful charges over 6 years.

That's
$72,000 USD
Or
$81804 CAD
Or
$86436 AUD
Or
€53247 EUR

He's now starting on the pre 6 year ones as well.

As we have all realised, even in this case, the banks will not admit how much it really costs them.
So if it was cheaper to pay out on a claim of this size it really makes you wonder.
Businessman takes NatWest for £35k | The Register

It has been noted in various publications that the UK banks make OVER £1.2 BILLION in penalty charges A YEAR!!

The site I'm on has, so far, reclaimed almost £10 MILLION from 7000 claims.
Not bad for a years worth of work.

[iAMfromHuntersBar]

Hi everyone,

I'm in the process of claiming money back from my 2 banks, Natwest (£1500) and RBS (£3000) for my 6 years of charges. They sent me my statements no problem, sent off my first letter asking for the cash back, got a letter off RBS saying they were looking into it. Nothing back off Natwest for almost a month, so sent them the "I'm taking you to court in 2 weeks" letter yesterday! Eep!

Good luck to everyone else trying it!

J

[Capuchin]

I've never had a charge, boohoo :(

It looks fun.

[Curlyben]

Just to update everyone.
This action doesn't just apply to Banks penalty cahrges, but to credit cards as well.
Last year the OFT published a report saying that they won't investigate charges under £12, but this doesn't mean that these charges are lawful either.

So as the saying goes, In For A Penny, In For A Pound.
For the sake of a few pounds, some letters and a lot of waiting, it's time to claim back what is rightfully ours.

If anyone needs any further help or assistance feel free to PM me, in complete confidence of course.