Customers Claiming Redress From Banks

June 24, 2009 - PRLog -- Customers seeking compensation for excessive fees charged by some banks are “inundating” the law firm with their claims, says managing director James Middleweek.

Middleweek says his new firm is receiving hundreds of claims a month relating mainly to penalty charges on savings and credit card transactions and exit fees on loans.

This service is the first of its kind in Australia, although similar services are provided in the UK. Middleweek says, “Since launching Financial Redress in March we have simply been inundated with bank and credit card penalty charge claims. However, for every 100 enquiries we receive, at least ten relate to concerns over break fees on loans,” he says. “The figures involved can run into tens of thousands of dollars a time. These excessive break fees have left our clients feeling very aggrieved.”

Middleweek says, “Whether its poor disclosure, lack of transparency, mis-selling, or simple profiteering, will depend on the facts of each case. Either way, consumers feel that, once again, they are being massively short changed by financial institutions. We believe many clients could be due substantial compensation,” he says.  

Financial Redress, based in Perth, has developed online registration, a break fee questionnaire and other processes to keep legal costs to a minimum. The firm says it provides quick but detailed advice to its clients as to whether they have a reasonable chance of compensation.
 
Financial Redress provides detailed break fee advice for a fixed fee of $200 plus GST. Clients register online at www.financialredress.com.au or by telephone on 1300 4 REDRESS.

Media inquiries: James Middleweek, Managing Director, Financial Redress – phone 1300 473 373, email james@financialredress.com.au

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Financial Redress PTY LTD is an incorporated law firm. We are the first law firm in Australia to specialise in recovering compensation from financial institutions for excessive charges or mis-selling. Financial Redress will initially focus on bank/credit card penalty charges, but expects to identify additional areas in the product range of banks and insurers where it believes consumers are entitled to financial redress.