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How To Claim Bank Charges Back Successfully

Merging your bank statements can be a frustrating but enlightening process but SIMPLEFS can help. You will most probably discover many fees charged to your account by the bank and start cursing the bank for robbing you blind. If you are unsatisfied with the fees charged to your account take action by learning how to get bank charges back.girl with card in hand

 

Types

Many people are aware of overdraft fees, but sadly even if your check never bounced you can still be charged fees for other things such as:

  • Dropping below account minimums
  • Having too many transactions
  • Not having enough transactions

 

Those are some of the few things that can attract bank charges. The good news is that you can claim back bank charges. If you have a good banking history or if the fees are not as a result of your mistakes, you can convince the bank to reverse the charges.

 

Claiming Back Bank Charges

To reclaim bank charges pay the bank a visit. Carry the statement that shows the charges in question and any other supporting documents which show that you are not responsible for the charges. If you have a long-term personal relationship with the bank manager or bank personnel you stand a higher chance of getting the fees reversed.

 

Tell the bank representative that you are inquiring about certain fees on your account. Submit your statement and explain yourself. Maybe the bank had never properly informed you of some bank policy changes or there was an error with a deposit you made that attracted the fees. Make it known to the bank personnel that it is not your mistake that led to the charges.

 

If you have any supporting documents give them to the bank representative. Supporting documents include ATM receipts, deposit slips and withdrawal slips. The deposit slip might show a different value to that on the statement. This might mean that an error was made when the bank reconciled teller transaction sheets.

 

Request a reversal of fees together with the interest they could have accrued between the time they were charged and when you are making the claim. If the fees are a result of recent changes the representative may reverse the fees. Though this can only be done once since from that moment onward you will be aware of the changes. That’s how to claim bank charges back. Sometimes you might not be successful, but if the fees are hefty, it wouldn’t hurt to try.

The Pros And Cons Of An IVA

Individual Voluntary Arrangements, or IVA, are an alternative to bankruptcy. It is an official agreement made between the person who owes money and his or her creditors. An iva is usually seen as a better option than bankruptcy. In this agreement the person in debt makes regular payments that are then divided between all the creditors. There are both advantages and disadvantages to Individual Voluntary Arrangements.

The Pros of An IVA

An IVA Calculator and how it really works can relieve the stress associated with debts. An insolvency practitioner is involved in the agreement and payments will be made through the IP. The IP deals with your creditors and you will not have to be in contact with them anymore. They are not allowed to call you or send letters or emails, and they cannot take any more legal actions against you after the agreement has been made.

You will only make an affordable monthly payment. A percentage of the debt is written off. You agree to make a regular payment to the IP who will divide the sum between the creditors. You do not have to pay more interest or new unexpected charges: you will simply pay a fixed monthly sum to the IP. You will not lose your home and you can often keep other assets too.

If you keep up with the payments, an IVA usually ends after 5 to 6 years and you will be free of debt. If your circumstances change, the agreements are usually flexible. The IP can give advice about changes due to new financial circumstances.

The Disadvantages of IVAs

There are some disadvantages to an Iva. An IVA will affect your credit record. It will remain in your record for years and although a better option than bankruptcy, it will affect your ability to borrow money in the future. IVAs are public information and anyone can find out this information about you, including employers and banks.

Not everyone is qualified for an IVA and it may not be the best solution for every person.  Creditors do not have to accept the application for a voluntary agreement. Although most people would prefer a voluntary agreement to bankruptcy, there are other options that may be more suitable if your debts are small. It is best to talk to a professional independent adviser or read as much as you can about IVAs before deciding if it is the best option for you.

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