People who have been charged for overdrafts in the past should reclaim the banking charges as soon as possible, one expert has stated.
David Kuo, head of personal finance at Fool.co.uk, explained that customers can claim back the banking charges plus interest that occurred in the past six years, so people could be missing out if they leave it too long.
He said: "Anyone who plans to appeal should write to their bank to ask for the charges to be refunded. Follow up with a letter threatening court proceedings."
Because banks are appealing to the high court over the rulings, most courts will probably not hear the case immediately, but the six-year limitation will also be halted, he added.
Anyone who has paid banking charges in the past should seek to get their money back, he concluded.
Meanwhile, Apcas has announced that the Faster Payments Service is now being rolled out, something which means people should benefit from faster banking transfers.
Reclaim banking charges, expert urges
Reclaim banking charges, expert urges
Wed, 28 May 2008
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