what exactly ruling on excessive bank charges

mehmet48

Dear forum users,
1-what is the exact FSA ruling on excessive bank charges?
while I was in business I used to pay £150 a month for a few hundred overdraft for 5 -to 6 years and at that time interest rate was about over 15%.
can anybody prove me charging back calculations as FSA directs?
w-fsa recommended at %8 to be calculated but there is a trick for bank account charged victims, it
should be compound interest over the years not fiat, cheap rate banks favoured rate.at this point Bank account mis-sold customers should be aware of this.
3-Banks will try to sort this as cheaply as they can.
example:£750 over charged bank account since 15 years would be equal to £2379 with fca recommendation.
.

le_loup

What?
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antrobus

mehmet48 wrote: »

Dear forum users,
1-what is the exact FSA ruling on excessive bank charges?....

There is no longer a FSA. It was abolished in 2013. It has been replaced by the FCA. I believe that they have banking conduct rules.

mehmet48 wrote: »

...while I was in business I used to pay £150 a month for a few hundred overdraft for 5 -to 6 years and at that time interest rate was about over 15%.
can anybody prove me charging back calculations as FSA directs?
w-fsa recommended at %8 to be calculated but there is a trick for bank account charged victims, it should be compound interest over the years not fiat, cheap rate banks favoured rate.at this point Bank account mis-sold customers should be aware of this.
3-Banks will try to sort this as cheaply as they can.
example:£750 over charged bank account since 15 years would be equal to £2379 with fca recommendation.
.

What is it exactly that you are complaining about?

Normally, if you are running a business, your bank will raise charges on the operation of a business account. As in: 1) a monthly account fee, 2) transaction charges (40p a cheque, or whatever) and 3) interest on any overdraft.

It would be impossible for anyone to say whether or not the £150 a month you paid when you were in business was 'excessive' or not without actually knowing what it was that you were paying for. In any case, I don't believe there is any direction on bank charges.

This website has a Reclaim Bank Charges guide which might help.
http://www.moneysavingexpert.com/reclaim/bank-charges

badger09

I'm calling :spam:

Looks like a very sloppy cut & paste job to me:cool:

Shakin_Steve

Don't think it's spam, just poorly worded and misinformed.

agrinnall

Shakin_Steve wrote: »

Don't think it's spam, just poorly worded and misinformed.

And poorly typed, point w should have been 2 but has suffered from fat finger disease.