Thread: Time to bite back the high street bank

I have just found something today that may interest people, it certainly does me.

Apparently it is not legal enforcable to charge bank charges or to put it another way the courts will rule in your favour. The story is that all bank charges can be claimed back. This started with somebody taking the banks to court and the court ruling in their favour, the story got out and now thousands of people are getting all the charges back.

You can claim for the last six years and add 8% interest, I have been a bugger with going overdrawn and for £10 received a statement with £700 of charges for the last 6 years, add 8% on and this is quite a tidy sum.

The banks have so far failed to turn up to any case brought against them and now know that people wont go away and are settling up out of court, this is advised that you hold on for the full amount and don't take a reduced offer.

This is happening in the U.K and the banks expect to have to pay out millions, not sure what the story is in the U.S.

If this does affect anyone here is a website that will give you more information, it is from someone who will do all the work for you for a flat fee,although it looks like he has had to stop taking work on, but he does give all the advice you will need to do it yourself.

www.bankbuster.co.uk

This will also help

http://www.reclaimunfaircharges.com/

I have loads of other helpful links if anyone needs them.

Just thought maybe someone did not know about this, hope the information helps somebody.

Paul

Thank-you for sharing this Paul,

I used to work in a bank, they also close out accounts that are inactive after a period of three months.....regardless of balance +/-, as it costs them to keep them open, this all goes into an account they have created called inactive accounts, then it is invested periodcally where they earn interest on our money. Most people don't even bother to dispute any of this as they only have pennies etc. left as a balance, however I've seen the balance of those inactive accounts and it has been 6 digits and rising. Just some more info to add to the pot. Not sure about what you said there....at least for Canada anyway......but I'm going to read it.

I don't believe this information at all Karel, not sure if I am the only one or not, but I am quite certain I believe that the banks would have all their ducks in a row.

Bogus sites perhaps??

No its true LE, at least in england...................

Holly this is completly true, I did not find it on-line. This was in the national paper and in a nationwide magazine.

Thousands of people have claimed all ready. It started with a lady taking a bank to court a little while ago. The law is they have to justify taking the fees they were taking, they could not do this and the court ruled in favour of the customer, telling the bank they had to pay every penny back that they had taken in charges.

The story got out, opening the door for others to claim all their charges back. What the banks were doing was wrong and because no one said anything or challenged it they carried on.

I am going to claim all mine back and I will let you know how I get on. I have read all the information and it seems its just a case of asking them for the money, if no reply I tell them I am taking them to court. If it gets this far they don't turn up because they know they cannot justify the charges and the court awards you the money.

What they have begun to do know is offer out of court settlements. Trust me this is not a false story or a maybe, its a fact.

Check out this story from the BBC itself.

http://news.bbc.co.uk/1/hi/business/6170209.stm

Well for heavens sakes you two, of course I'll take your word for it, it will be interesting to hear how Karel pans out in this, will make it a little more believable for me. I can't really imagine that the banks do not have their ducks in a row, it actually astounds me ... hmmmm ...

Good Luck karel ... go large!!

Well for heavens sakes you two, of course I'll take your word for it, it will be interesting to hear how Karel pans out in this, will make it a little more believable for me. I can't really imagine that the banks do not have their ducks in a row, it actually astounds me ... hmmmm ...

Good Luck karel ... go large!!

I will keep you informed on my progress Holly, I will pay for a big Chit, Chat, voda lounge party when I get my cheque.

Thank-you for sharing this Paul,

I used to work in a bank, they also close out accounts that are inactive after a period of three months.....regardless of balance +/-, as it costs them to keep them open, this all goes into an account they have created called inactive accounts, then it is invested periodcally where they earn interest on our money. Most people don't even bother to dispute any of this as they only have pennies etc. left as a balance, however I've seen the balance of those inactive accounts and it has been 6 digits and rising. Just some more info to add to the pot. Not sure about what you said there....at least for Canada anyway......but I'm going to read it.

Robyn I know someone who works in a bank and he tells me all sorts of things that go on, one is, to try and convince people to have a credit card, he has to lie about having one himself to customers and how easy he finds life with one. Also when someone takes a loan out, don't ask if they want protection, say they need it or say nothing at all and add it on, hoping they don't notice.

I was once charged £30 for going £3 overdrawn, not only that the £30 they took out sent me overdrawn again and they charged me another £30, well its time the consumer hit back and I will take mine all the way. I get tired of big companys being bullys and thinking they can do what they want and get away with it.

There some handy forms on this page to get your letters into them.
http://www.thisismoney.co.uk/bankcharges

I do hope you haven’t got shares with some of them. LOL

The best link yet Chris, they even have a message board/forum for others to answer questions, it is in my favourites, I don't want to make a mistake while claiming, so I will read through this site.

Thanks Paul

Originally Posted by karel

I will keep you informed on my progress Holly, I will pay for a big Chit, Chat, voda lounge party when I get my cheque.



Robyn I know someone who works in a bank and he tells me all sorts of things that go on, one is, to try and convince people to have a credit card, he has to lie about having one himself to customers and how easy he finds life with one. Also when someone takes a loan out, don't ask if they want protection, say they need it or say nothing at all and add it on, hoping they don't notice.

I was once charged £30 for going £3 overdrawn, not only that the £30 they took out sent me overdrawn again and they charged me another £30, well its time the consumer hit back and I will take mine all the way. I get tired of big companys being bullys and thinking they can do what they want and get away with it.

Hi Paul,

Not just credit cards.........the key to banking was/is to capture all the market, which includes: mortgage, loans, rrsp's & chequing accounts....the complete "perfect customer". Then, they go into investments, mutual funds & bonds. The key was/is long term investments......therefore "customer funds" can be re-invested weekly in the stock markets........

When I was in the banking world......... the clearing was done at night through automatic machinery, any cheques that didn't automatically clear, were processed by the accounting department the next day. The accounting department then went to the branch for "approvals" to NSF or not to NSF, and there, is where the good ol "politics" of who you are and how much you have came in to "play".

In Canada, our fee's are not as high as yours, however, still not appropriate for the banking world..........

All good info here in this thread, I will continue to read some more on the links provided........

Thanks for posting

Well all the right info is off to the bank Robyn, I have opened another account just incase they get funny.

Do check back and I will let you know how I get on.

Paul

This is true as can be seen here on the sun news paper website and here on the telegraph newspaper website.

It is legal for the banks to charge you for going overdrawn however what the courts are saying is that it does no cost £25-30 to send out a letter. In reality it only costs about £2 to send out a letter and as such this is why people are able to claim the charges back.

The banks are working on a paper to overcome the surge of people claiming which will mean there will be lower bank charges in the future and if you claim too late you will only receive the difference between the old charge and the new charge back.

The banks are fighting back in another way too by adding charges to previously free accounts and also charging for using ATM's which again were previously free.

this guy is the best at offering money saving ideas and always has the most recent information on this type of thing

The banks are working on a paper to overcome the surge of people claiming which will mean there will be lower bank charges in the future and if you claim too late you will only receive the difference between the old charge and the new charge back.

Did not know this mook, will have to get my skates on. I have found a brilliant forum on the subject, it is very active and extremely helpful

http://www.penaltychargesforum.co.uk

They are trying loads of tricks to put people off claiming, it is just a case of hanging on and not being frightened off. Everyone who claims wins as long as they are prepared to wait and keep up the pressure.

The banks will always settle out of court because if they went to court they would be forced to open up their books to the world and then there would be an even bigger surge of people claiming. At the moment, although it seems like a lot of people claiming to us. it is not really that many for the bank.

I started the process on this and when i asked for my statements etc I sent a cheque for £10 to get them but my bank sent it back saying it wasn't needed and then sent all my statements to me. I'm owed approx about £2000 but have heard they will probably offer about £750. They are offering only a percentage of whatever it is you're claiming. A lot of people will take this but I for one would not.

It when you go over £5000 owing you want to maybe think about taking the offer as if you go over that you will no longer be able to use the small claims courts but will then have to use the bigger courts to try and get your money back.

So far out of all the people i have heard making a claim, none of them have been refused and have received some sort of payment so hang in there.

The banks will always settle out of court because if they went to court they would be forced to open up their books to the world and then there would be an even bigger surge of people claiming. At the moment, although it seems like a lot of people claiming to us. it is not really that many for the bank.

I started the process on this and when i asked for my statements etc I sent a cheque for £10 to get them but my bank sent it back saying it wasn't needed and then sent all my statements to me. I'm owed approx about £2000 but have heard they will probably offer about £750. They are offering only a percentage of whatever it is you're claiming. A lot of people will take this but I for one would not.

It when you go over £5000 owing you want to maybe think about taking the offer as if you go over that you will no longer be able to use the small claims courts but will then have to use the bigger courts to try and get your money back.

So far out of all the people i have heard making a claim, none of them have been refused and have received some sort of payment so hang in there.

I have done my research on this as I did not want to make any mistakes, the biggest rule is as you say....Don't take any offer out of court as you will get the full amount.

The other one is they may try and bluff you into thinking you are not entitled, they may ignore your requests, anything to put you off claiming, so yes its about hanging in there.

The forum I mentioned is brilliant and answers any question or concerns and they really know their stuff.

Keep me updated Mook to how you get on and likewise I will post any development.

Good Luck

Paul

Originally Posted by karel

Well all the right info is off to the bank Robyn, I have opened another account just incase they get funny.

Do check back and I will let you know how I get on.

Paul

ok, Batman..........do keep us updated,

you too Mook

Will do Cl

Mook if you have any problems whatsoever do go the forum mentioned above.

You start a thread, mine being Paul V Barclays (each bank has its own section) and then just keep them updated and ask them anything you like. They take you through it step by step, have all the letters in templates and answer every question you post.

You may have everything under wraps, but its there if you need it and good luck

Paul

Thanks Karel I'll have a look there if i have any problems. I'm just in the process of moving all my direct debits over to a new account in case they decide to muck me about and close the account down.

ok, Batman..........do keep us updated,

Just seen that Robyn ha ha...Its not easy being a super hero you know....Well it does have one or two perks.

Originally Posted by karel

Just seen that Robyn ha ha...Its not easy being a super hero you know....Well it does have one or two perks.

And you get directions to your home free of charge in case you get lost.

Hi All


Some relevant information for U.k users regarding bank charges.

One of the london radio stations have formulated a very sucessfull letter for claiming refunds on U.K. bank charges, one listerner gained over £2000 back in unfair charges i think so far the running total is now about £20,000 you can download the letter which hasbeen very sucesssfull from
www.lbc.co.uk go to either of 2 presenters pages for copies of the letter go to either Nick farrari or James o brians web page on the site.

make those banks pay back the unfair charges.

It's the batmobile.........great sign Mook!

......hey some more info on the banking world.

Interesting... I hope you get all your money back!

Are you rich yet Karel, lol ... ( you know we'll know how many cheques you've bounced over you life if you tell us the amount you get, lol)

Seems you might be in need of that now with computer issues ...

Good Luck there eh!!

Are you rich yet Karel, lol ... ( you know we'll know how many cheques you've bounced over you life if you tell us the amount you get, lol)

Seems you might be in need of that now with computer issues ...

Good Luck there eh!!

No Karel's not rich yet Ladyeye...The wheels are now well and truly in motion, but it does take a while, you never know I might earn enough to book that chauffeur you are after....lol

Bouncing cheques, I truly don't know what you are talking about, have you been spying....

Lloyds TSB have just won a case in court so it could be a turning point for banks unfortunatly and they might actually start winning now. Look here for more details

Mook, I heard a story last week about citi bank taking the courts by surprise and turning up to a hearing.

What happened in this case was the person in question claimed the charges were illegal, they are not, they are unlawful. This guy has the right to appeal and go with the right facts this time around. The forum I go on says don't worry, it was the guys presantation of the facts that was his undoing.

I am still in the process of my claim, so I will let you know how things develop.

ok, Batman..........do keep us updated,

you too Mook

Yippeeee I got my money today....Well it has took around 3 month but it has been well worth the wait, they bluffed, they stalled, but crumbled in the end.

£680 in total, just in time for my holidays, anyone else in the U.K in the same boat...Go for it.

Whooooo Hoooooo!

Yipppeeee! That's great Paul! They bluffed, they stalled, they crumbled.......got to like it!

That's quite a bit of money, WTG! Enjoy, enjoy!