How to Reclaim Bank Charges in the UK
The seven main banks in the UK have been called into question regarding their charges. Unauthorized use of overdraft charges set many UK account holders back hundreds of pounds per month. The office of fair trading is deciding currently on the validity of the charges but the case isn't going to be settled any time soon. In the mean time there are steps that you can take to reclaim lost money.
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Instructions
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Get your bank statements for the past few years. Some bank websites suggest six years, but it may not be necessary to go back that far. They banks must give them to you. They are legally bound to under the data protection act in the UK. They may levy a charge for this so be prepared.
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Add up all the charges that you have been hit with since you opened your account. You'll be surprised to see how quickly these add up.
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Write to you bank and ask them very nicely to refund the charges. You can cite the law prohibiting them from making a profit from charges. They are allowed to impose charges but they can only reflect administrative costs.
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Demand a full refund of charges. Your bank may offer a partial refund but don't accept it. If you do it will be much harder to make any future claims.
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Don't be put off if your bank refuses. Most of them will in hopes that you will let the case drop. If they do refuse, you can take them to county court.
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Wait the 14 days for a response. If the bank does not respond in this time then they have an additional 14 days to submit their side.
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Submit a warrant of execution if the bank still refuses to pay. If this is granted, then bailiffs can be sent to seize items from your branch. This is rarely needed as most banks will just refund the charges before it gets to this stage.
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Tips & Warnings
To make a county court claim you can go to www.moneyclaim.gov.uk and fill out the form online.
To make a warrant of execution, use the same website and fill in form number N323.
Banks do not like it when people complain. They may try shutting your bank account down during this process. Protect yourself with a back up account.
