Bank Charges

In recent years banks have been allowed to charge whatever they like when you bounce a cheque or have been overdrawn. However with recent rulings it is now considered unlawful for banks to be allowed to fine their customers like this. Many people are now beginning to challenge these charges and demanding that they are provided with a full refund.

What to do if you feel your Bank Charges are unfair
If you are one of the many that have had excessive bank charges then you may want to consider complaining and asking for a full refund. You can only by law do this if the charges have been within the last 6 years. It is also worth noting that you are only able to appeal for excessive fines and not for any of the standard charges that go with having the account.

If you do decide to appeal against bank charges then you will be pleased to know that this will not effect you credit score.

Therefore if you feel that you have a good case you should make a list all the fines that you have had over the last 6 years, which can include active and closed accounts.

Write to your bank
The first avenue that you should try is writing to your bank and informing them that you wish to claim back your charges. By doing this it can sometimes promote the bank to offer you the payment to prevent any further action.

If you find that your bank are still refusing to refund the bank charges or are not dealing with your complaint in a timely manner then you could contact the Financial Ombudsman for further help. You may also wish to think about taking the case to the small claims court if the claim is for less than £5,000.

How to avoid being charged
The easiest way to avoid bank charges is to make sure that you do not miss any payments and keep to the terms and conditions of your specific bank account. This information is readily available at your bank so try your best to be aware of the charges that might be applicable.