banking

UK Banking institutions Losing to Overdraft Courtroom Cases

UK Banking institutions Losing to Overdraft Courtroom Cases banking institutions

The banking institutions have said "Further courtroom hearings will be needed prior to the test case procedure is concluded." Actually if the OFT gain and we are able to all claim again our overdraft costs you can gamble that the banks will be charging people for our current accounts, meaning the finish of free banking for everybody.

This stemmed from customers anger with bank fees, sometimes running into a huge selection of pounds, for unauthorised overdrafts. Back 2006 the thinking was these charges were, in-fact, illegitimate because they need to be reflective of using the costs incurred by the lender, i.e. the fees should be reasonable. Also the sector had found an amendment to credit rating card fees, supported by the OFT (Business office of Fair Trading) - Therefore the problem was asked 'why should banking institutions get away with a similar thing on overdraft charges?'

Whatever occurs with this courtroom case it appears like we'll all wrap up paying out in the long term as the banking institutions will switch this ruling on it's mind and introduce new costs that we {need to} pay upfront. Wonderful.