Bank Charges

smallzoo2

I have been with the same bank for over 20 years. During that time we have had our ups and downs and due to a failed business we ended up having an agreed overdraft on 2 accounts. One for the direct debits and the other for day to day.

Despite asking them both in the branch, calls and emails about consolidating and reducing the charges nothing has ever been done

First , I know that makes me a numpty for not changing which we finally are thinking of doing but is there any comeback at all on the charges they have placed on the account because we have asked for advice for years.

To give you an idea I did a quick check and over the last two years one account has had £734.91 and the other £2217.33 i.e. a total of £2952.24 charges

I'm guessing its all down to terms and conditions but as I said I have asked numerous times for help and it has never come..its with the RBS

thanks

Dobbibill

These appear to be charges for an agreed overdraft so IMHO, I don't believe there is any comeback for you.

You may not have been eligible for consolidation lending at the time which may be why nothing was done - having an overdraft doesn't necessarily make you eligible for loans, credit cards or other forms of lending.

An IFA would be there for advice, bank staff can only give you details of particular products for you to make an informed choice on which suit your needs, if you are eligible.

jonesMUFCforever

Were the 2 accounts personal or Business or one of each?

You can't amalgamate a business account with a personal account.

Could you qualify for a low interest loan to cover both?

Anthorn

smallzoo2 wrote: »

I have been with the same bank for over 20 years. During that time we have had our ups and downs and due to a failed business we ended up having an agreed overdraft on 2 accounts. One for the direct debits and the other for day to day.

Despite asking them both in the branch, calls and emails about consolidating and reducing the charges nothing has ever been done

First , I know that makes me a numpty for not changing which we finally are thinking of doing but is there any comeback at all on the charges they have placed on the account because we have asked for advice for years.

To give you an idea I did a quick check and over the last two years one account has had £734.91 and the other £2217.33 i.e. a total of £2952.24 charges

I'm guessing its all down to terms and conditions but as I said I have asked numerous times for help and it has never come..its with the RBS

thanks

If you think the charges are unfair then start the bank's complaints procedure and claim disproportionately unfair charges if you can prove it. As with PPI there are companies which will claim for you on a no win no fee basis.
https://www.uswitch.com/current-accounts/guides/claiming-back-bank-charges/

BorisThomson

Anthorn wrote: »

If you think the charges are unfair then start the bank's complaints procedure and claim disproportionately unfair charges if you can prove it. As with PPI there are companies which will claim for you on a no win no fee basis.
https://www.uswitch.com/current-accounts/guides/claiming-back-bank-charges/

Bad advice, the banks won the bank charges case and any complaint on that basis will fail.

OP may be able to claim a small amount back under the hardship provisions, assuming the accounts are still active. We do need further information to be able to assist further.

smallzoo2

both personal accounts , one with max O/D of £1500 the other £4000

Anthorn

BorisThomson wrote: »

Bad advice, the banks won the bank charges case and any complaint on that basis will fail.

OP may be able to claim a small amount back under the hardship provisions, assuming the accounts are still active. We do need further information to be able to assist further.

Looks like you skipped the link I provided.

So according to you the banks are free to charge disproportionate fees and there's nothing we can do about it. So therefore it would be ok for them to charge £500 per day for going £1 overdrawn? The problem is that those including MSE who commented on the case went on the assumption that bank charges were already fair and that is what the banks claimed in the test case, the year 2009 I think.

I do realise that you are using MSE's comments from their article but really you should learn more about something you have not the foggiest idea about!

In conclusion I am not talking bank fees but disproportionate bank fees.

YorkshireBoy

The article referenced does not seem to cover arranged overdraft fees, ie £6 per month, 18.9% EAR, £1/day, etc. It covers unarranged overdraft fees, bounced DDs, etc.

The OP said they have a pair of agreed overdraft facilities. They did not say they're incurring charges for unauthorised overdraft use.

As for "disproportionate", the article talks of a £35 fee for exceeding a limit by £1 meeting such a definition. With the numbers and timescale in the OP it doesn't appear to be disproportionate.

smallzoo2

sorry some of those charges are for unauthorised but only a few days a year

YorkshireBoy

smallzoo2 wrote: »

sorry some of those charges are for unauthorised but only a few days a year

So to clarify, it's just these particular charges you're wanting to claim back because you're in hardship now?

smallzoo2

Should make myself clear,..story of my life lol

I just wanted to know is there any chance I could get some money back or is it generally a lost cause

cheers