£2bn bank charge claim back on cards
A pot of £2.12 billion is waiting to be claimed by consumers who have been charged by credit card issuers.According to uSwitch, 18.96 million British consumers has been charged a total of £4 billion in bank charges and more than half have not claimed their money back.The price comparison site estimates that 52 per cent of customers have not reclaimed money charged by their banks and credit card providers, equalling £2.12 billion in unclaimed fees. Campaigners claim that charges as much as £30 are unlawful, as banks are only supposed to charge fees to cover administration costs.Consumers are being urged to reclaim bank charges, for bounced cheques and exceeded overdraft limits, as banks have been automatically refunding fees rather than see potentially damaging test cases taken to court. Thousands of pounds has already been paid to consumers in overdraft and other fees, with many people downloading pro-forma letters from internet sites.Nick White, director of financial services at uSwitch, said: "While the majority of banks are bending over backwards to refund bank charges to those consumers that take the initiative to fight back, this is not because the banks have gone soft in the last couple of months."Banks are reported to be considering imposing annual fees for standard current accounts, but 83 per cent of the 4,450 consumers polled by YouGov on behalf of uSwitch said that they would ditch their bank if annual fees were introduced.
HSBC optimistic for the future
Banking giant HSBC has today delivered third-quarter figures which were better than expected and showed that bad debts provisions have fallen to their lowest level for 12 months. It is fair to say that these figures surprised many analysts who believed that in line with the general banking sector, HSBC Management would attempt to downplay any recovery and increase bad debt provisions.
Chelsea building society suffers £41 million mortgage fraud hit
It has been revealed today that the Chelsea building society has been hit by an alleged buy to let £41 million mortgage which has plunged the building society into a substantial loss for the first half of the financial year. The situation has also prompted a massive clear out the company's top management and a new management team have been installed to assess the situation and plot the way ahead....Read More
Where did all the money go?
As the UK economy continues to bump along in recession many people are now wondering where the billions upon billions of pounds of taxpayer's money has all gone. We have seen a quantitative easing investment programme in the billions, we have seen VAT reduced, we have seen the UK government take a large stakes in UK banks and investment programmes continue up and down the country. However, if the...Read More
UK economy set to fall by 2.8% in 2009
The International Monetary Fund has today issued a report on a variety of Western governments, Western economies and how they are coping with the ongoing economic difficulties. Yet again the UK has been mentioned as the weakest economy in the developed world with forecasts indicating a 2.8% reduction in the UK economy this year. This is the largest one-year fall since 1946 and a rate which is fast...Read More
Savvy savers go for consistency
Only three savings accounts out of ten re-achieved the same top rankings this January that they did two years earlier in Investec Private Bank's Savings Index, showing that banks rarely perform consistently.The index, which rates top performing savings accounts for balances of £25,000, found that Britannia's HomeSaver account was the very best for consistency, with its 6.55 gross interest rate.Re...Read More