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Business claims £35k back from bank
18/04/2007
A business has claimed back more than £35,000 in bank charges from NatWest after its founder challenged the bank over overdraft fees.
The man, from Norfolk, recovered £35,987.94 from the bank, after a number of his company's cheques were bounced and his firm was charged for the process.
"It certainly is a spectacular payout," said Marc Gander of the Consumer Action Group (CAG). "It is the biggest one I know of so far that has been successful."
Over an approximate two-year period, the businessman incurred fees averaging £25 to £30 for each bounced cheque, according to reports, with the owner saying that it was down to his firm's growth and a lack of cashflow that the cheques were bounced.
He reportedly asked for an overdraft numerous times, but was rejected by NatWest for an overdraft of £10,000, the Guardian states.
The success of the businessman's case is the latest instance of consumers and businesses challenging banks over "unfair" penalty fees.
The man, from Norfolk, recovered £35,987.94 from the bank, after a number of his company's cheques were bounced and his firm was charged for the process.
"It certainly is a spectacular payout," said Marc Gander of the Consumer Action Group (CAG). "It is the biggest one I know of so far that has been successful."
Over an approximate two-year period, the businessman incurred fees averaging £25 to £30 for each bounced cheque, according to reports, with the owner saying that it was down to his firm's growth and a lack of cashflow that the cheques were bounced.
He reportedly asked for an overdraft numerous times, but was rejected by NatWest for an overdraft of £10,000, the Guardian states.
The success of the businessman's case is the latest instance of consumers and businesses challenging banks over "unfair" penalty fees.