How to Reclaim Unfair Bank Charges
Unfair bank charges can create unnecessary financial strain on individuals and businesses alike. These charges often include exaggerated loan interest, hidden service fees, double billing for the same service, unjustified penalties, and high foreign exchange fees. Such costs typically go unnoticed until they accumulate into substantial losses, particularly for businesses handling high transaction volumes. It is also advisable to look for ways to reduce bank interest charges. Bank overcharging involves banks charging more than what is agreed upon or authorized. Common examples include charging interest from the cheque issue date rather than the actual loan disbursal date, or levying monthly interest even when the loan was disbursed mid-month. To protect customers, the Reserve Bank of India (RBI) issued guidelines requiring banks to provide a transparent Key Fact Statement for your Business loans and clearly communicate any penalties. Customers must monitor bank statements p...