Further claims could result from banking industry profits
Recent announcements from the UK's major banks revealed record profits, with banks such as HSBC, Barclays, and Lloyds TSB raking in the cash at a time when consumers are expressing their outrage over the way that they are being treated – and financially fleeced – by some of the UK's leading banks. Thousand of customers have already taken action to reclaim unfair charges that banks have been applying to their accounts for going into the red, exceeding their agreed overdraft limit, and having returned direct debits.
The banks have made it clear that they are not happy about having to repay these charges to claimants, although none have yet justified the charges to UK financial regulators and have been paying the claims, albeit reluctantly. Some banks have been threatening those that do claim back charged with account closure, and others have been finding ways to recoup this money, such as charging fees for bank accounts and increasing the cost of cash transactions on credit cards. Despite all this, the banks managed to rake in tens of billions in profits according to the figures released earlier this year.
Many experts now think that these announcements of huge profits from the banking industry will result in an even higher number of people trying to reclaim fees out of pure anger over just how the banks have managed to accrue such huge profits. Recent data revealed that around half of the people that are making claims for a refund of these unfair charges are claiming for over a thousand pounds, but it has also been revealed that just over fifty percent of bank customers have not yet made any claim to get back their charges. Those still wishing to claim back charges going back up to six years will need to act fast, as the Office of Fair Trading could be making a ruling within the next month regarding how much the banks can fairly charge, which could affect the success of future claims.
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