No one wants to look at their bank statements with levels of disgust, never before experienced. You know the ones, don’t you? Overdrawn for bouncing a cheque, and all of that caper. It is a common thing that the charges of a bank are what instigate a demise into debt, whereby they are able to just keep charging you more and more. It is a senseless process, because it simply means that the people that are in the worst position to pay any money back, are the ones that are getting charges the most. People often end up paying thousands.

Something that has come about since people started to become aware that they could claim back their bank charges, are companies that will go through the whole process on your behalf, for a fee which is usually around 15-20% of the overall amount that is recompensed. What these claims companies are reliant upon is the fact that banks are only actually legally allowed to charge customers the amount that it has actually cost them when something interrupts the running of a bank account. They are not actually meant to be making any sort of profit from these charges. So if you were to consider that an overdraft letter is something that the bank charges approximately £30,00 for, and the letter actually costs £5,00 to generate, then something is going drastically wrong somewhere along the line. As the consumers have began to fight back in recent years though, it is nice to kno0w that six years worth of charges can be claimed back by all.

Which? The popular consumer group, carried out a survey on the subject of bank charges, and found out that 85% of people who attempt to reclaim their bank charges end up getting their money back. Not all of these people get as much back as they thought, but they do get some sort of recompense. This should be encouraging for anyone considering claiming they’re charges back. Some people are concerned though, about the relationship with they’re banks breaking down. Indeed, there w2as a story about someone claiming back £200.00 in charges, only to be told that they would have they’re account closed in 30 days time. There is no need to worry about such things though, as the bank was forced to reinstate the individuals account, and pay them a further £1000.00 in compensation. The banks are in a state whereby they know they cannot contest these charges in court, and are therefore just repaying whoever makes a claim. They are just hoping that not everybody does.

Say, for arguments sake, that you owe £20,000 what with loans and credit cars and the likes. It is likely the case that a fair amount, even thousands of this money owed, would have been caused by the bank hitting you with charges. This should not be the case and you should try to reclaim the money that is rightfully yours. Also, you can reclaim money that you were charged by a bank that you used to be a customer of.

This article is written by Jonathan L Walker, on behalf of Claims Management
UK, specialising in helping people with their Reclaim Bank Charges