Bank Charges
Article By Munish Bhardwaj

Claiming back your charges: Why it is important not to accept anything less than everything.

The High Court test case may have given the banks some time to get themselves organized for a potential flood of claims but consumers who already claimed compensation are starting to realize that they accepted offers well below what they were entitled to.

Millions of consumers who demanded refunds for bank penalty charges from their banks or building societies used standard complaint letters hoping that it would result in a decent and fair payout. In most cases, a letter of complaint would be sent asking for a refund of all penalty charges imposed for returned debits, bounced cheques and exceeding overdraft limits. The banks compliance officers, who are handsomely paid to defend claims, would often respond with an offer which was less than half way, hoping that it would be accepted so that the matter could be buried under the carpet. Of course in some cases, the banks would simply reject the complaint hoping that the customer would just put the letter away in the kitchen draw and forget all about it. After all, would an old age pensioner want to continue fighting a large financial organization with the fear having the case ending up in the courts? For those who did manage to get some positive response from their banks, have already accepted paltry offers of compensation without fighting further and perhaps carried a heavy heart filled with desperation to simply get something back. In some cases the offers were less than 50% of the amount owed. The banks have had the last laugh in those cases. Accepting low offers in full and final settlement unfortunately has left many people with goodwill payments that are extremely short of the mark.

Receiving standard rejection letters should never put anyone off from fighting on. It is always worth poking away at the enemy to ensure that the complaint is investigated fully and to make sure you demand all your money with interest. It is astonishing how many people do simply get scared of bogus rejection letters from the banks. It is your money. Fight for it. Banks regularly charge referral fees of anything up to £35.00 and these charges build up with terrific speed. They can total up to figures well above the £2500 mark in most cases. To accept an offer of £500 is simply nonsensical.

It is worth remembering that fighting a bank requires plenty of energy and determination. If people are going to complain then it is important to follow through the complaint in full. To accept anything less that what you are entitled to is simply playing straight into the hands of the banks. They do it without hesitation because they know they can get away with it. The financial services industry is a murky world and recent fines imposed by the FSA show that large organizations have taken advantage of the most vulnerable people in the UK.

Those who want to complain successfully with the aim of getting back all charges with interest should seek professional help if they feel they do not have the stomach for the fight or simply not the time for such haggles. It is always worth getting professional assistance in such cases because claims firms are ready to go the full 12 rounds if need be. You deserve all your money back. Not just a handful of pennies.