£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.
Northern Rock Announces Loss Of £585 Million And Possible £3 Billion Present From The Treasury
News that the Northern Rock has made a loss of £585 million in the first six months of the year is a little higher than the £500 million forecast we reported on just a few hours ago. However, while the figures themselves are bad it has been announced that the government is preparing to write of £3 billion of the near £20 billion due to the tax payer. In a complicated action the government wi...Read More
FTSE 100 set for new record winning streak
Today's rise of 9.52 points in the FTSE 100 index, which now stands at 4586.13, was the 11th consecutive rise in the index which equals the record. If the index was to end in positive territory tomorrow this would be an all-time record 12 consecutive days of increases. But what is actually pushing the index ahead?
There is no doubt that the last couple of weeks have seen a gradual i...
Banks 'need help' in money laundering fight
Banks want more support from government and the private sector to help them tackle the growing problem of money laundering, an anti-fraud expert has said.Karen Briggs, global head of anti-money laundering at KPMG, made her comments after research from the accountancy firm revealed that bank spending on investigating money laundering had risen by almost 60 per cent in the past three years.She said...Read More
GDP growth prospects cheer UK businesses
Strong prospects for UK economic growth during 2007 has left businesses feeling upbeat, a survey shows.High street bank Lloyds TSB's latest monthly business barometer, published today, shows an increase in the number of firms claiming conditions are set to improve.Sixty-nine per cent said their business activity would rise in the next 12 months, compared t to 62 per cent in February's poll.Sustain...Read More
European financial sector under pressure
The European Central Bank (ECB) has this evening warned EU insurance companies that a mixture of weak European economies and significant volatility in the financial markets could push many towards the edge of financial distress. Despite the fact that the European economy on the whole had initially performed better than the likes of the UK and the US when the credit crunch began, it appears to be g...Read More