Bank charges are a fickle thing to understand and can be hard to take when you work hard for your money and feel like you are throwing it away. You may not be able to avoid bank charges, but you can reclaim bank charges and get some or all of your money back. Bank charges come in many forms. monetizing traffic Some of the most common bank charges are PPI (Payment Protection Insurance) fees, minimum balance fees, overdraft fees and monthly account fees. These may seem small compared to the high interest rates you pay on your credit card accounts, but they do add up over time.

To claim back bank charges you need to know the charges you are paying and how they are calculated. While, many banks use a standard set of fees and charges that are assessed depending on the type of accounts you have. One way to assess the fees you’ve been paying is to gather your last six months worth of bank statements and compare the fees on each one. If the fees seem to be flexible, they may be attached to your account balance. screenflow windows If you are uncertain about any of the fees you see, talk with your bank manager and ask for a clear explanation.

Once you know the charges you have been paying, consider the length of time with that account and you can get an estimate of how much you have paid over the life of your account. This is the amount you may be able to claim back. PPI payments are one of the major areas people work to reclaim. These plans are designed to offer relief in the event of a default on the loan payments. PPI plans are tacked on to every loan, line of credit and financial account. You may never use this insurance and instead find yourself paying into for the life of your loans. You can get a PPI refund by taking the time to file PPI claims.

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Reclaiming bank charges can be done yourself, if you get the right information or you can hire one of the many companies who offer assistance with this very thing and put it in their hands. If you are unsure of where to start with a claim, these companies can be a great help and you pay them out of the money you receive, nothing up front.

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Filed under: Personal Finance

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