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The Consumer Council says that customers here could have paid anything up to £210 million in unauthorised overdraft charges over the last six years. However, the true payout may never be known because some customers are being asked to sign confidentiality agreements to gain refunds.
The Consumer Council says that customers here could have paid anything up to £210 million in unauthorised overdraft charges over the last six years.
While some customers have been successful in challenging these charges and gaining refunds from their bank, the true payout may never be known because some customers are being asked to sign confidentiality agreements.
Eleanor Gill, Chief Executive at the Consumer Council said:
"The Consumer Council promotes responsible lending and responsible borrowing. Consumers do not dispute having to pay a penalty for going into the red without permission; what they are disputing is the size of the penalty.
"Since the launch of our Stop Unfair Charges campaign, more than 8,000 copies of our Guide to Challenging Your Bank leaflet have been downloaded by people looking for help in challenging these unfair and excessive charges.
"Of those who have challenged their banks and been able to come back to tell us how they got on, we have overseen paybacks of more than £42,000 to 75 ripped-off customers. If all 8,000 people took this action and were able to report the extent of the refund, this figure could be nearly £5 million.
"The OFT has already called time on excessive credit card default charges; we want them to take immediate action now to instruct all banks to remove unfair overdraft charges."
Download a copy of the Consumer Council's 'Guide to Challenging Your Bank' (131kb pdf)
The Consumer Council is continuing to encourage customers to make their voices heard by challenging their banks to remove excessive charges or go to the small claims court. If you feel that you have been charged excessively for going into the red without permission, the Consumer Council has the following advice:
The Consumer Council is an independent consumer organisation, working to bring about change to benefit Northern Ireland’s consumers. The Council campaigns for high standards of service and protection and a fair deal for all.
It also carries out research, gives advice and publishes reports and other publications. It deals with individual complaints about:
The Consumer Council
116 Holywood Road
Belfast BT4 1NY
t: 028 9067 2488
f: 028 9065 7701
e: info@consumercouncil.org.uk
w: www.consumercouncil.org.uk
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