Reclaim Bank Charges and Let the Bank Pay You.

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Sunday, March 1st, 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 able to avoid bank charges, but you can reclaim bank charges and get some or all of your money back. Bank charges come in a number of different 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.Loan Charges

In order to claim back bank charges you should know the exact charges you are paying and how they are calculated each month. Many banks use standard fees across the board for all account holders of specific accounts. 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 plans are designed to offer relief in the event of a default on the loan payments. 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. You can get a PPI refund by taking the time to file PPI claims.

Types of Bank ChargesReclaiming bank charges can be done yourself, if you get the right information or you can hire one of the many companies who offer assistance with this very thing and put it in their hands. If you have no idea where to start on reclaiming bank refunds, hire an agency with the experience you lack, you pay them out of your refund not upfront and they will likely offer to complete all the paperwork for you.

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