 BUSINESS 4NETWORKING [Claiming Bank Charges] |
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Posted on 16th Mar 2007 at 21:48
I few months ago I decided to try and claim my bank charges back from the HSBC. Today I was awarded £660. The process was very simple and took me about 6 weeks. 1. I wrote to my bank asking for the statements for the past 6 years for my accounts. 2. I then made a note of all the charges, listing them in date order. 3. After a few weeks I was awarded a refund. In 6 years time I will repeat the process. My main concern was my accounts would be closed down, this was not the case. I hope this info is of use to anyone who is thinking of claiming. Pete
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Posted on 16th Mar 2007 at 22:15
"In 6 years time I will repeat the process" I mean no disrespect Pete, but why can't you manage your accounts in a suitable manner so that you don't need to pay any more charges over the next 6 years?
Gary Martin
KiltoxServices - Web Services with Standards!
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Posted on 17th Mar 2007 at 06:17
If i get any thing other than the standard business charges i have signed up for and agreed, then i'm on the phone to my business manager or his assistant. Every time i have had an instant refund. It's normal a £15 charge for going over drawn on my over draft. But when it's for 24 hours and some times less , there is no way that is fair. And every time there is a bank survery i complain about getting charges for paying money in etc and over draft set up fees. If enough people complained then the banks would have to be more transparent. It's the "hiden" charges that most people hate.
Susan
Little Gems Nursery
North Petherton, Bridgwater,Somerset
Susan@littlegemsnursery.co.uk
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Posted on 17th Mar 2007 at 06:22
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Posted on 17th Mar 2007 at 07:32
Gary for the past 6 years I worked all over the world, generally doing my bit in the fight against global terrorism. It was difficult at times keepinf track of finances, added to that I own lots of properties and I have bills coming in left right and centre. A lot of people nowadays find it difficult to avoid bank charges I simply posted the information as it could be helpful to some of the members here. I did not expect the curt reply from someone who does not know me at all, probably something to do with your age.
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Posted on 17th Mar 2007 at 09:13
This isn't a new thing but still very useful info. It's worth double checking that your still able to do this as the last I heard banks where closing the loop hole with the help of the FSA by rewording the charges as 'service costs' rather than charges etc....
I know one guy that didn't take the offer he was made and took it to the small claims and his bank (HSBC I think) paid out in full. Aparrantly the banks offer you about two thirds of what you think they owe you in charges but so far anyone that has contested it and asked for the full amount has been successful......
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Posted on 17th Mar 2007 at 09:16
Sue you mentioned 'fairness' and that is the crux of the issue with the banks as they can't prove that they have incurred an actual loss that warrants the £15 up to £30 charge for going over your over draft or a cheque being presented without sifficient funds etc. On investigation the FSA said that an actually charge of £4 would be considered fair under the circumstances described above.........
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Posted on 17th Mar 2007 at 16:04
The thing is though, these charges are described in full detail in the contract you sign when opening an account. Would you tell any other business the amount they were charging you for their services was unfair after agreeing to pay them by acknowledging a quotation?
Gary Martin
KiltoxServices - Web Services with Standards!
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Posted on 17th Mar 2007 at 17:09
Gary I would give it a rest you are making yourself sound like a prat. I opened my bank account when I was still at school that was 25 years ago, there was certainly no contract that I was ever aware of. My son has a bank account, he went £20 overdrawn and was charged £60. The reason people are allowed to claim these charges back is simply because they are deemed to be unfair when balanced against the cost of sending a letter out to say a person has gone overdrawn. You are obviously entitled to your opinion, however to make personal statements about people you do not know is wrong. I do like the skirt though.
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Posted on 17th Mar 2007 at 17:59
Okay Pete, fair enough. I hold four current accounts with three seperate banks and each one made me sign an agreement about the terms and conditions of the account including charges for going overdrawn, etc. Obviously this was a lot more recently, over the past four years and my comment about contracts was based on my own experiences. I agree that the charges are certainly unfair however I don't agree that this means people should be able to claim them back.
Gary Martin
KiltoxServices - Web Services with Standards!
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Posted on 17th Mar 2007 at 18:37
This is a tricky bit of terrain.. Gary, Pete's got a point - you were heading towards sounding like you were trying to tell Pete off for mismanaging his money... Pete, hats off for a controlled and respectful reply. Now - to the issue of bank charges. While I agree that £60 for generating a standard letter is steep, I'm still surprised that some external body can wade in and rule this as excessive in what - as Gary points out - is a fairly clear agreement between two parties. That it is expensive (even extortionate) should not, in itself be grounds for intervention. I can't help thinking that it would be like someone deciding, 6 years from now that, in fact, your daily consulting rate was distastefully high and forcing you to pay 50% of it back to your clients. Or that the yacht you bought was in fact obscenely over priced (for a bit of GRP and canvas) and that the boatyard should give you back 50% of what you paid for it. Pete, I don't blame you or anyone reclaiming money if the law says you can. I just want to know how & why that same logic wouldn't / won't be applied to what any of us do somewhere down the line?
 'mu:kaumedia I blog I 4Cast 
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Posted on 17th Mar 2007 at 18:48
lol you think Pete's
'Gary I would give it a rest you are making yourself sound like a prat.'
and not just a bit of a pop at him?
Dont get me wrong I can see why he said it but Gary's statement wasn't personal he even pointed out that he didn't mean it in a personal way so it could be argued that a personal response whether warranted or not was un called for...
gary may be young but if he's managing his money successfully fair play to him, he's also as equally as entitled to his opinion as everyone and tends, in my opinion, to express them well and in an unoffensive manner.....
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Posted on 17th Mar 2007 at 19:50
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Posted on 17th Mar 2007 at 20:34
I also am suprised that a Bank customer can sign a contract agreeing to be charged a certain amount then can demand a large proportion of what they've agreed to be charged back - seems odd to me! I think I must be among a minority in saying I have little complaint against either of the two High St Banks I've had an account with during the last 30 years.
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Posted on 17th Mar 2007 at 20:42
My last post shows that, in principle, I agree with Gary on this. And his question to Pete is a good one. I can also understand why Pete might find Gary's point (oh what's the word...) sanctimonious?? I seem to remember that it was quite easy to balance the books at 16.
'mu:kaumedia I blog I 4Cast
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