Bank charge refunds nearly due!

Posted by admin on 26 February, 2009 under Business news | 3 Comments to Read

For those of you that have appealed against your bank charging you an excessive amount for bank charges for going overdrawn might soon be receiving a cheque in the post.

Today the Court of Appeal ruled that the Office of Fair Trading (OFT) had the power to rule on bank charges and to investigate the charges levied by banks. However, this ruling is not final, as it looks like the eight banks that are fighting against the High Court ruling are going to take the case to the House of Lords. This appeal is despite Sir Anthony Clarke (Master of the Rolls) dismissing the banks’ appeal and has told the eight banks concerned that they should allow the OFT to decide whether their charges were fair or not, and as a consequence refund those customers where the charges are deemed unfair!

The British Bankers’ Association (BBA) commented that its members are still disputing the courts’ (both the High Court and Court of Appeal) decision.

The banks could be facing huge pay-outs to customers as a result of this decision which comes at a time when banks are already suffering badly due to the present economic crisis! In the end it looks like these payments will be funded by our own money anyway, that is taxpayer’s money.