| A: The whole reclaiming bank charges saga has been ongoing for the last several years. However, the banks and their lawyers have done everything possible to fight the process. So in 2007 they took their arguments to court and while this continues the Financial Services Authority (FSA) has put a block on anyone reclaiming charges.
The banks lost a number of court hearings but have kept appealing and are taking their case to the House of Lords. The date for this is June 2009 and a verdict is expected sometime before the end of 2009.
Meanwhile people can still lodge a case against the banks but these won't be dealt with until a final verdict is delivered. But consumers are still encouraged to lodge their claims because these go into an 'inbox' which assuming the banks lose will be dealt with on a first-come-first-served basis.
To find out more about how to reclaim your bank charges check this site out - www.bankactiongroup.co.uk where you will find all the information you need plus templates of the letters to write.
Good advice is to first use the site's FAQ section and the excellent Message Board.
Finally, did you know that if you are able to reclaim your charges these will be paid with interest at around 7% per year. So a £25 charge issued in 2002 is now worth around £40.
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