Research released today has revealed that UK banks have repaid customers as much as £200 million in unfair bank charges so far this year.
Credit Suisse evaluated bank results from the first half of 2007 to find that customers who have been charged unfair fees by their banks for things like exceeding overdrafts, bouncing checks and having insufficient funds for Direct Debits have been successfully fighting back.
It is predicted that the figures will rise further in the latter half of 2007, as pressure builds on other financial service providers to refund a range of charges that have been deemed disproportionate, such as mortgage exit fees and unpaid credit card bill charges.
Because banks are settling out of court, it is proving difficult to accurately estimate the number of people who have claimed back charges, but based on an average claim of £1,000 per person, Credit Suisse estimate that at least 200,000 people have challenged their banks.
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