Since the OFT deemed bank charges as 'unfair', investigations found that banks are charging businesses unfair fees when, for example, you exceed your overdraft or a cheque bounces. However, in light of the Supreme Court's ruling that fairness rules should not govern bank charges, the OFT has dropped its test case against the banks. Consequently, whilst there is still possibility your claim will lead to a refund, there is no guarantee.
If you think your business has been subject to unfair fees, you can attempt reclaim business bank charges. This can be done by your business, in which case you will need to:
- Get a list of charges made by your bank over the past six years
- Make a claim that the fees are unlawful
- Raise a court summons
The process is often long and involves a lot of hassle, so a number of companies have been started in order to assist businesses in reclaiming business bank charges. We can put you in touch with Claims Financial, a company that specialises in reclaiming unfair bank charges, providing:
- A No Win No Fee Service
- Expert friendly advice
- Handling your case from start to finish