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Finance
Mortgages, pensions, loans, shares, savings |
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Bank Charges
Bank Charges
The ongoing saga of bank charges has made the headlines yet again and this time it’s bad news for the customers. These charges have seen a turbulent history over the last year with some calling for them to be scrapped. Now the Financial Services Authority has issued a statement saying that banks “are no longer obliged to deal with these claims.”
Bank charges explained
These charges refer to the amount of money people have to pay when they exceed an agreed overdraft limit, although it does apply to other things as well. The amount varies, but it is usually £12-£40. These charges have been seen as unfair as the actual cost to the bank can be as little as £5.
Outstanding Claims
If you have put in for a claim and it has yet to be dealt with, the chances are it probably won’t be. Several banks and buildings societies are involved in a current “test claim” which isn’t due to start until October. Customers of these institutions will have to wait until the “test claim” has finished in order to find out whether their claim been successful or not. So for now, these institutions don’t have to do anything.
Successful claims
Many people however have already been successful in claiming back bank charges. If your bank isn’t one involved in the “test claim” it may be possible to still go ahead. To find out which institutions are involved visit the
Financial Services Authority website.
http://www.moneymadeclear.fsa.gov.uk/
This recent development is just one of the many monetary woes that the country has suffered this year. Let’s hope that things will get better soon and not worse!
Fiona Seymour-Jesse
SJ Copy
PS: Want to find out more about writing? Then take a look at my newsletter!
http://www.businessinberkshire.co.uk/sjcopy/extra23.html
Useful Links
Big Blow for Bank Charges Victims
http://www.fool.co.uk/news/your-money/current-accounts/2007/07/27/blow-for-indebted-bank-charges-victims.aspx?source=ioowftxt0010011
Money Saving Expert
http://www.moneysavingexpert.com/reclaim/bank-charges
ThriftyScot
http://www.thriftyscot.co.uk/Banking-Savings/fair-or-unfair-who-decides.html
The finance pages of Business in Berkshire are for general guidance only and advice should always be sought before acting on any of the suggestions made
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