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bank charges

clubfaru
clubfaru Posts: 1 Newbie
in Budgeting & bank accounts
It has been brought to my attention that there is a government act that prevents banks from taking charges from your account if you are on benefits as they are what the government say you need to live on. I have account that charges me £14.50 every month for a management fee and I am receiving ESA for a long term illness. Does this act apply to me and could I claim these charges back?
Thanks

Comments

  • noh
    noh Posts: 5,827 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    No such legislation exists.
  • antrobus
    antrobus Posts: 17,386 Forumite
    clubfaru wrote: »
    It has been brought to my attention that there is a government act that prevents banks from taking charges from your account if you are on benefits as they are what the government say you need to live on. ....

    About once a month someone starts a thread here on MSE saying the exact same thing. There is no such Act.

    Note: This doesn't specifically cover the deduction of bank charges from your benefits under the Social Security Administration Act 1992 - this is an urban myth.

    http://www.moneysavingexpert.com/reclaim/bank-charges
    clubfaru wrote: »
    ...
    I have account that charges me £14.50 every month for a management fee and I am receiving ESA for a long term illness. Does this act apply to me and could I claim these charges back?
    Thanks

    No and No.
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    antrobus wrote: »
    About once a month someone starts a thread here on MSE saying the exact same thing. There is no such Act.
    Interest payments when on Benefits
  • colsten
    colsten Posts: 17,596 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    clubfaru wrote: »
    I have account that charges me £14.50 every month for a management fee and I am receiving ESA for a long term illness.

    Sounds like something like ThinkMoney - a service you have chosen to buy, may be because you value what they provide.

    If you can manage your money yourself, there is no need to pay somebody to do it for you. There are free of charge basic accounts, or there is the Post Office Card Account. May be one of them would be suitable for you.
  • eskbanker
    eskbanker Posts: 40,714 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    First things first, are you able to switch to an account that doesn't charge £14.50 a month? Most don't charge anything and indeed there are many accounts that pay you interest and/or joining incentives.
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