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FROM- MY FINANCES CO.UK 23/1/09
NatWest customers see hope on overdraft charges
Friday, 23 Jan 2009 15:48
NatWest customers may be able to get some bank charges back
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The Office of Fair Trading was back in court with the high street banks yesterday, giving NatWest customers a glimmer of hope that they could get some charges refunded.
Abbey, Lloyds TSB and the Royal Bank of Scotland (RBS) were under scrutiny yesterday, but the judge ruled that only one set of terms and conditions could give rise to penalty charges – NatWest in 2001, which now forms part of RBS.
"For customers of NatWest in 2001, this is good news," said a spokesperson for Which?.
"In theory, they could now try to reclaim any charges imposed under these specific T&Cs (unless NatWest appeals), but any such attempt won't be plain sailing."
Consumers will still need to show the charges were actually penalties, as the judge only went as far as saying they could be, not that they are, Which? added.
However, customers will not be able to tackle NatWest on the issue until the FSA lifts its waiver, which has just been extended for another six months.
James Caldwell, director at Fairinvestment.co.uk said: "The FSA waiver has now been in place for 18 months and consumers are still not much closer to knowing whether or not they will be able to get their money back.
"It is unfair that while the banks continue to implement the charges and profit from their customers in this way, the majority of consumers are being denied the chance to get money back that has unfairly been taken out of their bank account."
Brad Askew, managing director of Claims Financial, added: "This latest move is yet another disappointing decision for consumers, who yet again have not been consulted at all. It is also very bad timing because many of our clients are already struggling due recent economic turmoil, which, ironically is due to the banks."
The refunds will only include the last six years of bank charges, so customers who paid out a lot in charges six years ago should get their claim in as soon as possible or risk losing their money, Fairinvestment.co.uk said.
NatWest customers see hope on overdraft charges
Friday, 23 Jan 2009 15:48
NatWest customers may be able to get some bank charges back Printer friendly version Recommended ...
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The Office of Fair Trading was back in court with the high street banks yesterday, giving NatWest customers a glimmer of hope that they could get some charges refunded.
Abbey, Lloyds TSB and the Royal Bank of Scotland (RBS) were under scrutiny yesterday, but the judge ruled that only one set of terms and conditions could give rise to penalty charges – NatWest in 2001, which now forms part of RBS.
"For customers of NatWest in 2001, this is good news," said a spokesperson for Which?.
"In theory, they could now try to reclaim any charges imposed under these specific T&Cs (unless NatWest appeals), but any such attempt won't be plain sailing."
Consumers will still need to show the charges were actually penalties, as the judge only went as far as saying they could be, not that they are, Which? added.
However, customers will not be able to tackle NatWest on the issue until the FSA lifts its waiver, which has just been extended for another six months.
James Caldwell, director at Fairinvestment.co.uk said: "The FSA waiver has now been in place for 18 months and consumers are still not much closer to knowing whether or not they will be able to get their money back.
"It is unfair that while the banks continue to implement the charges and profit from their customers in this way, the majority of consumers are being denied the chance to get money back that has unfairly been taken out of their bank account."
Brad Askew, managing director of Claims Financial, added: "This latest move is yet another disappointing decision for consumers, who yet again have not been consulted at all. It is also very bad timing because many of our clients are already struggling due recent economic turmoil, which, ironically is due to the banks."
The refunds will only include the last six years of bank charges, so customers who paid out a lot in charges six years ago should get their claim in as soon as possible or risk losing their money, Fairinvestment.co.uk said.
