Bank charges please define Bank jargon

[Nads]

Hi everyone,

I have an account with Smile and would like a little clarification if anyone can assist. On my statements there are charges which are detailed as follows:
DAILY EXCESS CHARG - (various amounts)
SERVICE CHARGE (£15.00)
SUBSCRIPTION (£7.50)
DEBIT INTEREST (various amounts)
The only one I am clear I cannot reclaim is "subscription" which is their phase for the monthly charge I paid for having my account with them, which will be increasing to £10 in Sept. However, Daily excess charge and Service Charge I think relates to my overdraft so can I reclaim both of these of just the Daily Charge?

I would very much like to know what this Service charge is all about, what on earth am I paying them £15 to service, isn't the £10 subscription enough. Opps, sorry I just lost myself there. Let me keep to the subject!! The debit Interest what's that all about, is that realting to the overdraft?


Help <_<

[MARTIN3030]

Sorry its taken so long to reply.

Anything that is not an account service charge is claimable.
A subscription fee is usually for an account with added features such as a gold account.
If there are clearly benefits that are not available with a normal account then they are justified.
Are these charges ones that you were made aware of ?and agreed to?

[Nads]

Hi Martin,

Thanks for that, as for your questions. I do not remember agreeing to service charge or daily access charge, certainty not that the amounts they are charging. Anyway, we all agree to charges which are reasonable and fair, because we all were under the impression that we had no choice and the banks were operating legally, However, we now know these are not reasonable and or fair and in fact are illegal. The only charge I have agreed to is the subscription charge.

[MARTIN3030]

That being the case then I would claim for all of them aside from the subscription charge.

If I was clearly getting no benefits from paying the subscription charge then I would claim that as well but best if you dont inclyde that.

I remember having a Rbs Royalties Gold account and every year you were charged for a diary unless you indicated that you did not want it.
I forgot to cancel the diary and they put a charge through which failed.
They tried to collect again and that failed.........In the end I was facing about 60 quid for this.........They should have been giving the diaries away in the first place.
Despite my complaints I did not get any refunds..........so am claiming these charges back now !

[Nads]

Martin,

You are so right, and thank you for pointing that out, another point to check.

Nads

[kovich]

Yup, 'Service Charge' is just another bull$hit name for an illegal penalty charge. As I remember, I think this one is the one they charge at the end of the month if you've been over your limit during that month...definately illegal.