Customers given bank charge refund boost

Fri, 23 Oct 2009

Customers seeking a helping hand from their banks have been given a boost after the Financial Ombudsman Service (FOS) called for the process of reclaiming overdraft charges to be made easier.

Under rules set out by the Financial Services Authority (FSA) high street banks are required to be sympathetic to customers who claim that they are unable to pay such charges due to hardship.

However, according to the ombudsman, too many customers are still being neglected, with banks often adopting stalling tactics to put off issuing refunds, leaving some of the most-stretched customers in deeper financial trouble.

As a result, the FOS has issued a stern letter to banks, urging them to step up their efforts to help customers or else face the consequences.

Commenting on the development, Martin Lewis of the campaign website MoneySavingExpert.com told the BBC that it is "great news" for UK consumers, who have had to suffer from banks "playing run-around" with their money for too long.

This comes soon after it was argued that the level of deposits being asked for by UK mortgage lenders continues to be artificially high.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.