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    Bank Account Charges and Refunds

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    Dec 07 2017
    Bank Account Charges and Refunds

    Bank Account Charges and Refunds

    Over 2m UK Banking Customers Permanently Stuck in Overdraft

    3 Minute Read

     

    Using an overdraft has resulted in more than 2 million customers being stuck in a vicious borrowing cycle that they can’t get out of.  Debt charity StepChange has discovered evidence of banks failing to ensure that customers were financially able to repay what they were borrowing. In the worst cases, customers made it clear that they were struggling financially but still were granted an overdraft by the bank.

     

    Payday Loan Equivalent Fees for an Overdraft

    The Guardian reported in August about “growing anger among some Lloyds and Halifax customers”. People had received letters advising them that as of November charges for using an overdraft were to see a significant rise. The rise doesn’t sound like much at 1p per day for every £7 overdrawn, but it has since been admitted by lenders that this is the equivalent of a 52% APR. These sorts of figures are usually associated with payday loan companies, not high street banks.

     

    Customer Negligence

    With the fees rising, it is becoming apparent that more and more people will struggle to get out of their overdraft. It is exceptionally poor behaviour by the banks to approve overdrafts to customers who are not financially stable, and then increase the overdraft fees to make it even more difficult. This just adds to the list of reasons for customers to be losing trust in UK banks. In additional to overdraft fees, our high street banks have been at the centre of the ongoing PPI scandal and the ever-increasing packaged bank account scandal.

     

    The Good News

    It may be possible for you to get some money back from the bank. Check out our previous posts on PPI and packaged bank account refunds to see if you qualify. Our experts are on hand to give advice on what options are available to you. Call us on our freephone number: 0800 007 3777. Alternatively, enter your details below and we will be in touch.

     

    Do I Qualify for a Refund?

    Complete the form & we'll help you find out:
      Please select at least one option. By clicking the submit button you agree that we can process your personal data according to our privacy and cookie policy

     

    Posted in: bank account fees refund, Packaged Bank Account Refund Tagged: account mis-selling, advice reclaim bank charges, bank account claim, bank account claims, bank account fees, bank account fees refund account mis-selling, bank account refund, bank refund, banking, claim back bank account charges, overdraft charges, packaged bank account

    About Nick Stocks

    Nick Stocks is an internet consultant and Packaged Bank Account claims specialist with a passion for photography. View all posts by Nick Stocks

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