Do Interest charges qualify

DonJohn_2

In Brief - Father died, the bank said they froze his account. I set up a new account to handle the affairs. They continued to add interest to the frozen account unknown to me. They sent no statements. This went on for some time til I could settle the affairs. Didn't think they could charge post death. I complained and only got some charges back but had to pay all the interest as well as the debt at date of death . Is this a case that qualifies or is this different to the charges campaign. Comments appreciated.

LozBingley

DonJohn wrote: »

In Brief - Father died, the bank said they froze his account. I set up a new account to handle the affairs. They continued to add interest to the frozen account unknown to me. They sent no statements. This went on for some time til I could settle the affairs. Didn't think they could charge post death. I complained and only got some charges back but had to pay all the interest as well as the debt at date of death . Is this a case that qualifies or is this different to the charges campaign. Comments appreciated.

Only interest that is directly attributable to the unlawful charges.

But you could ask the bank why they continued to charge interest on a frozen account, they could well refund the interest as a goodwill gesture.

DonJohn_2

Thank you. I will try this course but its probably a little late now. Personally I think that it is unethical

MarkyMarkD

I don't understand what you think is wrong.

If someone has a loan or other type of debt, interest accrues on that loan or other type of debt whether they are still alive or not.

There's nothing unethical about charging interest on an amount which is due.

If the estate doesn't have enough money to pay the debts, then the interest isn't going to get paid anyway. The only person who's going to lose out is the person receiving the deceased's residual assets ... so presumably you think it's unethical because you don't want to pay this interest?

bengal-stripe

MarkyMarkD wrote: »

There's nothing unethical about charging interest on an amount which is due.

Equally, if the account is in credit, the bank will continue to pay interest - until the day when everything is settled, the funds get transferred and the account is closed for good.