These bank charges are legally unenforceable according to an expert on reclaiming penalty charges made by banks. In actuality, the banks know these bank charges and avoid being sued by their clients because these are legal charges. That is why banks, of course, disagree to the accusations. However, these bank charges can be reclaimed even after you’ve already closed your account with the bank.
The law simply provides that any bank charges levied on the bank’s customers must be proportionate to the actual costs they incur. The question is, Does it really cost 35 just to automatically send a letter when someone has gone 1 over the limit? ‘ Therefore, contact your bank and ask for a listing of your last six years’ bank charges, then add the interest on top and call for a full refund. If the bank refuses to bring you the refund, and then inform them you will go to court under the small claims system. In most cases, banks will only pay out. Kindly visit the following resource: read the complete story.
But this isn’t an official process. This is about challenging the banking world and threatening them with court action. However, there’s no guarantee of winning, and yet so far a large number of people have. Below are still a few ways in helping you understand and get started on checking if you are one of those with unfair bank charges.
More Info On The Topic Of Overdraft Charges
If want to better understand the intricacies of bank charges you’ll need to try and understand a number of the common charges levied by all the banks. You may have come across the term overdraft often used during banking transactions. There are certain overdrafts which are approved by the bank and hence aren’t charged and exempted from any charges by the bank. In this case you just need to set up a short term borrowing plan with the bank. After you set this up you’ll not be required by the bank but will be in red for short spans and not being charged with any large amount. Those that are after a lot more strategies pertaining to this topic, take a look at; https://www.rebelmouse.com/maryskinmd/the-skyrocketing-fees-of-bank–715541526.html.
However, you need to make sure that your overdraft is approved by the bank else you could end being charged heavily by the bank. In case your account shows ten dollars in the red by a cheque then you could end up paying huge overdraft fees required by the bank with a high level of interest. Thus once you’ve got a bank account the worst you can perform is assume that your bank provides you all the services free of charge. You need to bear in mind that your bank charges you for the service that they offer you and even for small mistakes from your end they charge you for it. You could be charged for very small mistakes like over using your cheque book or ATM card. They even charge you if you use your ATM card at another bank.
The only way you can avoid paying these extra bank charges is by thoroughly going through the terms of the bank.
But most of all, if the banks still won’t acknowledge your claim (since they do not always pay up automatically even when they have lost the case), you can send in the bailiffs. Don’t worry. There are a number of persons exercising this option. These bailiffs will then claim the money for you.