Thursday, 31 July 2008

Unfair Bank Charges

If your bank has levied charges, such as unauthorised overdraft fees on your business, or even returned cheques  you might well be able to get the charges refunded.

You can claim back charges going back up to 6 years, so it can add up.  Banks must deal with any complaints from business customers immediately and businesses are strongly advised to lodge their complaints regarding unfair charges with their bank, and claim refunds as soon as possible.

Credit card fees and also loan protection policies broadly come into similar areas of examination.
There is a test court case against the Banks being conducted by the OFT – Office of Fair Trading. The first round is over but an Appeal is going ahead. We hope to have the answer to that by October 2008. Until that is clear the Banks are holding off and issuing standard letters explaining the position. In the meantime it may be possible to obtain refunds of charges if it can be shown that the Bank has acted wrongly anyway in your particular case. The Court case is to prove whether the charges are unfair in principle. If they have been wrongly applied then there should be no argument.

Bob Shepherd Associates has the background and experience to assess the position and advise. We also have legal associates who are experts in the position and the reclaiming of charges.

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