Key test for bank overdraft fees

Key test for bank overdraft fees

news.bbc.co.uk

A High Court test case starts on Monday that could bring a fundamental change to High Street banking in the UK.

The outcome may decide the level of charges that banks are able to levy on millions of customers who go overdrawn without permission every year.

The Office of Fair Trading (OFT) will challenge seven leading banks and the Nationwide building society.

The regulator claims the banks' overdraft charges are unfair, but the banks say they are entirely legal.

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A major test case in a UK High Court heralds the beginning of "the People v the Major Banks". If the Banks win this case, they will be able to charge whatever they feel appropriate in relation to bank charges and interest levied against its customers in the future.

If they lose, they will have to repay Billions back to its customers and will be forced to find other ways to recoup their losses. Either way, they win.

It is expected that we wont know the verdict until next year, since it will more than likely be taken to the House of Commons, personally I hope we do win, even if the win is short lived, its not often the big Banks get spanking!

news.bbc.co.uk
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