YTFC Forum

darren · Joined: 28 Dec 2005 Posts: 334 Location: Yeovil, Somerset

Have you ever been charged by your bank for having a direct debit returned? What did they charge you, £20? £38? Whatever it was, I can guarantee they probably gave you the runaround when you called to query it and made it very difficult for you to get it refunded, if at all.

In these days of automation, the banks cost of 'bouncing' items are at the very most £1. That's if they've got to send a letter (most don't these days). The big four banks have been estimated to make £3billion from these charges, and the majority of the people who receive these charges are generally those who can least afford them.

A few people have challenged the fact that the banks can charge so much. Under existing legislation (from the 1800s but strengthened by recent laws) these charges are illegal. Many have used the law to get these charges refunded from their banks.

I'm a regular visitor to www.moneysavingexpert.com. If you listen to Radio 2's Jeremy Vine, you'll be familiar with Martin Lewis, the guy behind the site. On his site he has covered a forum that has been specifically set up to help people in this position. The forum was set up in mid January and has over 6000 members.

The address is http://www.bankactiongroup.co.uk/

On there you'll find many resources to assist you, and all necessary advice. You can also read about the progress of other people. What is interesting to note is that it's clear that almost everyone who challenges their bank has won.

It is worth a visit if you've ever been charged. You can claim back charges covering the last 6 years. I wasn't sure if it would be worth my time, but after totting up these charges, I'm looking at a claim to my bank of nearly £3000. Many cases are settled early, if it goes to the small claims court you may be looking at a small outlay but it may be worth it.

I get no referral fee for encouraging people to visit the site, nor do I have any relationship with them apart from being a forum visitor there (dazza12). I just thought it's worth bringing to people's attention.