Tuesday, July 25, 2006

Bank Fines Are Illegal

Yes, you read what I wrote. It is illegal for any bank, building society, or credit union to invoice you for any quantity of cash beyond the actual expenses you have incurred them. So states Common Law, Statute, and consumer rights as dictated by the Office of Fair Trading.

So, follow these steps, and with the information gathered, send your bank this letter, and you can kiss your over-the-odds charging woes goodbye, and look forward to a jurisprudent rebate to boot.

/SXV

5 Comments:

At 11:03 am, Blogger Withiel said...

Hurray!

 
At 11:05 am, Blogger Withiel said...

Hurray! This seems True and Useful, and exactly the sort of thing we should be promoting. HOWEVER I'm unsure to what extent it applies, so we'l lhave to ask Oscilnut when he gets back from Wacken.

 
At 6:35 pm, Blogger Sable X. Veins said...

Yes, I thought so too. Unfortunately, attempting to get an itemised statement of all fees incurred against your account is a challenge akin to bleeding flint. Nationwide Oxford's senior branch manager refused to supply me with any such document; rather, she insisted I would require a copy of every statement of account they had ever issued me, at a charge of five pounds sterling per duplicate. This was after I had petulantly dismissed her claim that such a (legally imperative and computationally simple) claim was "impossible" as "absurd". It seems a formal demand in writing is in order, possibly with applicable pages of the Data Protection Act photocopied and highlighted for the fiscal leech in a hurry!

 
At 6:39 pm, Blogger Sable X. Veins said...

Also, it applies unilaterally. I know a gentleman who has stung his bank for all fines EVAR and succeded. They paid him off and promptly dumped his account, but banks are not (alack!) an endangered species of institution.

 
At 1:26 am, Anonymous Apple said...

Is there any way they could get round by the definition of 'fine' - eg. saying that they're actually admin fees or something that you agreed to when starting the account, not actually fines?

 

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