£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.
Can we really ignore the threat of inflation?
As the UK economy continues to give mixed signals and inflation shows signs of coming back to life there are concerns as to whether we should be attacking inflation first or ensuring that the UK economy is in a position to grow in the short, medium and longer term. Can we really ignore the threat of inflation and tackle this at a later date? While inflation can eat away at the value of money an...Read More
Will Gordon Brown step aside if the Labour Party is ousted from power?
As we approach the next general election there is some debate about the political future of Gordon Brown if the Labour Party is beaten at the next election. While there's no doubt that he will reconsider his future if he is not re-elected, at this moment in time it appears that he would like to remain as leader of the party even in opposition. However, as we have seen over the last few months t...Read More
Mega Bid Sees Wall Street End Session Higher
Aside from the doom and gloom currently prevailing in worldwide stock markets there may be signs of hope emerging in the US with news of a multi-billion dollar takeover bid. It has been announced that Dow Chemical is to acquire Rohm and Hass for nearly $19 billion with finance provided by leading groups including Warren Buffett's Berkshire Hathaway. If the old sage has seen a spot of value in th...Read More
Tesco announce plans to build four mini-villages in UK
Tesco, the UK's largest supermarket group, has today announced plans to build four mini villages across the UK in what many believe is a sign of things to come. The company has been looking to expand into property for some time and today's revelation that new developments will be built at Bromley by Bow, East London, Dartford, Kent, Streatham, South London and Woolwich have received mixed response...Read More