West Malling, Kent (PRWEB) December 22, 2006
Banks unlikely to be held fully accountable for 'unfair' penalty charges.
Despite the increasing awareness of 'unfair' bank penalty charges, the banks responsible for these excessive fees may never be held fully accountable, states new website UnfairBankCharge.co.uk.
It has been estimated that last year, UK banks made £5bn from penalty charges such as returned cheques, unpaid direct debits and standing orders. Because English law does not allow 'penalty' clauses, if a bank cannot justify it genuinely cost £25 - £38 to send an automated letter about an unauthorised overdraft, for example, this can be deemed 'unfair' and reclaimed back.
Neil Durrant, director for the new consumer action website, comments: "Whilst bank customers are now becoming aware they may have been charged fees that could be deemed 'unfair,' they are still reluctant to pursue their claims. Although some bank customers are reclaiming several thousands of pounds, others are deterred by the perceived difficulties of legal action, the time and the effort required to pursue such a claim."
Neil Durrant continues: "Specialised services such as UnfairBankCharge.co.uk now exist, enabling the average consumer to hold banks accountable, bypassing the struggle in coming to grips with the legal system themselves. Such specialists have existing relationships with the banks, further to their legal expertise, so can often process the claim to a successful conclusion much faster than the individual. Making it easier for consumers means far more claims will be submitted and the banks held fully responsible. It is important that consumers submit their claims so that banks can't simply 'walk away' with the profits."
UnfairBankCharge.co.uk was launched on 19th December 2006 to help bank customers identify and reclaim 'unfair' bank charges by introducing them to a panel of specialist 'no win, no fee' service providers.
About Submission Technology
Founded in 2003, on a bootstrap budget, Submission Technology launched its first online property -- GreasyPalm. As the UK's first online rewards program to award members with 'cashback' as opposed to points, GreasyPalm proved to be an instant success with consumers. Submission Technology has since launched a range of online properties including the Afform Performance Advertising network in 2005, providing advertisers with access to the UK's top tier affiliate publishers (including GreasyPalm) and UnfairBankCharge.co.uk in 2006.
Online Press Office http://www.submissiontechnology.co.uk/press.php
UnfairBankCharge.co.uk / Submission Technology
T. 020 7183 1653