Reclaim Bank Charges From Overdrawn and Bounced Cheques

A consumer reclaiming bank charges should also spot the unnecessary charges which law can class as penalties. Examples of these charges could be the cost of letters delivered informing that the clients have breached an overdraft limit, cost for the bounced cheque or failed direct debit when the banks incur the cost of informing the other party and also the day-to-day fees with interest for going overdrawn.

You should know your rights when it comes to reclaiming bank charges. Overdrawn and bounced cheques charges are the equivalent of a charge for breach of agreement, often known as liquidated damages and the court could actually enforce payment. However, the level of charges must mirror actual cost that the bank incurred and not exceed damages the bank suffered due to the breach of contract; otherwise it might be a penalty, that is unenforceable by the court. These bank charges that are not enforceable by law are covered in the Unfair Terms in Consumer Contracts Regulations 1999.

Almost all of the consumers who wish to reclaim bank charges were currently in financial hardships because of their debts, as bank charged them for up to ¡35 to send a letter and charge large amounts for going into overdrafts and missing direct debits. Don¡¯t despair because there are certain steps to reclaim bank charges through the help of specialist institutions. There are also certain actions to help you in claiming your money back.Unfair bank charges have been imposed across United Kingdom on many individuals. For all those consumers who have been charged as much as ¡40 for their unauthorized overdrawn, bounced cheques or failed direct debits have case to fight and reclaim bank charges. A number of banks are already accused of scamming their own clients with high charges for minor account problems. Unfair bank charges complaints continue to increase with most about interest rates and other charges which the banks imposed.

People hoping to reclaim bank charges were dealt some sort of surprise decision out of the Supreme Court when it ruled favoring the banks. However, the Office of Fair Trading as well as the bank consumers didn¡¯t quit and even continued to reclaim bank charges following the end of the High Court battle over them by way of complaining to their banks using advice given by specialist companies in reclaiming.

Your reclaim bank charges case may be declined therefore you have to seek the assistance of the Financial Ombudsman Service (FOS). If you are able to prove that you are on financial hardship grounds, the Financial Ombudsman Service can take into consideration your claim. They must be capable of seeing that you are genuinely having a tough time to make ends meet to have a chance for reclaiming at this stage.

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