£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.
EU regulations will increase credit card refunds
New EU regulations, which will come into force in the UK in November, will see more and more credit card holders able to reclaim for payments which were not pinpointed at the point-of-sale and eventually turned out to be more "than they had expected". Under the new legislation, which will be part of the EU's payment services directive, credit card holders who dispute their bill will be able to req...Read More
Luxury credit card defies credit crunch
A credit card inlaid with a 0.02 carat diamond and laced with gold has been unveiled by a Kazakh bank.Labelled the Diamond, it will cost £620 annually and has a personal "manager", available 24 hours a day.The card, which will feature a picture of a winged horse for men and a peacock for women, will be launched by Kazkommertzbank and MasterCard later this month, the Financial Times reports.Head o...Read More
FTSE 100 ends a winning streak
The FTSE 100 today fell just under 40 points ending a five-game winning streak which has seen the index push above the level last seen prior to the Lehman Bros collapse. Mining stocks and banking stocks were the main losers today pulling the market down despite a number of sectors remaining fairly buoyant. It will be interesting to see how the markets react to a reduced trading period tomorrow bec...Read More
Is AOL set to ditch social networking site Bebo?
It is believed that Internet giant AOL is looking at potentially closing its social networking operation Bebo which was acquired for USD850 million back in 2008. Despite the fact that social networking sites have increased in popularity over the last few years, it would appear that Bebo has been left behind and potentially starved of investment funding. Initially it is believed that AOL was lookin...Read More
Toyota set to recall 437,000 Prius hybrid vehicles
After days of rumours it has been confirmed that Toyota is to recall 437,000 Prius hybrid vehicles amid concerns about the car's software and how it reacts to breaking on slick surfaces. While not all Prius hybrid vehicles will be recalled, the announcement will affect around 8,500 vehicles in the UK acquired before January 27. This is just the latest in a long line of damaging headlines about Toy...Read More