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Bank Charges Refund

Bank charges refunds have been a hot topic in the United Kingdom in recent years. Banks charge fees just about every service as well as bank charged penalty fees such as late fees and overdraft fees. If these charges are related to payment protection insurance (PPI) then the people who paid the fees may be entitled to a bank charges refund. Payment protection insurance is a type of insurance in which the policyholder is insured against financial disaster by the payment protection company providing monetary assistance in case of the policyholder becoming involutarily unemployed. Many times these policies were sold to individuals who would not qualify to receive coverage. By policy being sold to a person who would not receive coverage is considered to be a mis-sale. A mis-sale of payment protection insurance policy would entitle the policyholder to a PPI claim. Many times these mis-sold policies caused bank charges to be attributed to a policyholder's monthly statement making the fee invalid.

How to Get a Bank Charges Refund

Most people make the same approximate amount of money from week to week and month to month. Normally, when a person makes decisions based on financial services they take into account how much money it will cost on a weekly or monthly basis. If a person discovers unforeseen bank charges on their monthly statement, cannot figure out where they come from, and have payment insurance, it is advised to figure out whether or not they have been charged because of payment insurance. If the fees are found out to be related to payment protection insurance is a possibility of getting a bank charges refund. In order to get a bank charges refund a policyholder must be able to prove that the payment protection policy was mis-sold. Ways in which a payment protection policy could be mis-sold are:

  • Lenders not advising borrowers at the time of the application that payment protection insurance was optional.
  • Borrowers being allowed to obtain payment protection insurance even if they do not qualify for reasons such as being unemployed, being over the age of 65, or being a student at the time of the policy becoming active. All of which excludes a policy holders from receiving coverage..

Who Can Help with Bank Charges Refunds?

If a payment protection policyholder suspects that they are entitled to a bank charges refund because of charges applied to their bank statements from a mis-sold payment protection policy, there are PPI claims companies who are experienced in the area of bank charges refunds. These companies hire and train staff and must abide by strict guidelines set forth by the Ministry of Justice. The Ministry of Justice determines which companies have the proper credentials to handle bank charges refunds. With bank charges refunds being on the rise in the recent years, it's reassuring to know that there are companies who specialize in this and that claims companies also must answer to a higher authority.

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