Step 3 - Work Out What You're Owed
You should go back through your old statements carefully and add up all charges that could be considered excessive. If, like many people, you do not keep statements going back for more than a few months see if you can find this information online if you bank offers internet banking. If not, write to the bank requesting a comprehensive list of all charges showing what the offence was, the date and the amount. By law the bank must provide this information within 40 working days. Use the sample InterStudent bank charges letter templates.
Some banks may try to stall you and will wait, before replying that there is a specific form to fill in. In your initial letter make sure you ask if there is a form and for a copy of it to be sent and make a follow up phone call a week later.
Under the Data Protection Act 1998, you are entitled to get from your bank a list of any charges over the past six years. Banks may charge a maximum of £10 for this list.
Statements, however, are not covered by the Act, so banks are using this loophole to charge higher fees. Many customers are finding that when they ask for a list of charges, staff tell them this cannot be provided, but old statements can.
The bottom line is, ensure you make it clear that you're using the Data Protection Act to request of list of charges. Otherwise you could find you're being charged more than you need to.
In order to argue against banks' assertions that the charges are for services, request a copy of your original contract and any changes to it which can be used as evidence that you did not enter into such an agreement.
