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    FSA Ruling on Bank Charges

    It not good news for those who are reclaiming their bank charges I'm afraid:

    fool.co.uk/new…011

    Basically it says that the banks dont have to deal with these complaints any more until the FSA rule on how bank charges are to be compensated.

    4 Comments

    that is utterly disgraceful. i was in the process of doing this for a family member. however, should the fsa win, then wouldnt it be easier to get your money back afterwards?

    Original Poster

    well aparently theres no doubt about the fsa winning, but its going to take time. and more than likly they'll rule that admin fee is acceptable (about £12 per charge)

    So where you might have been claiming £1500:
    50 individual charges at £30 per charge

    You would then only be able to claim £900
    50 charges at £18 (£30 - £12 admin charge)

    thats a 40% reduction on what you've been charged.

    yeah thats what i thought. so basically the end result will probably be that the bank charges are lawful but overcharging the customer. hopefully after all this has been done it will be a simple procedure to request the difference back from the bank.

    I'm glad that they've made a decision to stop until the Office of Fair trading decides on what is fair.

    If it carried on the way it was then every Bank would be charging you to have an account.
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