How To Reclaim Your Bank Charges

Home Advisory Service is adding its voice to the call for banks to stop charging its customers excessive penalty charges as the legality of their action is called into question.

It is estimated that last year alone banks received over £4 million in revenue from penalty charges, many of which are in the region of £30 a time for such actions as using unauthorised overdrafts, cheques which bounce, and clearing Direct Debits when there are insufficient funds in the account. Charges can accumulate rapidly and before you know it you owe £100’s of pounds.

Now, thanks to a number of individuals who decided to challenge the action of their banks, many have received reimbursement of the penalty charges they have paid plus interest. They have challenged the charges on the basis that they are illegal because they are a ‘penalty’, rather than a reflection of the true costs incurred, as set out by the Office of Fair Trading regulations.

It has been argued that under the unfair terms in consumer contracts regulations (1999) all penalty charges should truly reflect the cost of administering them. Therefore if a penalty charge is higher than its administrative cost it may be illegal.

If you have been affected by unfair bank, credit card or store card charges we are here to help; There are a number of documents that have been prepared for you to use to challenge any charges you believe to be excessive or unfair in different circumstances.

Please select one of the the four options below:

1. If you have all of your bank statements (from the past six years) - CLICK HERE

2. If you have some of your bank statements (from the past six years) - CLICK HERE

3. If you have very few of your bank statements (from the past six years) - CLICK HERE

4. If you have no bank statements (from the past six years) - CLICK HERE

Once you have received an offer from the bank regarding your claim, you will have to decide whether or not to accept it - this is purely a personal decision based on your circumstances.

If you are unhappy with the bank's offer - CLICK HERE

If you wish to file a claim in the Small Claims Court (England & Wales) - CLICK HERE

Home Advisory Service has teamed up with penaltycharges.co.uk to provide you with all the documentation you need to make your claim. Stephen Hone is a leading campaigner against penalty charges and founder of the website www.penaltycharges.co.uk.