Yahoo! Finance:
At this time of year when many people are under more financial pressure than usual, it seems fitting to look at a way to recoup some lost cash. It probably comes as no surprise to hear that banks are using the fees and charges they place on our accounts as a licence to print money…
Step 1 - Do the paperwork: Check your bank statements and highlight all charges that could be considered excessive. You can attempt to reclaim any excessive fees or charges over the last 6 years. If you do not have statements going back that far then write to the bank requesting a comprehensive list of all charges showing what the offence was, the date and the amount. Alternatively ask for a copy of your statements. By law the bank must provide this information within 40 working days.
Step 2 - ask for your money back: Use a template letter such as the one on MoneySavingExpert.com and make sure you keep a copy. If you do not get a response within a few days then call your branch to ensure it has been received. Make a note of the name of the person you speak to. The bank should send you a reply within two weeks. If it doesn’t, write again and make a phone call straight away. If the bank contacts you to say it will respond ‘in due course’ or offers a partial refund and you want to decline then write back stating that a set two-week period has already passed and if you do not hear a definitive answer within a further 14 days you will take court action. Bank Action says in half of cases the bank will bluff and write back claiming the charges are not unlawful. Of course, you may get lucky and find that they respond with a cheque.
Step 3 - further action: If you get no joy then it’s time to get tough. If the bank refuses to refund the excessive charges or fails to resolve your original complaint within eight weeks, you can take your complaint to the Financial Ombudsman Service. You can get an FOS complaint form by downloading one from financial-ombudsman.org.uk and returning it by post. Outline your complaint and the actions you have taken. Explain that you believe the charges do not represent the cost incurred by the bank. Alternatively, contact the FOS by phone: 0845 080 1800, email: complaint.info financial-ombudsman.org.uk, or write to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.
Alternatively, you can take your case to the small claims court, providing the claim you are making is for less than £5,000. This process will involve some costs. See hmcourts-service.gov.uk for details. You can find tips from other customers who have complained about bank charges at independent pressure groups such as bankchargeshell.co.uk and bankactiongroup.co.uk.
And finally… Good luck. Once this is all sorted out, the best way to a repeat of this problem is to keep to authorised overdrafts, stay on top of your balance and not provide banks with an opportunity to rip you off.
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