What are Unfair Bank Charges?

Do you know your rights?

Bank charges are fees, usually a fixed amount, that are implemented by your bank in the event that you go outside the agreed terms of your account; many of which have now been deemed unlawful because they are extortionately high. A bank is legally allowed to charge customers for such things as:

Going over your overdraft limit without prior agreement
Writing a cheque that bounces
Having a direct debit or standing order that causes you to go overdrawn above the agreed limit

But, the Office of Fair Trading in a recent report branded charges of more than £12 as unfair, arguing that a default charge should "only be used to recover certain limited administration costs". These charges are, on average, about £30 and are unfair because it does not cost the bank as much to cover their admin costs as it costs you to pay the charge, so they are therefore making a profit from it.

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

Using an intermediary company can increase your chances of success and fast-track your claim because of the deals that such companies have with the banks.

Find out how to reclaim unfair bank charges