£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.
HBOS customers reassured over rumours
Consumers who bank with HBOS have nothing to fear from market rumours that the bank is set to collapse, a price comparison site has said. The rumours are believed to have been initially circulated by City traders attempting to profit from the resulting drop in the lender's share prices. According to Kevin Mountford, head of savings at price comparison site moneysupermarket.com, talk of an HBOS is...Read More
Is the EU expansion policy fatally flawed?
The ongoing problems in Greece and potential issues regarding Spain and Portugal have highlighted the major expansion push instigated by the European Union over the last few years. This is a policy which has seen many relatively small countries join the European Union and tap into additional funding to finance changes within their own boundaries. However, was the European Union too quick to hand o...Read More
HSBC advising customers to overpay mortgage payments
In a bizarre move it has been revealed that HSBC is writing to 30,000 of its tracker and variable rate mortgage customers with the suggestion that they consider overpaying on their mortgage. The bank has clearly set out the advantages of increasing minimum payments at a time when mortgage interest rates have fallen to historically low levels. The company has calculated that a monthly overpayment o...Read More
Can Centrica Snatch British Energy
While the British Energy EDF seems long dead and buried it looks as though Centrica, a junior partner in the original takeover deal, might fancy its chances of taking the group over by itself. It has also emerged that the group had put forward the idea of an all share merger earlier this year but this seems to have been discounted because of a lack of cash in the offer.
Morrisons reduces price of diesel to under one pound
It just goes to show that competition is the best way to induce price reductions across the UK with news that Morrisons has today cut the price of diesel to under one pound a litre. This is the first time diesel has been under one pound a litre for many months and has been welcomed by diesel users across the UK. This will no doubt induce a competitive edge amongst the major retailers in the UK as...Read More