A Devon licensee has successfully reclaimed almost £8,000 in penalty bank charges from NatWest.
Tracey Bond, owner of the Duke of York in Crediton, Devon, is one of around 3m people nationwide who have joined the revolt against fees imposed for unauthorised overdrafts. The fees are meant to cover administration costs, estimated at about £4.50 rather than the £35 some banks charge.
Bond's success has opened the door for thousands of licensees to claim back charges.
The Duke of York host claimed the process took "minutes" to get underway after downloading template letters from the website of renowned financial journalist Martin Lewis www.moneysavingexpert.com/bankcharges
It took less than two months to reclaim charges dating back five-and-a-half years. The law currently allows for claims to be made over six years.
The bank didn't seem to care if I was over my limit - they just carried on charging me feesTracey Bond, owner of the Duke of York in Crediton.
"I am absolutely delighted as this trade is hard enough without the excessive unfair charges," she said. "My business has always been a good one but I did go through a sticky patch when I split up from my husband. At times I was being charged £500 a week. The bank didn't seem to care if I was over my limit - they just carried on charging me fees."
Bond became concerned when the bank stated it would defend her claim. "I thought I had bitten off more than I could chew." However, she then received a large package from NatWest. "The first page of the letter tried to justify the charges and the terms and conditions and that it did not agree with the basis of my complaint and that the charges were fair, reasonable and transparent. But the last paragraph said that as a gesture of goodwill and without admission of liability or error they were prepared to offer the amount of £7,930 paid direct to my account. I am so happy.
"The bank hasn't closed my account either which I am glad of, as I have a good relationship with my branch manager. I am now advising my customers on how to go about it - maybe I should be charging commission."
The Office of Fair Trading is currently investigating the legality of bank charges and is due to report at the end of the year.
Have you been successful in reclaiming bank charges? Contact Ewan Turney on 01293 610 388 or at ewan.turney@william-reed.co.uk .