Do you need a parachute account?

[Serafina]

Hi everyone.

I'm new to all this and am thinking about reclaiming my bank fees (obviously! ). I'd prefer to keep my own account and the prospect of having to get a parachute account worries me, as I don't have a fantastic credit history, but my bank now seem to be slapping charges on for me taking money out on my pay-day! Latest charges meant I couldn't even afford the bus to go and see my mum in hospital because they nabbed what remaining cash I had. Their response? "well, you did go quite a lot over your limit in February". Looking at my last statements shows it was all on pay day and well covered (and then some) by my monthly salary. It seems that their system doesn't register my money at the start of the day, so makes it look as though I go vastly overdrawn before my pay shows on my account. Tad upset you could say...

[Perseus]

Hi Serafina, and welcome.


Reading your post, you are certainly not alone in your troubles.
The first thing that may help, is to go and speak with someone at your bank. Explain to them what financial hardship you're facing, even be prepared to write down what income and outgoings you have on a monthly basis: Here is a link to national debtlines budget planner so you can prove your ins and outs:- National Debtline England & Wales | Personal Budget Sheet .



They may respond by reversing some charges/providing an overdraft temporarily, giving you a gesture of goodwill etc. Just make sure that if you have to sign anything - it doesn't limit any action you may wish to take regarding reclaiming charges.

Because, thats the very next thing you should do!
First of all - in the main Bank Charges forum - start your own thread in which-ever bank you are with. That way we can all help and advise.
Read the FAQ's to get a good idea of what/when/where/how it all works.

Send off your S.A.R - (Subject Access Request) request (with a borrowed £10 if need be) to get your statements.
The link for that is here:- 1. Data Protection Act, Subject Access Request letter - List of charges and send it recorded delivery.
Then just count the days and get ready to county the charges up.

Let us know how you get on ok?

All the best
Perseus

[Hippychick2007]

Totally baffled and on very slow computer. Hi All, ah bet you guessed am new to this........ maybe if I get any pennies back from bank charges would be worth investing in a faster pc!!!

Happy Monday

[Tigs]

Originally Posted by Serafina

I'm new to all this and am thinking about reclaiming my bank fees.

Go for it, hun!

I'd prefer to keep my own account and the prospect of having to get a parachute account worries me, as I don't have a fantastic credit history.

Nicest ones for applying are Clydesdale if you have one nearby. They don't require a credit check (they will ask for permission, you just say no), and they fill all the forms in for you.

slapping charges on for me taking money out on my pay-day

par for the course, if my experience is anything to go by. Once they get like this, it's best to cut your losses, imvho, or they eat all your money and you end up with other bills unpaid... Once the dragon has awoken, you can't satisfy it, no matter what you do.

[chancer]

Welcome Seafina & Hippychic2007. I myself am fairly newish and I'm still waiting to get these letters off. All I can say is that Perseus & Tigs will give great advice....and others too. Just hang in there and do your research and good luck with your claim.

[Tigs]

no expert, me. but be guided by most of the people on here. only thing i'm expert in is getting ridiculous amounts of charges from the banks...

but i will add my welcome to Seafina and Hippychic2007 (a girl after me own heart from the sounds of it, ;} )

[chancer]

Dito....I must be your bro as I'm an expert too at getting bank charges.

Originally Posted by Tigs

no expert, me. but be guided by most of the people on here. only thing i'm expert in is getting ridiculous amounts of charges from the banks...

but i will add my welcome to Seafina and Hippychic2007 (a girl after me own heart from the sounds of it, ;} )

[bob selby]

Sent subject access request to local branch of Halifax 28 days ago via snail mail and have not yet heard anything. The £10 cheque that was enclosed has not been cashed yet. Is it possible that they will deny receiving it/

[Perseus]

Hi bob

Yes it is always possible.
May be worth a personal visit to the branch, and ask them when they received it, when it was passed on to their compliance section, and ask why the cheque hasn't been cashed yet.
As it's face-to-face, you shouldn't get fobbed off as much as you would in a letter!

All the best
Perseus

[chancer]

Hi Perseus & all,

I was at a party last night and one of the guest works in a bank. This person told me that since they have all the charges kept on a data base that you only need to write a letter (kind of like the Data Protection Act letter) just requesting all charges and etc back since you joined.
Just double checking if this is true?

Originally Posted by Perseus

Hi bob

Yes it is always possible.
May be worth a personal visit to the branch, and ask them when they received it, when it was passed on to their compliance section, and ask why the cheque hasn't been cashed yet.
As it's face-to-face, you shouldn't get fobbed off as much as you would in a letter!

All the best
Perseus

[chancer]

Hi folks,

Just wondering if anyone can answer the below query?

Originally Posted by chancer

Hi Perseus & all,

I was at a party last night and one of the guest works in a bank. This person told me that since they have all the charges kept on a data base that you only need to write a letter (kind of like the Data Protection Act letter) just requesting all charges and etc back since you joined.
Just double checking if this is true?

[Perseus]

Hi chancer

Yes - it's entirely possible that the banking organisations keep a separate database with all charges collected, and in a respectful and law conforming society they should return them.
The legal process that's followed by submitting the Subject Access Request should draw out all these charges, but the banks are well aware of the 'Statute of Limitations Act'. This basically limits their requirement, and your right to request information that is older than 6 years. There are other arguements and possible statutes that would force them in theory which for some - have been successful. In reality, the limitations act is a buffer they use to limit liability and the chance of previous charges being re-claimed.

In short - the Data Protection Act you quote is the right way to start that process of getting the info from their 'database'.

Regards
Perseus

[chancer]

Thanks Perseus......I'll just send the Data Protection Act letter so and take it from there. I was hoping for a quick win but no harm.

Originally Posted by Perseus

Hi chancer

Yes - it's entirely possible that the banking organisations keep a separate database with all charges collected, and in a respectful and law conforming society they should return them.
The legal process that's followed by submitting the Subject Access Request should draw out all these charges, but the banks are well aware of the 'Statute of Limitations Act'. This basically limits their requirement, and your right to request information that is older than 6 years. There are other arguements and possible statutes that would force them in theory which for some - have been successful. In reality, the limitations act is a buffer they use to limit liability and the chance of previous charges being re-claimed.

In short - the Data Protection Act you quote is the right way to start that process of getting the info from their 'database'.

Regards
Perseus

[Firecracker]

Hi there

Just thought I'd flag something up here, not sure if this has been mentioned before. When I started my claim against Barclays ages ago I opened a parachute account with A&L, just in case Barclays closed my account. However, things have dragged on a lot longer than I thought and now A&L have charged me a fiver for not using the account!!

Just something to bear in mind. I guess as the banks are dragging things out for so long this could happen to a lot of people?

[Perseus]

hi Firecracker

This doesn't surprise me one bit.
no doubt they've covered their asses with the charge in the T&C's, and I suppose they can offset it against the set up of a new account that has not been active.
I believe there will be more banks starting to enforce activity charges soon - they have to find some way or re-cooping their losses...

I wouldn't start chasing them for a refund yet - they aren't to customer friendly at that, and blows your parachute!
Is there any chance you could stick a tenner in a month - just to keep it ticking over?

Pers

[chancer]

Hi Firecracker,

I did read in a previous tread from ages ago that they cannot close your account due to you claiming against them. If I come accross it I'll post on here for you.

Originally Posted by Firecracker

Hi there

Just thought I'd flag something up here, not sure if this has been mentioned before. When I started my claim against Barclays ages ago I opened a parachute account with A&L, just in case Barclays closed my account. However, things have dragged on a lot longer than I thought and now A&L have charged me a fiver for not using the account!!

Just something to bear in mind. I guess as the banks are dragging things out for so long this could happen to a lot of people?

[Firecracker]

Pers - I have used the account a couple of times, I think they want my salary to go into it though, which is fair enough. The fee is for 'underfunding'.

I just thought as all the advice pretty much starts off with 'open an account somewhere else in case yours gets closed' it's worth taking into account that this may happen. As I am two grand overdrawn with B'clays I can't just pay my salary into another account to keep them happy - bit of a double edged sword really :/