Customers 'should act now' on bank charges

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Customers 'should act now' on bank charges

Fri 23rd May 2008

Following news that banks will appeal against the High Court ruling on unfair account charges, the head of personal finance at Fool.co.uk has urged consumers to submit their own claims as soon as possible.

David Kuo explained that bank customers are currently eligible to reclaim unfair charges, such as those for going exceeding an overdraft limit, plus interest, that occurred over the last six years.

However, if the banks win their appeal, that may change. Mr Kuo suggested that banks want to hold on to their customer's money for as long as possible, so consumers need to ensure they take action.

"Anyone who plans to appeal should write to their bank to ask for the charges to be refunded. Follow up with a letter threatening court proceedings," he recommended.

Seven banks and one building society are currently involved in the court proceedings with the Office of Fair Trading over the legality of unarranged overdraft fees.

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