Charge Is On to Claim Back Bank Cash ; Money Jeremy Gates On How Campaigners Are Winning the Battle Against Excessive Fees for Going Overdrawn
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Summary
ONLY about 20% of the holders of the 40m current accounts with High Street banks are said to pay charges - but they may be in sight of victory in their campaign to cut the charges of going into the red.
Campaigners claim these charges, mostly between pounds 25 and pounds 35 per item, are out of all proportion to costs actually incurred by banks when customers step out of line. The price comparison service, uSwitch.com, estimates that more than 1m compensation claims - demanding partial return of charges - have been on hold since July, 2007, totalling more than pounds 713m.See the full content of this document
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Charge Is On to Claim Back Bank Cash ; Money Jeremy Gates On How Campaigners Are Winning the Battle Against Excessive Fees for Going Overdrawn
The banks have defended their charges as part of the "price or remuneration" which they are entitled to collect for services supplied to help customers maintain their day-to-day finances - and argue that they have the right to set charges at the level they think fit.
This initial ...See the full content of this document
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