The Main Stages To Reclaiming Unfair Bank Fees

December 30, 2008

The Main Stages To Reclaiming Unfair Bank Fees

Filed under: finance — Tags: 6 Years, Administration Costs, Background, Banks, Calculators, Cl, Consumer Contracts Regulations, Court Proceedings, Initial Step, Letter Format, money, Pointing Out, Principals, Proportion, Reference, Reminder, Reply, Template Letters, Unfair Terms In Consumer Contracts Regulations, Unfair Terms In Consumer Contracts Regulations 1999 — admin @ 10:42 pm


The Main Principals To Reclaiming Unfair Bank Fees. Background To Reclaiming Your Bank Charges
The initial step to reclaiming bank fees is very easy - write to the bank and say that you want your money back! Yes, really!!! The letter, using a standard letter format (your address etc at the top) should give a reference of your bank account and include the date it was written.

Then, tell them that you are requesting a refund of all fees applied to your account in the past 6


years. Remind them that Under the Unfair Terms in Consumer Contracts Regulations 1999 charges must reflect administration costs and cannot be punitive. Then list the fees you have be charged with and the amounts involved in each, pointing out that you do not believe the amounts to reflect the true cost to the bank.
Next, state the total amount that you have been charged and request that they give that back to you.
Finally, ask them to repay the money in full within 14 days, or you will begin a claim against them for the full amount, plus interest and costs. If you are at all uncertain, plenty of websites show template letters and include calculators to determine what you can claim.
You have given the bank 2 weeks to get back to you, so if it doesn't send a reminder and phone them. They might try to stall by offering a reply at a future date. In this case, write & phone telling them that you are offering them an additional 14 days before starting court proceedings.
Another trick the banks use is to tell customers that they are mistaken and cannot reclaim or that the charges are not unfair. In this case, you are probably still at the point of a second letter and then start court action.
If they reply offering the full amount then you have won. If they offer a partial refund then you have to decide whether it's enough or whether you wish to continue. If the amount of fees involved are small or the proportion they are offering to refund is large, then the effort of continuing a claim might make acceptance worth while.  But if they are giving a very low offer, there might be good rewards in reclaiming for the full amount. Only you can decide.
If you haven't got the result you want through letters, then it's time to commence bluffing your bank with court action. If your claim is for an amount below

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