overdraft fees gone mad

[jules2008]

I am posting this for my son who is 20 years old

He had a young persons account with Santander when he was around 16 years old anyway this was ok as no fees etc However when he turned 18 they updated it to an adult account and being young and foolish my son did not understand the implications of this anyway he now has a debt of approx £700 which he tells me started as about £10 unauthorised overdraft fees.

I have told him to go to the bank and sort this out but he is very shy and understandably worried about this banks can be very intimidating to a young person.

the fact remains that one they did not fully explain to him their charges etc and also the fact that they allowed him to go overdrawn how is this possible when he does not have an overdraft facility in other words they made the payment and now they are trying to have a bare faced cheek to charge him £700.

Shall i go into the bank with him and speak to someone and if i dont get a satisfactory response right to the FSA as i feel this is very unfair to put my son into such a large amount of debt.

[EXC]

Re: overdraft fees gone mad

Shall i go into the bank with him and speak to someone

Yes as if you tried to phone them on his behalf they probably wouldn't talk to you. Get your son to make an appointment to speak to an advisor (don't just turn up) on the basis of Santander's own advice that that's what he should do in these circumstances http://www.santander.co.uk/uk/help-s.../money-worries

Take along the statements that show all the charges and see it you can demonstrate that although the first charge was your son's fault, many of the subsequent charges were triggered directly by the previous charge and not as a result of an increase in you son's spending and that this is causing an inescapable cylce of debt.

Ideally you'd like any further charges frozen and if possble some returned. Be nothing but polite. Charm is your most effective weapon.

[sloane82]

Re: overdraft fees gone mad

First of all write a letter to Santander explaining about the charges. Then contact the FOS Financial Ombudsman Service about this google them. Have a look at the charges and if there are any that you are not sure of do a visa chargeback. If this has occured from a Direct Debit. Do a Direct Debit Indemnity. Any other questions feel free to ask.

[stevemLS]

Re: overdraft fees gone mad

You can't do a chargeback in relation to bank charges, you can only do a DD indemnity if the terms of the DD guarantee have been broken.

[sloane82]

Re: overdraft fees gone mad

Write a letter to the bank then FOS the situation. Then.

[pt2537]

Re: overdraft fees gone mad

First of all write a letter to Santander explaining about the charges. Then contact the FOS Financial Ombudsman Service about this google them. Have a look at the charges and if there are any that you are not sure of do a visa chargeback. If this has occured from a Direct Debit. Do a Direct Debit Indemnity. Any other questions feel free to ask.

whoa there

1) what exactly are you going to explain about? totally unclear here.
2) you cannot take a complaint to the FOS until you have exhausted the complaints procedure with the bank or you have not received a reply to your complaint and 8 weeks have passed if i recall correct.
3) Charge back?? no chance at all

Im not sure what you are suggesting here but it doesnt seem to be of much use.

[sloane82]

Re: overdraft fees gone mad

Ok contact Santander by writing them a letter regarding your overdraft fees. Then contact the FOS Financial Ombudsman Service. They will investigate your claim you do not have to wait upto 8 weeks. Under the unfair charges regulations banks cannot charge more than they can on an administration charge for fees. Telephone the FOS and explain your circumstance. They will help you.

[EXC]

Re: overdraft fees gone mad

Ok contact Santander by writing them a letter regarding your overdraft fees. Then contact the FOS Financial Ombudsman Service. They will investigate your claim you do not have to wait upto 8 weeks. Under the unfair charges regulations banks cannot charge more than they can on an administration charge for fees. Telephone the FOS and explain your circumstance. They will help you.

DISP 3.2.2R now makes it clear that if the Financial Ombudsman Service receives a complaint before the 8-week time limit has expired, it will refer the complaint to the firm unless the firm has already issued a final response. But, if the firm fails to issue a final response by the end of 8 weeks, as required by Chapter 1, DISP 3.2.3R allows the Financial Ombudsman Service to consider the complaint.

http://www.financial-ombudsman.org.u...k_CP49_web.pdf

Also there is no such legislation as the unfair charges regulations.

[sloane82]

Re: overdraft fees gone mad

Ok anyway you need to write a letter or go into branch and explain about your circumstances and after 8 weeks contact the Financial Ombudsman Service. The Unfair Charges Regulations in consumer contracts regulations 1999.

[JordanF]

Re: overdraft fees gone mad

Hey Jules, My gf is in the same boat as your son. Just wondering if you could update as to how it all went?