How You Can Benefit From OFT’s Recent Legal Action Against Banks
Feb 12 at 11:11pm by Personal Finance Claims
With OFT (Office Of Fair Trading) filing a case against seven of the biggest banks in UK, the issue of bank overcharging, it seems, has finally come to the forefront. Before this, the account holders themselves filed most of the cases related to bank overcharging and this is why not much success was achieved on this front. The speculations certainly do not end with OFT’s legal action, but since the OFT has more resources and expertise in fighting court cases, most account holders are anticipating a court ruling in favour of the consumers. Legal experts however are not towing this line because they believe that if something like this happens, the entire banking industry will vanish overnight. They reason that bank charges contribute a significant percentage to the revenues and if that dries up, most banks will have no other option but to wind up their operations.
The verdict may eventually go in favour of consumers, but at this point of time what I would like to recommend is that you don’t waste your time waiting for the final court ruling. I say so because banks have still not stopped overcharging and if you don’t act fast, banks might continue to do so. The OFT might be working hard to get a favourable court ruling, but since no one knows exactly how long that will take, I recommend that you file your claim right away. Filing your case early will help because if OFT wins satisfactorily, you will not have to wait for long to get back your hard-earned money. The success of most of the claims filed to date depends on the final ruling in the OFT case and this is why it would be better if you filed your claim today .
The first thing you need to do is call up your bank and request them to provide a detailed bank statement that lists out each and every transaction made in your account. After receiving the statement, you need to go through it and try to locate the unauthorised charges such as those related to bounced cheques, overdraft fees, etc. When you are done with this, you need to write a claims letter to your bank, requesting a full settlement of your claims. If your bank agrees, well and good, but if it does not, which is more likely, then you might have to file a court case. So, I would recommend that you stop wasting time and call up your bank today itself. This journey will be long and it would be better if you made an early start.
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Stop Being Fleeced By Your Bank, File Your Claim Today
Feb 6 at 11:11am by Personal Finance Claims
If you have often been left wondering as to where all the money just keeps disappearing from your bank account, then the first thing you need to do is pull out some of your old bank statements and have a look at all the entries, especially the ones that might be listed under the debit (Dr.) category. When you do this, what you are most likely to notice is that there are several entries that have nothing to do with your cash withdrawals, purchases, EMI’s, insurance premiums or for that matter entries that seem completely alien to you. Each of these mysterious (Dr.) entries may be relatively small, but when you add these up, you will realize that they make a significant percentage of your overall Debit transactions.
So, why are these entries there in my bank statement when I don’t have anything to do with them? Well, the answer is simply that banks have a business to run and make profits. As such you can bet that they will not shy away from making the most of every earning opportunity that comes their way. Your bank statement may not have detailed information about these entries, but you can rest assured that what they basically represent is nothing but the Greed of these banks to earn more and more profits.
Now that you know, it’s likely that you would want to find remedial measures that might be available. However, I don’t think that you will be able to make much of a difference as of now simply because what these banks are doing is not at all illegal. Account holders may have filed thousands of cases pertaining to bank overcharges, but since the rules and regulations as related to bank charges are still not definitive, claims of account holders just seems to be piling up in the courts without showing any major signs of improvement.
However, that should not prevent you from filing your own claim because change is the only constant and you never know when circumstances might change in favour of account holders. The piled up cases are like an explosives dump ground and all that is needed is a single victory that will act as the spark, putting an end to the ever-growing greed of these banking behemoths. So, I would recommend that you file your claim with your bank today .
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Courts To Decide The Legality Of Punitive Bank Charges
Jan 30 at 9:09am by Personal Finance Claims
Over the years, thousands of cases have been filed against banks in UK for overcharging, but customers are still finding it difficult to get rightful justice. The problem it seems is with the archaic banking rules and regulations that are quite ambiguous, especially when it comes to defining the legality of punitive bank charges. Since, the existing banking related laws are quite lax, banks and other lending institutions are easily able to find an excuse for overcharging customers and get a decision in their favour. This is why nothing much has changed over the years. Banks are still overcharging customers even when cases are continually piling up in courts all across the country.
Victims of bank overcharging however need not lose all hopes because although slow, things have certainly started moving in the right direction. You may not be aware, but the latest news is that courts have finally agreed to allow a case that seeks to determine whether or not consumers can pursue overcharging claims against banks. The best thing about the whole event is that the case is being pursued by none other than the Office of Fair Trading (OFT). Had the case been filed by an individual, not much could have been said about its outcome, but since the OFT has the necessary resources and talent, victims can at least expect a favourable outcome this time around.
The case currently being fought by OFT is against seven prominent banks and a building society. Since it mainly concerns unauthorised borrowing fees, it may not be directly related to bank overcharging, but since a favourable decision in this case will certainly act as a guiding light and set the tone for other pending and future litigations, most victims are avidly waiting for the court’s final verdict. If the court decides in favour of consumers in this case, the OFT will then file a second case that directly relates to bank overcharging. OFT officials say that the basic plan is to prove that common bank charges such as those arising from bounced cheques, overdraft, late payments etc, are way more than the actual costs. The purpose is to seek a favourable judgment that would put a limit on the fees and penalties that are generally charged by banks at their own discretion.
The final verdict may take some time, but you need not get anxious because verdict or no verdict, you can still pursue your claims with your bank. The OFT has set some limits and if your bank is exceeding these limits, you have every right to make a claim and get your money back. So, I would recommend that you file your claims right away and do not necessarily wait for the courts to decide in favour of customers.
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