If you need urgent support, call 999 or go to your nearest A&E. To contact our Crisis Messenger (open 24/7) text THEMIX to 85258.
Read the community guidelines before posting ✨
Options
Reclaim All Your Bank Charges
Former Member
Posts: 1,876,323 The Mix Honorary Guru
My younger bruv showed me this totally amazing site -
http://www.bankcharges.info/
Basically, it confirms what I've suspected all along... that the big banks are ripping us all off! If you read through this site, you'll find it's now actually possible to reclaim any penalty charges over £12 which your bank(s) or credit card company(s) has imposed on you over the last 6 years! This is the law!
Be sure to read peoples' comments in this section. One person even managed to get 4 grand back from their bank!
I've just written to my own bank, using the template letter they provide on that site, and am waiting to hear back.
I got this from another forum. Ive tried it, it works! I reclaimed 60 quid! You should all give it a go!
0
Comments
£60? That's nothing. I got £960 back, and now we're going after the HSBC.
ShyBoy, you don't have to fight tooth and nail to get it back, you just have to show that you're not going to be bullied.
Word of warning - the OFT are due to give their ruling in April, if they rule that £12 is fair (which is what is suspected) then the banks are likely to start offering just the difference ...... get cracking asap!
My bank owe me at least a couple of grand! I'm going to send off the initial letter today!
Oh yeh and i still need to go after hsbc too
I've only ever been charged a couple of times for going over my overdraft - £30 each time. Is it just this kind of charge lots of time over, or something else?
What do banks charge you for? (just curious!)
I've no idea about this either - i've never had a bank charge - but then i've only ever been in the circumstances once of being overdrawn over my overdraft - and i phoned up the bank and they extended it for me free of charge and interest free - I did have extenuating circumstances though as the university was shut becuae of a student protest and everyones student loads had been delayed. I once missed a credit card payment as well.
Plus I still have my stuipdly large student overdraft limit.
However I can see how by charging people £30 each time you just end up in a spiral of debt going overdrawn again and again and not being able to pay the charges or something.
60 quid is goldust to a uni student...
If you have to spend all of what you earn each month, its easy to get caught. Accidentally go £5 overdrawn and you get a £35 charge. That means you have £35 less the following month, so you go overdrawn again, because you can't spend less money, and a standing order gets bounced too. That means you get charged £60 the following month, and then the bank charges you £25 for each balance increase, which means you get charged £100 that month. And so on and so forth.
My bank charges £35 for an unauthorised overdraft, and then charges £25 for each bounced standing order or £25 for each time the balance raises, by even 1p. It's easy to rack up £100 in charges in one month, and if you only earn £700 a month, how the hell are you meant to cope with that hole in the budget? £100 is two weeks shopping for GWST and I, its a lot of money.
About £700 of the £950 we got back from our bank came in a six-month period when I was temping- I wasn't earning enough to be able to cope with the fine, so we kept getting more and more fines. It's why the first advice all debt counsellors give to people struggling with bank charges is to move accounts- it stops the charges snowballing. But people are more likely to change their football team than they are their bank.
The banks have the ability to decline cards to prevent unauthorised overdrafts, by the way, but its too much of a cash cow for them to exercise it.
When I was younger I was in a lot of money troubles, I was over my overdraft every month and used to get charged for it at least twice a month!
I'm all sorted now, but it would be nice to get some of it back.
On MSE there is a disturbing story of a single mother who this happened to once and she was then at risk of losing her home.
Got one once, for an account that I had basically emptied and two fraudulent debits were made for it, but popped into Nationwide and they sorted it all and reported it to the police there and then.
Although the banks make massive profits, they aren't going to be prepared to take this on the chin. If this continues, which it will, the banks will stop offering free banking services. Some have already hinted towards this, and on a small scale it has been implemented.
This meaning, that because of all the people who have been in excess on their accounts/cards and claimed the charges back - the rest of us will be left paying for what was once a free service.
IMO when opening an account, we sign up and agree to the banks terms and conditions, interest and charges. The charges are high for excessing, but there is no charge if there is no excess. I payed a credit card late by a couple of days on one occassion and was charged circa £30 for the privelege. I thought although it was high, it was fair enough as it was my fault - so took it on the chin.
Another example of what a fuck up this 'compensation crazy' society can be.
whetever did your bank take 3k off you for?!
My thoughts exactly :crazyeyes
I totally agree.
I had good feedback from Lloyds, looks like I' gonna the full whack but could take some time, how long did it take others?
It goes against common law, why should they be allowed to do it and no one else?
They took it when they shouldn't of, simple as.
Agreed the charges are steep, but normally if its a one off, the banks give them back anyway.
Why shouldn't they of?????
If the client signed a contract when opening the account, giving their agreement and authority - how is this unlawful ??
And there is no way anyone sane thinks it costs them £30 each time something like this happens.
Im not being ridiculous. If it costs x amount for the banks to deal with the excess, why shouldn't they make a profit? It is black and white for all clients when they sign up. If i were running a business i would do the same.
At the end of the day, if your finances are managed properly and you dont go overdrawn, you won't be charged. I don't agree that people should rely on the banks to be sympathetic of to understand 'your' situation for breaking the terms of the inital agreement. Granted, it is going to happen, but surely don't people realise that is you have made a mistake, prepare for the penalties you originally agreed to.
If you don't like the terms of the agreement, (which are hardly a physical assault) then DONT SIGN. - Find a job that pays cash and keep it in your biscuit tin.
This is the same argument as loan companies that charge high interest rates. If you dont want to pay high rates, don't sign, no body makes you.
Utter bollocks, kop out excuse, everybody has the CHOICE as to whether they sign an agreement form or not. I don't remember ever hearing of barclays using a shotgun to make people open current accounts ? ? do you?