Bank charges are a hot topic and the Office of Fair Trading won the right to investigate them.
Chief executive Sean Gardner said: "
Bank charges may be a hot topic in the media but many people's idea of how much they are being charged for their overdrafts is horribly wide of the mark.
There was a near ten-fold increase in
bank charge complaints in April to July last year alone - at nearly 32,000 - amid the Office of Fair Trading's High Court test case.
"It's really worth looking into because
bank charge reclaims can add up to thousands," adds Martin.
We sent three messages to UPI (UK) Limited, which claims to help reclaim unfair
bank charges, and received no reply at all.
All you need to know about
bank charges, over-charging and the errors that they make which cost you cash can be found on this site.
Currently,
bank charges range from P10 to P15 for interbank withdrawals and P2 for interbank balance inquiry.
(So why is there a demand for the
bank charge to be increased when the current cost is already high for each transaction?)," she added.
The finance ministry on Wednesday officially launched its new webpage where the public can compare
bank charges relating to current accounts and other services, in line with a 2014 EU directive.
The death knell may finally be sounding over
bank charges for breaching your overdraft limit.
A mandated taxpayer who misses the "one day prior" deadline for initiating payment should weigh the potential late deposit penalty against the
bank charge. Regardless of method, there must be adequate funds in the account on the transfer date or the transfer will fail.
NEARLY one million consumers have had claims for
bank charge refunds worth an estimated pounds 713m frozen while a test case goes through the courts.
