£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.
Are you making use of your online banking facilities?
As more and more of us look towards the Internet for our everyday needs it appears there are still many people who are reluctant to use the Internet for their financial affairs. While we periodically hear about various scandals and frauds on the Internet, it is easy to forget that these types of criminal activity have been commonplace off-line for many many years. However, it appears that the Inte...Read More
Equities recommended over property
Equities are superior to property as a long-term investment, according to a new study.A report from Skandia revealed that £30,000 invested in 1983 in UK shares would be worth upwards of £545,000 today.However, a house bought at the same time 25 years ago, when the average price was £30,000, would now only be worth £174,000.This put the growth rate of shares at 1718 per cent, compared to just 4...Read More
Tourists outside EU face massive phone bills
14/08/2015 Holidaymakers who travel outside of the EU are unwittingly facing massive phone bills, according to debt charity Citizens Advice. The charity has discovered that tourists are facing a lottery on charges depending on what provider their contract is with, where they travel to and whether they have bought a ‘bolt-on’ which gives them a set amount of data to use abroad for a fixe...Read More
Alistair Darling gambles with banking super tax
Alistair Darling has today taken a massive gamble in his pre-budget report with the introduction of a banking super tax on bonuses in excess of £25,000 year. This new tax is set to bring in around £560 million for the UK coffers, although in the overall picture this is fairly insignificant and more of a political move than an economic move. So what does this mean? Yet again the government has...Read More
G20 declare war on tax havens
The G20 have today issued a stern warning to tax havens around the world with a promise to name and shame those who do not abide by international taxation standards. The situation was brought to the attention of the UK population some weeks ago when Gordon Brown announced a number of agreements with overseas countries to shop those looking to "avoid tax". However, the G20 announcement supersedes t...Read More