savings admin on 10 Jul 2007 06:38 pm
Are Some Bank Fees Illegal?
It was with interest that I read the info received in an email about whether or not Bank Fees are Illegal. Where do we stand when a cheque that we’ve overlooked is cashed or funds forgotten to be transferred.
1. Illegal(?) Bank Fees
I accidentally left a business account low on funds recently and a cheque I had forgotten about was presented at the bank and my account went into the red.
The bank was gracious enough to honour the cheque (for which I am grateful) but a $37.70 ‘Honour Fee’ was charged to my account as a result of this. I was annoyed with myself, but thought I just had to cop it on the chin as a reminder to be more careful in future.
Then, one of my readers sent me some information regarding illegal bank fees and how to have them refunded.
Here is what she wrote:-
Hi David,
I thought you might be interested in the campaign for fair bank fees that Choice and the Consumer Action Law Centre have set up.
Essentially they are helping people battle the banks in reclaiming fees charged for direct debit dishonours, cheque dishonours and credit card late payments.
The site is http://www.fairfees.com.au and includes a template letter to send to your bank to reclaim your payments, on the basis that the fees they charge are illegal, as they are only able to claim the costs that they incur, not the $30+ they charge currently.
I’d be interested to hear your Illegal Bank Fee story. Ring your bank & reclaim those bank fees. For more helpful info like above => Click Here
