Time is money - Don't delay submitting your claims for unfair bank charges

Fool.co.uk comments on confirmation that banks will appeal against the ruling on unfair charges

David Kuo, Head of Personal Finance at Fool.co.uk, says: "The BBA has confirmed that banks will appeal against the High Court ruling on unfair charges.

Customers can't stop them from doing this.

But they can stop the clock from counting down the time allowed to submit their own claims.

"Currently, bank customers can reclaim unfair charges plus interest that occurred in the past six years.

(Six years is as far back you can go in the courts.) But as each day passes, it's another day that they are missing out on what is rightfully theirs if they don't submit a claim.

"Therefore, anyone who plans to appeal should write to their bank to ask for the charges to be refunded.

Follow up with a letter threatening court proceedings.

Many courts will probably stay the majority of claims, but at least the six-year limitation on your claim will be halted too.

"Banks know that time is money, which is why they are appealing - they want to hang on to your money for as long as possible.

But bank customers can get their own back.

Submit your claims without delay so you can get your refund in full when banks run out of time and options.".

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