"Get stuck in" against bank charges

The founder of the Consumer Action Group (CAG) has said that Britons should not hold back when it comes to reclaiming overdraft charges from their bank.

Marc Gander said that many people do not feel that they are entitled to claim money back from their banks thanks to the British stiff upper lip, but he maintained that they could be perfectly entitled to do so.

He advised the public to bite the bullet and make a claim if they feel they have been overcharged.

"There's also an enormous amount of people who are very shy about taking on their banks. They actually feel blame-worthy. They shouldn't feel blameworthy, they shouldn't feel responsible. We're suggesting that people should get stuck in and start claiming straight away," he said.

It is estimated that banks refunded about £784 million in charges to 378,000 customers in 2007, reports the BBC.

Claims against the financial institutions have soared from customers who can be charged up to £40 for unauthorised overdrafts, bounced cheques, or failed direct debits and £20 or more to receive a letter detailing the charges.

The Office of Fair Trading has recently won the right to investigate whether overdraft charges by banks are excessive. The banks have until May 22nd to appeal.