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					Title:
UK Bank Charges

Word Count:
501

Summary:
Bank charges for unauthorized overdrafts, bounced cheques and returned
direct debits are those 'damages'. Bank charges to customers were arrived
at by totaling these costs and then making assumption s about the number
of customers that are going to incur charges. Bank charges for going
overdrawn or for bounced cheques are the equivalent of a charge for
breach of contract, known as liquidated damages, and the courts can
enforce payment. So, how do you go about getting the bank ...


Keywords:
bank, charge


Article Body:
Bank charges for unauthorized overdrafts, bounced cheques and returned
direct debits are those 'damages'. Bank charges to customers were arrived
at by totaling these costs and then making assumptions about the number
of customers that are going to incur charges. Bank charges for going
overdrawn or for bounced cheques are the equivalent of a charge for
breach of contract, known as liquidated damages, and the courts can
enforce payment. So, how do you go about getting the bank charges back.
There are only two bank charges cases known about in which a bank has
gone to court, defended its charges and won. You can claim back any
unfair bank charges, which the law would class as a penal ty, that you
have accrued over the last 6 years. The true costs of these so called
bank charges to date have not been proven any more than a few pounds.

Claiming back your unfair bank charges can be a long and drawn out
process, with the banks doing everything they can to delay you receiving
back your unfair bank charges in the hope that you give up claiming back
your unfair and illegal bank charges. An example of this could be perhaps
if a customer is a day late making a payment, even if the customer has
been with the bank for 20 years and never missed a payment they will
still incur the dreaded bank charges. The Office of Fair Trading has
already forced credit card companies to slice maximum fees to £12, and a
ruling on bank charges is imminent. If you’ve been hit by default bank
charges, you can ask the bank to refund the charges voluntarily. I have
yet to find a single case of somebody in such circumstances who does not
tell me that they had been hit by bank charges. This has led to thousands
of people taking on their banks and claiming back bank charges over the
last 6 years. The campaign to reclaim unlawful bank charges is the
biggest consumer revolution for years.

Charges against the banks

Complaints against banks have soared, according to the Banking Code
Standards Board, with most about interest rates and unfair charges. The
bottom line is, ensure you make it clear that you're using the Data
Protection Act to request of list of charges. The issue here is whether
banks charges are allowed under your contract with the bank or whether
they are really penalty charges. These are charges that are incurred for
unauthorized overdrafts, bounced cheques and clearing Direct Debits when
there are insufficient funds in the account. Various laws mean that th e
banks cannot enforce such charges legally. Complaints against bank have
soared, according to the Banking Code Standards Board, with most
complaints about interest rates and bank unfair charges. The Office of
Fair Trading has thrown out suggestions that current account holders in
the UK will face bank charges of around £300 if banks are forced to scrap
their controversial penalty charges and that has to be good for the
consumer.

				
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posted:10/16/2010
language:English
pages:2