Are you one of the millions of people across Britain who have been subjected to bank charges for unauthorised overdrafts, bounced cheques or failed direct debits, and have yet to join the ranks fighting back against bank charges? The good news is you still have time!
That's because the Office of Fair Trading (OFT) has announced that the results of its investigation into bank charges will not be released this month as expected. Instead, the OFT will announce at the end of April what their scope is for wider investigation, and will make their findings available at the end of the year. The reason for the delay is because the OFT has said it must consider what effect capping or reviewing bank charges will have on those who do not incur them – which could spell the end of free banking as we know it.
But follow our handy guide showing you can claim some or all of your charges back, and you may soon find a nice fat cheque landing on your doormat.
The recent victory by a businessman who managed to claw back £36,000 from NatWest is thought to be the biggest win yet, and further evidence that banks will settle claims rather than fighting the principle of charges in court. Be warned however, if you are successful your bank may penalise you by closing your account with them, so think about opening a parachute account first and then decide what you will do with your money. Why not open an ISA or a savings account and start making your unexpected windfall work hard for you.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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