Bank Charge refunds : Front page news on The Independent today

nickmack

poochel wrote:

The only reason I ask is that I want to reclaim some charges from Nationwide (£100-ish) but am reluctant to do so as they seem pretty hot on closing the accounts. I don't want to lose my free cash withdrawals abroad for the sake of a relatively small amount!

Although it's obvious the banks are closing accounts for retaliation, it hasn't stopped this happening. As a consequence, you need to weigh up your own situation and decide whether it's worth claiming.

Also, if the OFT rule that the charges are unfair and order them to be reduced to £12-ish as they have with credit cards, would consumers still be able to reclaim all charges? Or just reclaim the difference between £30 or whatever and the £12?

You claim for everything unless the bank furnishes you with evidence of their actual costs.

poochel

Thanks for that but what I really wanted to know was if anyone had any further info on the FOS statement of last night

Further, what weight would this have if I successfullly reclaimed my charges from Nationwide and then quoted this back at them when they tried to close my account in spite.

nickmack

poochel wrote:

what weight would this have if I successfullly reclaimed my charges from Nationwide and then quoted this back at them when they tried to close my account in spite.

If they threatened to close your account, you would firstly need to make a complaint to the bank stating that the account closure was not for business reasons, but purely punitive and retaliatory.

When you have exhausted their complaints procedure, you can ask the Financial Ombudsman to adjudicate. As happened recently against Alliance and Leicester, there's a good chance they will rule in your favour.

MSE_Martin

Turtle, slightly shocked by the notes.

My article mentions the consumer action group - I've mentioned it on countless TV programmes - I personally gave it money to help be founded. Plus when I sent the email out to 850,000 recently about bank charges i included it in the email which was designed to go viral.

This site is however dominant in bank charge claiming for the very reason it doesn't just do bank charge claiming. MSE is the UK's biggest money site - the 66th biggest site in the UK - bigger than lastminute and friendsreunited. When an issue is dealt with here that means it has huge cross-societal reach and that's the point.

Nearlh 2.5 million people in the UK used the site in January - all this means its very big.

I think the CAG is a great site - and for more complex bank charge issues the resources are great. Having said that - I honestly believe my step by step guide to bank charges on here is the best there is - its detailed and yet easy to follow - the templates are all in one place and it enables people who know little to quickly get up to speed and do it.

I've spent my whole career pushing the message about moneysaving and learning how to write and communciate in an accessible way and i think this site does it better than any other. Though I would say that wouldn't I!

Martin

LittleButtercup

This site is however dominant in bank charge claiming for the very reason it doesn't just do bank charge claiming.

I know I'm new to the site, and so don't really have a right to comment, but the CAG guy on BBC News last night definitely said that CAG are "by far" the biggest, most pro-active and successful organisation in UK fighting bank charges.

Beate

http://money.independent.co.uk/personal_finance/invest_save/article2290035.ece

If the OFT rule that high charges are illegal but £12 or £5 or whatever are not, would that mean that pending or new claims would not be able to claim the whole amount back? Or could you still claim it all back and see whether the bank would challenge it in court?

bookworm1363

Beate wrote:

http://money.independent.co.uk/personal_finance/invest_save/article2290035.ece

If the OFT rule that high charges are illegal but £12 or £5 or whatever are not, would that mean that pending or new claims would not be able to claim the whole amount back? Or could you still claim it all back and see whether the bank would challenge it in court?

See my reply on the subject there:

http://forums.moneysavingexpert.com/showthread.html?p=4461347#post4461347

to save repeating myself.

darkstomper

Well I think Martins comments above are clear and explain his position in this very well. I am currently reclaiming from the Halifax and do so soley on the exposure and advice Martin has given....

So.... Thanks Martin... will let you all know if I get my money back from them.. or you may hear me whoooping in triumph anyway!

Mark

djdave

It seems that this site and CAG are both on the same side (ours!) and both happy to co-exist and give each other due credit.

As is so often the way, somebody's face happens to fit (perfectly on Radio 2 ) and so Martin is often called upon when the media need a soundbite or comment. There's absolutely nothing wrong with that, and I've never once heard Martin trying to pretend he invented this campaign.

Fair play to any organisation or website who is on the consumer's side and doesn't try to profit from them.