Almost two-thirds of Britons eligible for a refund could be holding off reclaiming unfair bank charges for fear of retaliation from their banks, consumer group Which? has revealed.
Up to 64 per cent of Britons are delaying approaching their banks despite the fact that ten million could still be due a refund, Which? found.
Over one-fifth of customers has confessed they are delaying approaching their bank because they 'fear how their bank would react', the consumer group found.
Reprisals most feared include banks closing their accounts at short notice – a practice reportedly adopted by Nationwide, HSBC, Alliance & Leciester and Abbey.
"It can't be good for the banks' image that so many people found them less than helpful," commented Emma Bandey, Which? personal finance campaigner.
Meanwhile, another 22 per cent of people thought making a claim was just too complicated to undertake, while a third said they were clueless about how to begin.
Which? is providing customers with a hand-holding guide to every stage of the reclaim process.
According to its statistics, 85 per cent of those who have launched a claim against their banks have been successful in reclaiming at least a part of their fee.Click here to find out more about reclaiming bank charges
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