We have all been in a position our bank charges pile up and you don’t know how to handle them. Often we don’t even know what these bank fees are for and that’s why it’s time to figure out a way to confront them.
Whether you’ve been mis-sold a packaged bank account or you’re paying for some other bank fees, you can try to reclaim them, as you’ve potentially spent your money in vain.
This is especially worth trying if you’re in financial hardship.
First of all, be determined and try to come to an arrangement with your bank.
The whole process takes a bit of effort and patience, but you’ve got nothing to lose. In fact, it doesn’t cost anything but your time.
And, more importantly, even if you don’t succeed, your bank won’t treat you any differently just because you complained.
Reclaiming is not as complicated as it sounds, so whether you want to file a payment protection insurance claim, packaged bank account claim, or any other, you need to follow a few simple steps.
Can I reclaim charges?
There is no rule for who can and who can’t reclaim charges. Anyone can ask for a refund by writing or speaking to their bank.
If your reasons for a reclaim are justified, the bank should write the charges off and you can get a refund.
So, reclaiming charges is not only possible if you think you’ve been paying in vain, but also if you’re struggling with your financial situation or if you’ve lost your job.
This is when the bank can do you a big favour and write off those charges.
How to reclaim charges?
Before writing a letter to your bank, you should decide whether you’re really sure about reclaiming and work out how much you might get.
Also, figure out why you were charged in the first place.
This is important because if you don’t have evidence or reason why you want a refund, you can forget about the bank accepting your claim.
Make sure you understand these charges. Then, if you think you have every right to file a claim, it’s time to write a complaint letter.
Keep in mind that excess bank charges are not the big issue they used to be, as the majority of banks are no longer charging fees for going over your overdraft limit.
However, if you are in financial hardship, you can still reclaim past charges.
So, reclaiming bank charges is easily done by writing a letter to your bank. In this letter, you should outline your situation and explain why you want a refund.
For example, let’s say you’ve been mis-sold a packaged bank account.
In your letter, you need to include as much information about the mis-selling situation as you can to prove your credibility.
You can describe how these fees impact you. Explain you’re paying a monthly fee for benefits you don’t need, such as travel insurance (in the case of a packaged bank account).
This way you can prove you’ve been mis-sold and, and if the bank believes you, you may be able to get a full refund.