Wednesday, May 10, 2006
I Fought The Bank...
Some people say far too much about nothing (backbone of the blog phenomenon) but for the first time in a while I actually have something important to say, simply because it can save you money.
Today I resolved a dispute with Lloyds TSB about a situation known to students and the financially erratic people everywhere, bank charges. Cheque bounced? Not enough funds in the account? Direct Debit trouble? Each of these seem to incur fines from £15 - £30, the last thing you need when in financial deep water. These charges earn banks over £3 Billion per year, and something about them just feels.. unfair.
Never let it be said to not trust your feelings (Feelings get you killed in war!), as this turns out to be true, and a learned friend of mine pointed me in the direction of Money Saving Expert, a site which should be a national treasure, an excellent guide to cutting your costs and getting up to date on legislation the banks don't want you to know.
As well as excellent advice on how to cut car insurance rates, get the best deal for your mobile phone and get loads of free stuff it explains how bank charges such as the ones mentioned earlier breach the 1997 Unfair Terms Contracts (See the page here), and that you can reclaim it (Plus 8% Interest).
Working with the Consumer Action Group these sites give you step by step guidence on how to reclaim your money (PLEASE read all the FAQ's, they really do explain it all), from finding out how much you've been charged (It can come as a shock, have a cup of Tea to hand), telling the bank you want the money back, and if nesecery, how to take the case to court. Although the site administrators are busy guys, constantly being asked to answer stuff explained in the FAQ (I made this mistake and hate myself for it...) the forum users have all felt the burned of trying to disciper and absorb all the info the site provides and dealing with bank mangers and offer a supportive community.
I only got £50 back from Lloyds TSB, less £10 fee for finding what my charges came to (Banks charge you to find this out, although I found out later you can do it yourself for free using the LLoyds TSB internet banking), but £40 will do nicely right now and it feels damn good to get money back of the banks. Initial research on this subject suggested that bank charges can only meet the amount you go overdrawn by, meaning I should of gotten much less, but the bank refunded the full amount as a "guesture of good will".
It's also a training exercise for me, a mere skimmerish. I knew I hadn't many charges on that account, it reflected my ever increasing financial maturity, but now I feel more confident taking on Natwest, both old student account and its accursed credit card.
I hope to regain a fair sum from these accounts, and in keeping with both the wishes of these excellent free support services and my Ancient Scouce Traditions, a good lump of it will got to charity. What I want more than anything however is for more people to know that this option is open to them. Jobseekers could benifit greatly from this advice, as would people on income support, and the people who are kept in the dark and exploited by the people they trust with thier money.
Best of, money can be forced out of the accounts of banks and into the hands of needy charities. There is nothing to loose from at least trying to claim money back, and if you really dont want to take on your bank, at least visit Money Saving Expert for its other fantastic rescources.
Today I resolved a dispute with Lloyds TSB about a situation known to students and the financially erratic people everywhere, bank charges. Cheque bounced? Not enough funds in the account? Direct Debit trouble? Each of these seem to incur fines from £15 - £30, the last thing you need when in financial deep water. These charges earn banks over £3 Billion per year, and something about them just feels.. unfair.
Never let it be said to not trust your feelings (Feelings get you killed in war!), as this turns out to be true, and a learned friend of mine pointed me in the direction of Money Saving Expert, a site which should be a national treasure, an excellent guide to cutting your costs and getting up to date on legislation the banks don't want you to know.
As well as excellent advice on how to cut car insurance rates, get the best deal for your mobile phone and get loads of free stuff it explains how bank charges such as the ones mentioned earlier breach the 1997 Unfair Terms Contracts (See the page here), and that you can reclaim it (Plus 8% Interest).
Working with the Consumer Action Group these sites give you step by step guidence on how to reclaim your money (PLEASE read all the FAQ's, they really do explain it all), from finding out how much you've been charged (It can come as a shock, have a cup of Tea to hand), telling the bank you want the money back, and if nesecery, how to take the case to court. Although the site administrators are busy guys, constantly being asked to answer stuff explained in the FAQ (I made this mistake and hate myself for it...) the forum users have all felt the burned of trying to disciper and absorb all the info the site provides and dealing with bank mangers and offer a supportive community.
I only got £50 back from Lloyds TSB, less £10 fee for finding what my charges came to (Banks charge you to find this out, although I found out later you can do it yourself for free using the LLoyds TSB internet banking), but £40 will do nicely right now and it feels damn good to get money back of the banks. Initial research on this subject suggested that bank charges can only meet the amount you go overdrawn by, meaning I should of gotten much less, but the bank refunded the full amount as a "guesture of good will".
It's also a training exercise for me, a mere skimmerish. I knew I hadn't many charges on that account, it reflected my ever increasing financial maturity, but now I feel more confident taking on Natwest, both old student account and its accursed credit card.
I hope to regain a fair sum from these accounts, and in keeping with both the wishes of these excellent free support services and my Ancient Scouce Traditions, a good lump of it will got to charity. What I want more than anything however is for more people to know that this option is open to them. Jobseekers could benifit greatly from this advice, as would people on income support, and the people who are kept in the dark and exploited by the people they trust with thier money.
Best of, money can be forced out of the accounts of banks and into the hands of needy charities. There is nothing to loose from at least trying to claim money back, and if you really dont want to take on your bank, at least visit Money Saving Expert for its other fantastic rescources.
Bank customers of the world unite and take over!
