cash withdrawal charges
jjs123
Posts: 7 Forumite
in Credit cards
Hi,
I know this is my own stupid fault but over the years I have used credit cards for lots of cash withdrawals (including online gambling deposits which are treated as cash withdrawals) in order to fund a gamble habit. I have therefore incurred a lot of cash withdrawal charges and interest on cash withdrawals.
I have read on this website and elsewhere that it's possible to reclaim bank charges for going over your overdraft limit if the charges are deemed to be unfair (excessively high compared to what “the offense” costs the bank). Furthermore, if you are deemed to be in hardship this helps your case when trying to get the charges refunded.
Cash withdrawals using a credit card are very expensive (typically a 3% fee plus interest is charged immediately) but a lot less in comparison to bank charges that could be incurred for going as little as 1p over your overdraft limit. Also, you can accidentally go over your bank overdraft limit whereas credit card withdrawals aren’t an accident!
So my question is are credit card cash withdrawal charges unfair (excessively high compared to what it costs the credit card company) and if so has anyone had credit card cash withdrawal fees refunded? I am guessing people don’t think the charges are unfair and haven’t received refunds but there’s no harm in asking.
Apologies if this has already been discussed elsewhere.
Thanks
I know this is my own stupid fault but over the years I have used credit cards for lots of cash withdrawals (including online gambling deposits which are treated as cash withdrawals) in order to fund a gamble habit. I have therefore incurred a lot of cash withdrawal charges and interest on cash withdrawals.
I have read on this website and elsewhere that it's possible to reclaim bank charges for going over your overdraft limit if the charges are deemed to be unfair (excessively high compared to what “the offense” costs the bank). Furthermore, if you are deemed to be in hardship this helps your case when trying to get the charges refunded.
Cash withdrawals using a credit card are very expensive (typically a 3% fee plus interest is charged immediately) but a lot less in comparison to bank charges that could be incurred for going as little as 1p over your overdraft limit. Also, you can accidentally go over your bank overdraft limit whereas credit card withdrawals aren’t an accident!
So my question is are credit card cash withdrawal charges unfair (excessively high compared to what it costs the credit card company) and if so has anyone had credit card cash withdrawal fees refunded? I am guessing people don’t think the charges are unfair and haven’t received refunds but there’s no harm in asking.
Apologies if this has already been discussed elsewhere.
Thanks
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Comments
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The answer is no. Nice try though!
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Worth a punt though?0
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Thanks for the replies. I'm not sure it is worth a punt bigadaj if no one has had cash withdrawal fees refunded and nobody thinks they're unfair in a similar way to the bank charges (mainly unauthorised overdraft charges) that have been refunded in some cases.
I guess it's similar to arranged overdraft charges which have very high rates of interest (seen an example on here where the effective annual interest rate would be 3,650% for going a few pounds into the overdraft) but are deemed to be fair.0 -
The answer is only to use your own money not the banks.0
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Yes I have to admit it did!
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Hi,
I know this is my own stupid fault but over the years I have used credit cards for lots of cash withdrawals (including online gambling deposits which are treated as cash withdrawals) in order to fund a gamble habit. I have therefore incurred a lot of cash withdrawal charges and interest on cash withdrawals.
I have read on this website and elsewhere that it's possible to reclaim bank charges for going over your overdraft limit if the charges are deemed to be unfair (excessively high compared to what “the offense” costs the bank). Furthermore, if you are deemed to be in hardship this helps your case when trying to get the charges refunded.
Cash withdrawals using a credit card are very expensive (typically a 3% fee plus interest is charged immediately) but a lot less in comparison to bank charges that could be incurred for going as little as 1p over your overdraft limit. Also, you can accidentally go over your bank overdraft limit whereas credit card withdrawals aren’t an accident!
So my question is are credit card cash withdrawal charges unfair (excessively high compared to what it costs the credit card company) and if so has anyone had credit card cash withdrawal fees refunded? I am guessing people don’t think the charges are unfair and haven’t received refunds but there’s no harm in asking.
Apologies if this has already been discussed elsewhere.
Thanks
As far as I know charges on bank accounts which are causing financial hardship can be reclaimed. According to its nature charges which are causing financial hardship must be current.
We in the U.K. have already been through the charges on credit cards and the OFT ruled that credit card charges were excessive and came up with a acceptable charge of £12 which most card issuers now charge. So you're out of luck unless each of your charges are more than £12 or possibly you had excessive charges levied prior to 2006. Probably doesn't apply to cash advance fees and interest.
https://www.moneyadviceservice.org.uk/en/articles/reclaiming-unfair-credit-card-charges0 -
I thought Gambling sites didn't attract the cash advance fees nowadays, because of the loophole where you could 'win' (by shoving it all on 1/100 or similar... yes its not risk free!!) and then get a refund bit by bit from the betting company, each withdrawal (refund) triggering a £3 fee refund?
Ah cash machine withdrawals too.... they'll argue rather than £3 it could be £12....0 -
Hi Somerset La La La, that might be a case for some gambling websites but not the ones I've used recently. I've just checked some recent credit card statements and everywhere there are online gambling transactions (deposits to gambling accounts) there are corresponding 'CASH ADVANCE FEE' transactions for 5% of the deposit amounts . There is obviously 'Cash interest' as well on the statements. Looking back at the statements I'm shocked at the amount of money I've wasted on fees and cash interest alone.0
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Thanks Anthorn for the reply and link to the 'Reclaiming unfair credit card charges' article. It looks like charges relating to 'late payment or missed payments or exceeding credit limits' are sometimes refunded then but there's no mention of charges relating to cash withdrawals. I rarely go over my credit card limits or miss payments (juggle 0% credit cards and now have a lot of them!) so it's the credit card cash withdrawal charges and bank account arranged overdraft charges that really mount up for me. Obviously the aim in the future is to stop incurring these charges in the first place0
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