There are several reasons why bank charges their customers with fees. Some of these are, below maintaining balance, non-payment of checks and overdraft. There are many of us who have been caught in such a situation, which ends us up owing money.
And, this is undeniable, stressful. This brings so much hassle. Most especially if we feel that it had been incorrectly charged against us.
Yet, never fret on that, since you have the right to ask your bank. If you have proven them right, you can redeem back the bank charges.
In claiming back bank charges you don’t need to use a claim management company directly. As this will weaken your claim if you do so. The best way is to make a formal written request rather calling your bank for correspondence. Good thing, there are several other options that the bank may offer you. This is apart from giving you immediately a full refund.
If you decide to file a formal complaint. And want to reclaim unfair bank charges, you need to present the case first your bank. This is an official complaints process. The bank has two months to make their final decision on your case. But if the bank failed to respond to you in a given specified period of time.
The next step is to forward your case to the Financial Ombudsman Service (FOS). If the FOS doesn’t support your complaints, then you go to the court. This is your final recourse to claim the unfair bank charges.
Before you file a case to claim back the bank charges you need to consider if you fit these scenarios
Point#1: Are you struggling financially?
This applies when you are struggling to pay your basic obligations. Such as rentals, mortgage, electric and water bills, food, and taxes. And also if you have a problem with the repayment of your outstanding loans and credit cards. You need to show pieces of evidence that you are in financial hardship. It could, because you lost your current job, or your partner becomes sick, or suffer disability.
Point#2: Bank charges are disproportionate.
This situation is not automatically accepted as a reason to file a complaint. It depends on the gravity of the circumstances. If you are in good standing. And no record for delinquent payment then you have the reason being irritated. But if you have a bad history it might be hard for your bank to consider your case.
Point#3: Charges are reinforcing a cycle vicious.
This is being slapped down back. And your overdraft is continually going. It means to say about being in trouble of debt because of charges. Like in a cycle of financial hardship.
If you have a genuine case then you need to follow the right protocol in filing the complaints. Follow these steps:
The first step, you may file a case directly with your bank.
The second step, make a follow-up and wait for the grace period for the bank to respond to you the solution.
If still, you are not happy with the decision of the bank.
The third step, file your case to the Financial Ombudsman Services for free.
Finally, if the FOS does not support your claims then take your case to the court.
The customer has the right to claim back the unfair bank charges. But you need to be sure that if you file a case you have a solid ground to win your complaints. This will to save you time and effort.
A friendly reminder, bringing your case of bank charges, to the court is quite expensive. Not only that, as it is also risky, so before making a crucial decision you must think about it wisely.