You are here: Home - Saving & Banking - News -

Here’s 36,000 reasons to reclaim your bank charges

0
Written by:
17/04/2007

A Norfolk businessman, who wants to stay anonymous, has successfully reclaimed a record £35,987.94 from High Street bank NatWest after accusing it of charging him unlawful overdraft fees.

The bank had charged him the fees for bouncing cheques from his company. NatWest claimed it was only the spiralling cost of legal fees that caused it to take the decision.

However, this particular customer is only one of a fast-growing band of UK current account holders who have discovered that their bank will cave in to demands for refunds. This is in preference to facing a court case that may set a legal precedent and open the floodgates to millions of such claims.

Campaigners say that the banks have gone down this route because a court hearing would reveal what many believe to be the true cost of levying the charges – about £2.50 at the most – rather than the £25 to £30 regularly swiped from customers’ accounts.

Marc Gander of the Consumer Action Group said: “It is certainly a spectacular payout. It is the biggest one I know of so far that has been successful.”

The bank’s solicitor wrote to the businessman and said: “Although our client is confident that it will be successful at a final hearing, its legal fees will almost certainly outweigh the value of the claim.”

The bank therefore claimed that commercial considerations had prompted the refund.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Ernie celebrates its 50th in June with big prize draw

National Savings and Investments (NS&I) is offering its loyal Premium Bonds-holders an extra three £1m prizes in June to celebrate...

Close