WorsethanJPA
20-02-2007, 22:02
You all are probably aware of the current TV & newspaper coverage on the bank's rip off charges on going over your overdraft/bouncing cheques etc which sometimes the banks can charge you up to £39 when the true administration cost is only £4.50.
The Unfair Terms in Consumer Contracts Regulations 1999 say charges must reflect administration costs and cannot be punitive.
Please see below on what you can/can't claim back and how to do a claim (I know I am in the process of doing it!!!)
You can claim:
One off charges for going into the red
Monthly or daily charges for being overdrawn
Charges for bouncing a direct debit and cheque/transaction
Charges for authorising a payment
What you can't claim:
Fees for stopping a cheque, ordering a banker's draft, using cards aboard or using a cash machine - if you know you are paying.
SO HOW DO I MAKE A CLAIM
Work out how much you are owed.
Reclaim up to six years of overdraft charges.
If you do not have statements for six years, ask for a list of all fees imposed when you went overdrawn, under the Data Protection Act. This should cost you no more than £10.
Add them up and write to your bank manager, asking for all the charges detailed to be refunded. Say you are doing so under the Unfair Terms in Consumer Contracts Regulations 1999, which says a bank cannot profit from administration costs.
You can find a template letter on www.thisismoney.co.uk/bankcharges
Your bank may then offer you a partial refund. DO NOT ACCEPT THIS.
If your bank refuses a full refund, threaten county court action.
Fill in a form at www.moneyclaim.gov.uk or visit your local magistrate's court. This will cost a small percentage of your claim, but you'll get your money back if you win.
Banks have 14 days to submit an outline case - they may do this, but none has yet defended a case in court. Most will appear willing to fight the case until the last moment - when to date, they have paid up.
Be advised to open up another bank account, as some of the banks have threatened to close accounts.
If the banks delay refunding money after a court has ruled against them, send in debt collectors. Ask the court for a warrant of execution by filling in form N323 on the money Claim website.
The Unfair Terms in Consumer Contracts Regulations 1999 say charges must reflect administration costs and cannot be punitive.
Please see below on what you can/can't claim back and how to do a claim (I know I am in the process of doing it!!!)
You can claim:
One off charges for going into the red
Monthly or daily charges for being overdrawn
Charges for bouncing a direct debit and cheque/transaction
Charges for authorising a payment
What you can't claim:
Fees for stopping a cheque, ordering a banker's draft, using cards aboard or using a cash machine - if you know you are paying.
SO HOW DO I MAKE A CLAIM
Work out how much you are owed.
Reclaim up to six years of overdraft charges.
If you do not have statements for six years, ask for a list of all fees imposed when you went overdrawn, under the Data Protection Act. This should cost you no more than £10.
Add them up and write to your bank manager, asking for all the charges detailed to be refunded. Say you are doing so under the Unfair Terms in Consumer Contracts Regulations 1999, which says a bank cannot profit from administration costs.
You can find a template letter on www.thisismoney.co.uk/bankcharges
Your bank may then offer you a partial refund. DO NOT ACCEPT THIS.
If your bank refuses a full refund, threaten county court action.
Fill in a form at www.moneyclaim.gov.uk or visit your local magistrate's court. This will cost a small percentage of your claim, but you'll get your money back if you win.
Banks have 14 days to submit an outline case - they may do this, but none has yet defended a case in court. Most will appear willing to fight the case until the last moment - when to date, they have paid up.
Be advised to open up another bank account, as some of the banks have threatened to close accounts.
If the banks delay refunding money after a court has ruled against them, send in debt collectors. Ask the court for a warrant of execution by filling in form N323 on the money Claim website.