Just 11 per cent of people have claimed back penalty fees from their banks, says a new survey and 39 per cent admit that they are completely in the dark on the issue.
A full 31 per cent admitted that they couldn’t be bothered or did not know how to claim back their cash.
Earlier this year the Office of Fair Trading (OFT) ruled that the penalty fees charged by credit card providers were not “legally fair” and should be set at a maximum of £12.
Fees of up to £30 for single transactions were not uncommon. Realising that they do not have a legal leg to stand on, many credit card providers have complied with the ruling.
But despite some customers successfully contesting and claiming back thousands of pounds they had previously been charged, the vast majority have not bothered.
“It’s outrageous that bank and card companies have got away with these unlawful charges for so long,” said Neil Faulkner of Motley Fool, which carried out the survey.
“It beggars belief that it could cost them £12 to £30 simply to not process a direct debit, or to write a letter advising of a default.”
Consumer action is an essential bulwark against bank bad practices, with several ditching their best rate offers to compensate for revenue lost when reducing fees.
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