Reclaiming Bank Charges - Is it a get out of Jail Free Card?

JollyNolly

YorkshireBoy wrote:

I've said it before and I'll say it again, the banks will still make the same money - and the same poor and disorganised amongst us will pay.

Isn't this the whole point as far as MSEers are concerned? There's two camps - the MSEers who've always been savvy, and have actually benefitted by the fact that less savvy people have been subsidising their banking. Then there's the less savvy people who are now wising up and claiming unfairness, so everyone stands to pay the banks' high profits equally. Personally, I don't see the banks taking the hit!

Prudent

YorkshireBoy wrote:

Would you say you 'robbed' (or attempted to rob) the bank when you took (or attempted to take) money that wasn't yours? Did the bank call the police?Sadly it isn't. There are many threads on MSE where customers are having their accounts closed by the lenders. Some people are very scared to actually file a claim now because...

1. They cannot afford to repay their debts (overdrafts are repayable on demand).
2. Their credit ratings are such that they can't even open so-called 'parachute' accounts.

The repercussions will be severe - even if you are allowed to retain your account. For example, only today someone reported (on the credit card forum) losing their 0% rate and having their credit card interest rate hiked up to nearly 30% for 'threatening' to legally challenge late payment fees of £50.

I've said it before and I'll say it again, the banks will still make the same money - and the same poor and disorganised amongst us will pay.

Having said all the above, if I'd amassed charges into 4 figures I'd definitely claim. However, if my charges going back 6 years were £100-200 (and I'd learned my lesson, become more organised, and taken control of my finances) then I most certainly wouldn't be filing a claim.

I haven't followed the bank charges posts as I have never paid them. I do feel very sorry for people who are having their accounts closed for claiming. This is appalling bullying and intimidation by the banks. I do hope it is challenged.

Prudent

I have never had bank charges, but do not share the op's point of view. I am very careful with money, as my user name suggests. Inspite of this caution, I found myself in a very hard place financially when my marriage broke down. I thankfully just avoided charges, but could have been there. You can never predict what life will bring. I am naturally very good with money, I am not so good at keeping my weight under control. We all have different abilities and need to support each other.

lightatendoftunnel?

Alleycat wrote:

I personally signed the terms and conditions as I believed them to be lawful. I and many others have since found out that they are not and the banks have been continually breaking the law for a very long time. I do not agree with people knowingly breaking the law therefore I feel I am perfectly justified in claiming back any unlawful bank charges that have been applied to my accounts over the years.

Somebody robs you, you report it to the police. As this is a civil matter we are filing civil cases with them to reclaim what is lawfully ours.

End of.

I have just started claiming my charges and i felt little unsure. But after reading your post Alleycat I feel much more positive about it. You are very right in what you say. Thanks

Frugal_Fox

Hi,

I'm currently trying to get my charges refunded from Lloyds. We had been really careful - then DH did not get paid one month. He works for the NHS too! Our DD's all got paid and we were hit for almost £750 bank charges in one month. When his wages were finally paid 2 weeks later, over half of it went on paying off the charges. Because we didn't have as much money to live on, we went over the overdraft - what do we do - choose not to put fuel inthe car - then he can't go to work? Do not pay the mortgage? Don't buy food. We were living on the bread line with just £100 left after paying bills etc to feed a family of four. No money for 'treats'. Financially improved situation now!

His employers didn't see that they had done anything wrong. Our bank were not prepared to hold off the charges and apply them over a period of months - which was my suggestion to them. I did not try to get out of the charges. I didn't even ask for one to be credited. I asked to have them applied over a period of 4 - 6 months and DH was going to do overtime to pay off the charges. Lloyds refused.

These charges led to a severe knock on effect, and we have now paid almost £2000 in charges.

Yes I signed up to the T&C - but equally, I expect my bank to be lawful in what they do. Yes we had DD's and no money to fund them, but at the time DH was bringing home just £900 month our outgoings on mortgage, bills etc was just under £800 leaving £100 for food - and that month we were left with just over £150 - and our bank failed us, and refused my offer.

moxie_2

TheAble wrote:

Hi All

I know there's a lot of people who reclaim their bank charges but let's be honest - the fact that you can do this relatively easily is a lifeline for you!

Discuss!

And why can we do it realatively easily? Because the banks settle before court, they know they are legally in the wrong with these excessive charges and don't want a precedent set.

For anyone who is considering claiming their charges back - DO IT! If I can, anyone can!

SharonH_2

Sometimes you just have to stand up for yourself against banks, credit card providers etc.,
My son has an arranged 'overdraft' limit of £200 with Natwest however this month he received a notification that they were taking £28 out of his account for an 'unarranged borrowing fee' he rang the bank and told them he had an overdraft could they cancel the charges.....bearing in mind that he had only gone into his overdraft by £15.00 for one day..... and they said that because it wasnt cash but a d/d they would have to charge him!!!! so we have gone through his bank statements and they had also done this previously in September 2005. We have followed the advice given through this site and written letters asking for the money back...so keeping my fingers crossed.


...............Money Talks I cant deny - I heard it once it said GOODBYE!!!

mountainofdebt

TheAble wrote:

Hi All

I know this is going to rub some of you up the wrong way but I have to say I don't think there's anything wrong with banks charging as they do. I know there's a lot of people who reclaim their bank charges but let's be honest - the fact that you can do this relatively easily is a lifeline for you!

Any interesting observation. Hubby and I had this 'conversation' just week as I wanted to continue the fight against Natwest but he didn't as he also reckons that the banks are entitled to charge something but as I pointed out to him, IF the charges were lawful then why hasn't the banks taken one case to court to let them decide .....and if they won, then a legal precedent would be set. But there again, how can the banks justify in charge £30+ for a computer generated letter....lets not forget that the banks are still charging interest on this money.

As for it being easy .....I only wish it was! I fought for at least 3 months to get the money and had to live with the strong possibilty that they would take it all the way.....they hardly rolled over and gave me back the charges.

TheAble wrote:

I've never ever had a bank charge in my life because I've been meticulous in making sure I avoid them - so more fool you if you haven't. You signed on the dotted line accepting the ts and cs of your account, so I'm sorry but if you've racked up the charges you've got nobody to blame but yourselves.

Well all I can say is that I hope that you never have go through what we went through.....a family of 3 living on one part-time wage for 9 months with no state support whilst my husband set up his own business when he was made redundant.....of course if he'd sat on his backside we'd would have been able to claim every benefit under the sun but I guess that would have been wrong as well.

southernscouser

TheAble wrote:

Hi All

I know this is going to rub some of you up the wrong way but I have to say I don't think there's anything wrong with banks charging as they do. I know there's a lot of people who reclaim their bank charges but let's be honest - the fact that you can do this relatively easily is a lifeline for you!

I've never ever had a bank charge in my life because I've been meticulous in making sure I avoid them - so more fool you if you haven't. You signed on the dotted line accepting the ts and cs of your account, so I'm sorry but if you've racked up the charges you've got nobody to blame but yourselves.

Discuss!

So you come to a place that is meant for moral support for those trying to get out of debt. You know what your going to say will not be liked, you admitted that yourself. So rather than using some common sense and post this in discussion time you continue to go ahead and post it in here. :rolleyes:

And can you enlighten me as to how £1,000 is a lifeline to someone like myself £28,000 in debt? That is roughly what I pay to my debts in about 6 weeks!

More fool you if you get a torrent of abuse now for your informative and helpful comment!

Nerds rule! :cool:

spud30

Some people just come here to wind others up.

Dont let the minority spoil DFW for the vast majority of people, who are here to support each other through some tough times.