If you have incurred excessive overdraft charges or other bank fees, you could try to reclaim them or come to an arrangement with your bank, especially if you’re in financial hardship. Start by talking directly to your bank. If that doesn’t work, you might be able to get free help.
Yes. It takes a bit of effort, but remember:
Anyone can write or speak to their bank and ask for a refund. Some banks might even write off charges as a gesture of goodwill to a valued customer.
A Supreme Court ruling in 2009 made it more difficult to reclaim charges, but it is still still possible, especially if you’re struggling.
If your bank refuses, you can always ask the Financial Ombudsman Service to investigate (for free).
They can help if:
We think Money Saving Expert has the best guide on how to reclaim unfair overdraft charges and bank fees.
Their guide will help you:
Avoid using a claims management company. They’ll charge you to manage your case, but you can get the same help for free.
Most online search results about reclaiming bank charges are from claims management companies trying to get money out of you. And, because the rules changed in 2009, the web is riddled with wrong information about reclaiming bank charges.
These companies will charge you to reclaim money – you can do it yourself using the guide above and avoid paying them a portion of any refund.
It’s no fun getting overdraft charges, but before you complain, ask yourself why you were charged.
This article is provided by the Money Advice Service.