Martin Lewis offers advice on claiming back bank charges
Appearing on ITV’s This Morning, Martin Lewis explained how many people may be able to claim back if they have been mis-sold package bank account fees. One Briton named Peter called into the show to ask Martin about his personal circumstance. Peter had seen an advertisement on social media, which offered advice on how to claim back monthly payments on mis-sold bank accounts.
He was wondering if this was legitimate, but his pressing concern was whether a bank could close his account if he took steps to claim money back.
However, thankfully, Martin was on hand to offer further advice on the situation.
Packaged bank accounts, Martin explained, often involve people paying an extra monthly fee to gain access to certain services.
These can include travel insurance or breakdown cover, and are often attractive to those looking for a one-stop shop for their needs.
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However, he also explained that while these accounts can be useful, many have been mis-sold on a significant scale.
Martin explained that banks need to have provided individuals with guidance, checking that insurance sold is suitable for their personal circumstances.
In other cases, some Britons may have been coerced or forced into opening this kind of bank account, despite it not being a suitable option for them.
In this case, customers may be entitled to receive hundreds or even thousands back from the provider concerned in fees.
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The process going forward should be easy for Britons to tackle in the fight to get the money they are owed back.
Martin said there are a number of tools available online to help with the process, or alternatively, Britons may decide to write a letter to their bank instead.
Importantly, these tools do not have any costs, which mean they should be accessible to most people to help address the situation.
It is worth noting, however, that in some instances, the Financial Ombudsman may need to become involved if there are disputes.
But finally, he advised Peter and all other Britons in a similar situation never to use a company to carry out this action.
He said claims firms were unnecessary, and that there are many free tools available online to help those in this boat.
Martin concluded: “There is no need to use a firm you’ve seen on social media.
“In these cases, many of them promise a lot and then don’t deliver.”
Martin also addressed other issues which Britons asked for his guidance on today.
One person wrote in to ask Martin whether it would be sensible to cash in her Euros due to the Brexit transition period deadline.
Martin expressed that it was a difficult decision to make, due to the ongoing uncertainty surrounding the issue.
Stating he did not have a “crystal ball” he advised all Britons in this situation to think carefully about what they did with their currency, rather than making a snap judgement on the matter.
However, it is an issue, he concluded, that will change from person to person.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip
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