Bank Charge Reclaims

Banks hitting customers with hefty charges when they go beyond their overdraft limit is nothing new, but now there are ways to get your money back. Simple Financial Solutions can help you reclaim those annoying penalty charges along with the interest too. By utilising our expertise you can sit back and wait for your hard earned cash to return. We will administer your claim from start to finish as we aim to get the best possible return for you as quickly as possible.

Bank charges – what to look out for

With people under more financial pressure than usual, it is important to keep a particularly keen eye on your bank statements so you don’t spill over your overdraft limit. If you do, however, and get hit with an obligatory charge, fear not as you are often well within your rights to try and claim it back. Not many people are aware that this is possible which is why you’ll need the support of Simple Financial Solutions. We can help you to identify the charges that are unfair; these include unarranged borrowing fees, unpaid cheque or direct debit fees and card or account misuse fees. You may also be able to claim back the interest. You may even be able to claim a refund for overdraft charges as your bank should not have allowed you to exceed your limit. And you don’t need to restrict yourself to looking at recent statements to unearth unfair bank charges, you can claim for those imposed up to six years ago (even if the account is now closed).

Are you eligible?

You will stand a better chance of successfully reclaiming a bank charge if you:

  • Are in financial hardship: banks must treat you fairly and be considerate if you are in financial difficulty. You’ll need to justify that you are, by showing, for example, that you can’t pay for necessities/debts, have been ill or rendered disabled, have experienced a substantial drop in income, have gone bankrupt, frequently go over your overdraft limit.
  • Feel your charges are disproportionate: this would be if you marginally went into your overdraft for a brief period yet were charged, say, £40.
  • Can’t break free from a cycle of charges: this is where you have charges on top of charges and you simply can’t get straight.

Will your credit rating be affected?

No, it won’t, however the bank may choose not to deal with you again in the future. Your rating may be affected, though, if you are offered a payment plan to improve your account, while it is also possible that restrictions may be imposed on your account (such as no longer being able to use a cheque book) or you may even be moved to a basic account.
Thankfully, the Ombudsman has put a stop to banks closing the accounts of those who are making a reclaim based on unauthorised or unfair overdraft charges.

So what now?

If you feel that you have been on the wrong end of an unfair bank charge, don’t worry, action can be taken. All you need to do is call Simple Financial Solutions on 0800 043 2027 to discuss your situation with our team of specialists.

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