Find a Way to Reclaim Bank Charges You’ve Been Paying for Years.
Saturday, February 14th, 2009 Subscribe To Our Feed
Bank charges are often confusing and hard to swallow when your hard earned money feels like it’s going down the tubes for no reason. You may not be about the avoid bank charges, but you can get to the bottom of them and reclaim bank charges to get a little something back for you. Bank charges come in many forms. These include PPI (Payment Protection Insurance), overdraft, monthly maintenance and account balance fees. These may all seem small in comparison to the high interest rates of credit cards, but over time can really add up.Specific Bank Charges
To claim back bank charges, you first need to know exactly what you’ve been paying and how those charges are determined. Banks generally use a standard set of charges and fees that are determined for a specific type of account and applied to all accountholders within those account types. One way to assess the fees you’ve been paying is to gather your last six months worth of bank statements and compare the fees on each one. If they seem to be changing, then they may be a flexible fee based on how much is in your account or other activity. For fees and charges you don’t understand, take the time to contact your bank manager for an explanation.
Now that you know the types of and amounts of fees you are paying, you should consider the amount of time you’ve had the account to come up with an estimate of the total amount in fees you’ve paid. This is potentially the amount you could reclaim. PPI payments are one of the major areas people work to reclaim. These are the payments you make for payment protection insurance, insurance there in case something happens where you are not able to make your monthly payment. When you default on your payment or have a major situation that keeps you from paying the balance, then in theory the PPI would pay your payments for you. You may never use this insurance and instead find yourself paying into for the life of your loans. A PPI claim is a great place to start reclaiming your bank charges and work to receive a PPI refund.
Bank ChargesYou can learn how to file the claims yourself or hire the assistance of one of the many companies who specialize in bank charge refunds. If you are unsure where to start the help from an agency with claim experience is the way to go and you pay them out of your refund with no worries about payment and fees upfront.
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