Reclaiming unfair bank charges?

[LazyGun]

This may have been posted before... I did a quick scan, but couldnt see anything....

I was interested to read a recent article that appeared in the Money section of the Sunday Telegraph (9th April 2006), and wondered whether anyone else had read it or had any thoughts on it.

Article states that the OFT has ruled that all credit card,bank overdraft, store card and mortgage penalties that exceeded �12 can be claimed back, and that this can be retroactively applied to any such payment going back 6 years.

Which?, the consumer campaign group is urging the public to fight back against unfair charges, and includes a website which has draft letters to help individuals mount their own court campaign, and instructions on how to apply for a list of all charges applied in the past 6 years under the Data Protection Act (for a �10 fee).

This is definitely something I will be following up on.. anyone else have any comments or thoughts about this?

[Electrochem]

This should provide the answer you need:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1141050760,24632,

Good luck!

[Oneeyedvic]

My thoughts are as follows:

1) Only the courts can decied what is a fair charge - NOT the OFT - they can only give an opinion (or to be pedantic a Statement on its view of the law)

2) It has issued a satemtn on 5th April and the companies mantioned have until the 31st May to respond.

3) The finance industry currently earn �300 Million pounds from these charges. If they are to stop charging so much, this loss will be reflected in other ways.

As an example, businesses have to pay for each cheque they draw, each direct debit that is made, every deposit that is paid in. It is only a few pence, but would you like this put through to consumers?

In my mind it is very simple: If you have a contract, pay it on time and you won't get charged.

If there is a change in legislation, then (imho) two things will happen:

1) People who do default etc wil lnot get credit as easily as they do now.

2) People who run their accounts correctly will be charged more (to make up for the loss in revenue)

Credit is a priveledge NOT a right.

[LazyGun]

I dont have any particular argument about the sentiment of your post Vic... I would agree that you have rights and responsibilities when it comes to managing your account.

I do have issues with the banks themselves making excessive profits from penalty notices, letters etc that they elect to send if you do go overdrawn however..... and it would seem that the OFT agrees.
I dont believe I have incurred much in the way of bank charges over the last few years, but I will be going through my accounts, and I will be following this up.

[CLOWN TICKLE]

I am tempted too but worry that I may be blackballed, are you referring to the court case where Lloyds failed to defend the writ or something else

[jason1980]

I have reclaimed back bank charges in the past with natwest charging me �30 for insufficient funds when a direct debit comes out.

I put money in the bank at 9.30am on lets say a Monday 1st because the direct debit comes out on the 1st.

The direct debits always come out 2am and I didnt put money in until 9.30am - but it was still on the same day and close of banking is not until 3pm.

My point was that i shouldn't be charged anything until I have not put money in on the 1st.

I couldn't pay money in on the Saturday or Sunday before Monday as they were closed. And the Direct debit was for the 1st of the month, not Friday 28th of the last one.

I got my money back for every time they'd done it in a 3 year period after checking my bank statements. Normally I just accept charges, when they charge you for anything after using your ordinary money to make profit from anyway is beyond me.