There are many instances when the bank charges expenses that customers do not understand. Most of such expenses are taken under the header – bank charges. However, any such expense results in moving money from your account to the bank wallet. In many cases, the charges are valid. Some of the common expenses charged by a bank include check book charges, check return charges and other charges. However, certain expenses are not valid. In fact, some charges are not even legally allowed for any bank. While most of the bank customers prefer to remain silent on this issue, many folks are interested in reclaiming their money. Here is how to claim bank charges back.
Tips to reclaim bank charges
First of all, understand all types of charges levied by the bank by reading bank papers in great detail. This will avoid any sort of ambiguity with respect to charges imposed by the bank for any particular default on your end. Furthermore, it will make clear that you will be charged particular monthly charges and a certain set amount for your defaults as specified in the bank papers.
Now that you know the different charges levied by your bank, it will be much easier for you to find out whether a particular expense debited by the bank is reasonable or not. If you think that your bank has charged you unnecessarily, write a letter to your bank manager seeking explanation on the same. Get a copy of your letter signed by the bank authority; this will act as evidence that you spoke with your bank about unnecessary charges.
Do not forget to mention that you need a reply and refund within a week or two. At times, your bank may offer you partial refund. In such a case, do not accept the offer, and stress that you will only accept full refund. If your bank refunds you your complete money, then it is fine. However, when the bank authorities try to delay the matter, remind them that you will take the matter to the court in case they fail to refund your money within 14 days. To this end, your bank will definitely follow up and credit the money in your account. In this way, you will be able to reclaim bank charges.
Reclaiming unreasonable bank charges is not an easy task. You need to understand whether the charges are valid or not. Moreover, you need to get familiar with the procedure to get your money back in your account. However, you could get ripped off if you do not pay attention to unreasonable bank charges charged on your account. Still, the great news is you can reclaim bank charges that are unreasonable. Just follow the above tips and tricks, and you will be able to reclaim unreasonable bank charges from your bank.