Is it worth the hassle of trying to claim?
Most of us have been hit with an unfair bank charge at some point, whether that was an accidental overdraft or a direct debit coming out before pay day. Whatever your situation, if you have fallen victim to an excessive overdraft charge, you could make an effort to have the money repaid back into your account. Alternatively, you could discuss the issue with the bank, especially if you’re suffering financial hardship.
Some people may wonder if it’s worth the hassle of trying to claim back the charges. You definitely have nothing to lose, apart from the cost of a few phone calls and a stamp. If you do have a viable case, the process will be free of charge and your bank will not treat you any differently. Some banks may even re-pay the charge as a goodwill gesture to a long-standing customer. One word of advice is to avoid using claims management companies as you could end up paying a large proportion of cash to them.
If the bank refuses to pay you back, you can seek help from the Financial Ombudsman which will investigate free of charge. It can be of benefit if you’re in extreme financial hardship, or if the charges are unfair, for example, you may have been charged £35 and your account was £2 overdrawn.
Charges can get out of control
If your repeated bank charges are getting out of control, you may need additional help from professionals who have the skills to assist you. If you feel you require help managing your money, seek assistance from an independent financial advisor Wroughton based experienced financial advisors such as https://chilvester.co.uk/ can help with any money management issues you have.
According to https://www.irishtimes.com/business/financial-services/ulster-bank-customers-face-higher-charges-from-friday-1.3865090, many Ulster Bank customers are paying more to use the bank’s facilities under a new fee structure.
If you find your charges are mounting up, first of all, don’t panic. Decide whether or not you want to complain to the bank, and then try to calculate what you will receive back. Writing a good, well-mannered complaint letter is key and you will find numerous sample letters and templates which you can download and use as a guide. If your bank is being stubborn and refuses to help, you can take your case to the Financial Ombudsman.