£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.
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
1.1m people switch bank accounts with Switch Service
12/09/2014 1.1 million people have decided to switch current accounts in the last year, due to a nation switching service introduce a year ago. Current Account Switch Service is a free-to-use service for consumers, small charities, small businesses and small trusts, and is designed to make switching current accounts from one bank or building society to another simpler. It is supported by mo...Read More
Is telephone share dealing really needed now?
One area of finance which has undergone a major change is that of share dealing with the option to trade both online and off-line at various rates. While many investors have moved to the online trading market some are starting to wonder if there really is a need for a telephone share dealing service?
The problem with sharedealing is that many people do not understand how the market...
Royal Bank of Scotland to announce further asset disposals
The Royal Bank of Scotland is this week expected to announce further asset sales of around £4.3 billion in a move which was expected by analysts and will further focus the group's attention on its core banking operations. The company is set to confirm the sale of 318 Royal Bank of Scotland branch is to Santander for around £1.8 billion and a further £2 billion will be raised by the sale of the...Read More
Will the UK government back down over Falklands oil fields?
The political climate regarding the Falklands has changed somewhat over the last couple of weeks with the Argentinian government making yet another attempt to claim the island and its surrounding waters. While at this point in time it is unlikely there will be any military action between Argentina and the UK there is no doubt that relations are now at a record low. So will the UK government be pre...Read More