In the News - Banks
High Court clears way for OFT to investigate overdraft fees
Yesterday the High Court ruled that the Office of Fair Trading (OFT) could challenge high street banks on overdraft charges. The High Court ruling has cleared the way for an OFT hearing next month to decide whether the charges are unfair and whether banks should be forced to repay the charges to consumers. This could force banks, who receive up to £3.5 billion a year in unauthorised overdraft charges, to repay an estimated £10 billion to consumers. As first reported 'In the News' on 16 November 2007, the banks have threatened that if charges are scrapped customers could have to pay a monthly fee for their account.
Seven banks and one building society accounting for 90% of all current accounts are the institutions concerned. They are listed below.
(Sources: Independent.co.uk Guardian.co.uk Telegraph.co.uk Times Online)
Rate these businesses/organisations:
- Office Of Fair Trading (-.--)
- Abbey (-2.21
) - Barclays Bank (-2.11)
- Clydesdale Bank PLC (-.--)
- Halifax (-3.61
) - Bank Of Scotland (3.52)
- HSBC Bank PLC (-0.93)
- Lloyds TSB Bank (0.99)
- Royal Bank Of Scotland (-1.60)
- Nationwide Building Society (-1.43)
Post to: Digg | Del.icio.us | Stumbleupon | Reddit | Facebook | Newsvine
25-Apr-2008 08:49:02
Sign up to Plebble's RSS feed here to keep up to date on all the latest stories.
