Think Money monthly charges

Phoenix4479

Hi
i previously banked with Think Money for 2/3 years and paid a monthly fee of £10.
I don’t recall ever being notified of this charge when I first joined and when I queried it, I was told it would improve my credit rating. 

I have read online about claiming back bank fees and is this something I can do, and has anyone else been in a similar position and challenged it? 

If so, what steps did you take, what was the outcome and how long did it take? 

Thank you in advance. 

WillPS

Phoenix4479 said:

Hi
i previously banked with Think Money for 2/3 years and paid a monthly fee of £10.
I don’t recall ever being notified of this charge when I first joined and when I queried it, I was told it would improve my credit rating. 

I have read online about claiming back bank fees and is this something I can do, and has anyone else been in a similar position and challenged it? 

If so, what steps did you take, what was the outcome and how long did it take? 

Thank you in advance. 

Bank fee refunds typically relate to packaged bank accounts - i.e. current accounts which carry a hefty charge justified by a package of insurances which the account holder can benefit from

Historically there were cases where people were moved on to these packaged accounts who wouldn't benefit from the insurances, but this was all tightened up quite a long time ago now and banks are now very careful to ensure they check applicant eligibility and repeatedly send reminders.

ThinkMoney is an electronic money provider who charge a fee for their services. The fee would have been part of your agreement with them and appears now at least to be pretty well signposted. It does not appear to be justified by a package of insurances either.

I'm afraid there is probably nothing waiting for you to reclaim.

Eyeful

Think money is not a bank, it is an Electronic Money Institution (EMI)..
You would have been issued with terms and conditions information when you opened the account with them.
1. What did the terms & conditions say about charges (if any)?
2. On what basis would you be making a reclaim of charges?

[Deleted User]

From a practical perspective; assuming you were never told - how would you explain missing a £10 monthly charge circa 36 times?