Martin Lewis: Money Saving Expert explains how banks could owe Britons thousands – act now | Personal Finance | Finance

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Martin Lewis, Money Saving Expert, is well known for providing the latest financial tips and tricks to hundreds of thousands of Britons. This week, helping people with their money-related queries on his self-titled ITV show, Martin turned his attention to banks and savings. He uncovered how many people could potentially be owed thousands of pounds by their bank, and illustrated the actions to be taken to get this money back.

According to Martin, there are two potential reclaiming actions Britons can take, but it is important to understand the details.

Martin explained: “The first is for packaged bank accounts. These are those where you pay a £10 to £15 monthly fee in return for insurance.

“If you chose it, as I suggested with Nationwide, if it’s right for you, then it isn’t a problem, and usually it can be quite good.

“But if you were sold it, if they called you and pulled you in to tell you you absolutely need one of these accounts, you may well have been mis-sold.”

READ MORE: Cold Weather Payment: DWP announces new postcode triggers

“Was the price hiked and they didn’t tell you? You may have been mis-sold!

“In that case, you can get all of the fees back and there is no need to pay anyone to claim this, there are free tools online which can do it for you!”

However, Martin acknowledged there may be some instances where a bank does not agree a person has been mis-sold, or puts up resistance.

In this case, he encouraged, Britons should look into taking the bank to the Financial Ombudsman, a service which settles complaints between consumers and businesses providing financial services.

One woman, taking Martin’s advice, thanked him for the money she was able to claim back.

Emma wrote in to the show to explain she had been paying for her account for 10 years, and managed to claim back £1,400.

She said: “I’ve been on furlough for the past year, so this has completely boosted my morale – thank you so much Martin!”

But Martin explained one final reclaim possibility which could get certain Britons money back.

He added: “Granted, this is much less big than it used to be, but if you are suffering severe financial hardship from charges for busting your overdraft limit – put in a reclaim.

“It’s more difficult than it used to be, however, it is still very much possible.

“Once again, there are free to use template letters online – don’t pay anyone to do this.

“Although it is less of an issue these days if charges have been banned, going back a few years you may have had them, so it is worth looking at that.”

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip





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