How to Reclaim Bank Charges

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How to Reclaim Bank Charges

Hundreds of thousands of Britons have been successful in claiming back money paid in penalty charges on their bank account(s), plus interest. It’s estimated that banks have refunded nearly £1 billion worth of penalty fees to date, with the average bank charge claim being in excess of £2,000.

In order to make a claim, account holders must first total up all the charges they have incurred on current accounts, and any accounts that are no longer open, for the last six years (five years for people in Scotland ).

Some people may find they have not kept hold of six years’ worth of bank statements. If this is the case they must then write to their bank requesting a fully comprehensive list of all past charges. It is important for customers to remember that they have a legal right to demand this information under the Data Protection Act.

However, the same legislation allows banks to legally charge a maximum of £10 for all of this data.

Unfortunately, recovering bank charges is not as simple as it seems. Dealing with banks usually involves a lot of patience and perseverance as most, if not all banks make reclaiming as difficult as possible. For example, they may try to dissuade their customers from continuing with their claim by sending a letter explaining that the charges were detailed in the terms and conditions of the contract and are therefore legal.

This is where our service can help. By giving us authorisation to handle the claim on your behalf, we can ensure the process is hassle-free and that you receive the maximum amount of compensation possible.