Unfair Bank Charges

Fees are a major source of revenue for every financial institution. When opening an account with any bank, credit union, or savings and loans establishment, you are usually forced to quickly decide which product, services, and banking plans best suit your needs. Underneath these personalised options, you will find fees for everything ranging from attractive checks to stop-payment fees to assessment fees to maintain your account.

Each year, banking institutions create enormous revenue from banking fees that are imposed upon the customer – approximately L5bn. Without the fees that are strategically incorporated into the banking system, would the bank continue to generate revenue that is necessary to stay in business? Most consumers are mislead to believe that bank fess that are charged for unauthorised services like the unauthorised overdraft facility are legal, even outrageous fees ranging up to L35 per transaction!

Defining Unauthorised Overdraft Facility
An overdraft facility is a pre-arranged banking transaction. An unauthorised overdraft facility is a transaction that has not been pre-arranged. It is this facility that banks claim is their basis for imposing penalties on your account. And it is this unauthorised facility where other charges and fees are hidden and where so-called legitimate banking charges are lurking under a repulsive rock of greed.

Restitution
There is hope for individuals who have fallen victim to this financial scheme within the banking system. Although banking laws in the UK allows the banking institution to re-examine their habits so that they may reorganise consumer practices, the courts usually rule in favour of the consumer. In the very near future, the High Courts will rule on impending “test cases.” This will ultimately define all banking terms and bring closure to any misunderstandings about fair and unfair banking charges.