Credit card charge controversy continues

Wed, 17 Oct 2007

According to recent reports, credit card companies and banks are continuing to evade consumers who are claiming for unfair penalty charges, despite rulings that they must comply by the Financial Services Authority.

Banks are giving consumers in search of reimbursement for credit card charges the brush off, saying they have been told to shelve all complaints. The consumer website MoneySavingExpert.com raised the bank excuses, and said that thousands of consumers seeking a fair refund have been denied.

Martin Lewis, of the site, reportedly commented: "The Financial Services Authority, the City regulator, made it plain the hold only applies to bank charges, yet banks’ lawyers are disgracefully trying to bully customers, using it as an excuse to suggest it applies to credit card cases too."

The FSA allowed banks to suspend refunds on current account charges, but this did not extend to credit card charges. Banks have now slashed charges from around £35 to £12.
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