Britain's competition watchdog is expected to call for clearer bank charges
, according to Reuters.
New UK customers can claim back hidden bank charges
from one transaction completed in the three months prior to the date when they transfer again with TransferWise.
However, rumours of the death of bank charges
reclaiming have been exaggerated.
It said that the authority received many complaints in 2013 against collection of bank charges
from the consumers.
For example, HDFC Bank charges
Rs 350 for every rejection in a quarter.
However, if you are or have been hit, do remember reports of the death of reclaiming unfair bank charges
have been exaggerated.
They said the contract between a service provider and his bank to collect bills is the contract between these two parties and consumers are not a party to this contract and hence it is illegal to extort bank charges
for bill payment from the consumers.
The bank charges
I've been charged in the past get me overdrawn again the following month.
to call for more transparency around bank charges
to help customers choose the right account.
Speaking to bankers at the Reserve Bank in a meeting which was attended by the central bank governor Gideon Gono and his board, acting Finance Minister (FinMin), Gorden Moyo, warned banks on the issue of high lending interest rates and bank charges
Fixed bank charges
and fees will be fixed and applied to all banks in the country.
Summary: The Government has moved a step closer to fulfilling its coalition commitment to end unfair bank charges