£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.
FSA stress tests consider worst-case scenario
While the Financial Services Authority (FSA) has refused to reveal the results of various stress tests on the U.K.'s financial sector and financial companies, the FSA has revealed details of its criteria. It is worth while stressing that this is a worst-case scenario, and one which is unlikely to happen, however the FSA used a figure of 12% unemployment, no growth in the economy until 2011, a 50%...Read More
Why saving just a pound a day is a start
If we were to say to you "Could you save a pound today?" the chances are you would laugh and say yes. However, if you're able to trim just one pound a day from your regular budget this equates to over £360 a year, although if you are able to trim two pounds a day from your budget this will equate to over £700 a year, etc, etc. Do you get the picture?
The problem which many people...
SNP MEP demands European Commission block takeover of HBOS
Just when you thought the Lloyds TSB and HBOS merger was coming to a conclusion it has been announced that a member of the Scottish parliament has appealed to the European Commission to block the merger of the two companies. The grounds for the request relate to the fact the government appear, in your eyes of many, to have instigated unlevel level playing fields for Lloyds TSB and possible other p...Read More
ECB begins to turn down the fiscal stimulus flame
The European Central Bank (ECB) has today begun to turn down the fiscal stimulus flame which has helped the European economy recover over the last few months. There has also been an increase in the forecast rate of economic growth for 2010 which is now expected to be in the region of 0.8%. It also appears that European interest rates will increase in the short to medium term as slowly but surely w...Read More
The debit card is king
It has been revealed that debit cards are the preferred method of payment amongst the vast majority of the UK with substantial numbers looking to reduce their credit card debt and spend within their means. It was revealed that debit card retail sales grew by 6.8% in 2008 to a substantial £116.1 billion, accounting for more than two thirds of acquisitions using "plastic".
Over the s...