Bank Customers Foot the Bill

Due to yet more strike action by Royal Mail’s staff many credit card holders will be left to foot an estimated £150m bill. Banks and other Credit Card company’s incomes are set to be given a boost when customers payments fail to make it to their destinations in time, activating late payment charges. 
Credit Card holders who make payments via the UK postal system are likely to be the sufferers in all this, due to charges of up to £12 being automatically added to accounts. This means that people with two credit cards could be charged £24 per month, with the strikes set to continue into October.

Protect Yourself

There is a way Credit Card holders can protect themselves; holders should set - up direct debits to at least cover minimum payments, alternatively consumers who genuinely lose out due to the Royal Mail strikes should contact their card providers who will usually refund the charges.

Credit Card Charges

For credit card holders who have at some point been charged for going over their credit limit or making a late payment, whether through their own fault or not, there is now a possibility that charges can be reclaimed. The Consumer Credit Act 1974 offers clear and concise guidelines to financial institutions that, if contravened, can make entire contracts unenforceable. It’s definitely worth contacting a financial claims specialist to see if you are eligible to make a claim.

Online Banking Errors

More and more people are controlling money transfers by using online banking, what many don’t realise is that they could lose their cash if they accidentally type one incorrect digit.
Due to a loophole in e-banking law there are no guarantees that money transferred to a strangers account by accident will be returned, warns finance website www.mymoneydiva.com. Under current legislation the only thing your bank has to do is request permission to retrieve the payment made in error.

In the case of permission being denied, The Data Protection Act would also protect the beneficiary, making any legal action very difficult as the law does not allow banks to reveal information about its customers. The only advice is that when transferring funds online, you check, check and check again.