There is no denying to the fact that bank charges have become a part of our daily finances since virtually all our finances are happening through some bank or the other. Hence, we have learnt to live with the charges which the banks levy for our financial transactions. Charges are levied by the banks under various categories and often these charges are found to be relatively much less as compared to the interest rates which we have to cough up on the operation of our credit cards.
However, over a period of time, the bank charges become substantially copious to begin to hammer our pockets. This is the time when one should start thinking of bank charges claiming. In order to do so, one should be aware of different umbrella names under which the bank charges. Only after doing so, you will be able to efficiently claim back bank charges.
On usual terms, the bank charges include monthly account processing fees, overdraft fee, minimum balance charges, payment protection insurance charges, often referred to as PPI, etc. Not all of these charges can be claimed back, since your account has required services from the bank under many of these categories. Insurance charges are usually the prime area of target for people aiming at bank charges claiming. This is because of the fact that your account has not used the said insurance and the charges have been deducted periodically from your account. So, the moment you feel the time is ripe to claim back bank charges which have been levied on insurance grounds, it is time to get into action.
The first thing, while bank charges claiming, which you need to take into account is to have a detailed study of the charges which bank has deducted from your account. The bank statements for the period of last 6 or 8 months shall suffice your needs. This might seem cumbersome, but it is the only way to ensure that all the bank charges have been brought under the purview of your attention. While in the process to claim back bank charges, if you come across certain deductions which do not comply with your understanding, then you should ask the bank to explain it in an appropriate manner.
After getting the analysis of your bank statements, consider the time period for which the bank statements are studied. Now, calculate the relative charges which you could have paid for the total life of your account. This provides you with an approximation of the charges which you have paid. Now, armed with this information, format your bank charges claiming process. In the times of financial crunch, it can prove complacent to claim back bank charges.
