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Banks await overdraft charges ruling in Supreme Court

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BBC News - Banks await overdraft charges ruling in Supreme Court

 

 

The Supreme Court will hand down a judgement on Wednesday that could lead to billions of pounds being refunded to millions of bank customers. Lord Phillips will reveal the Court's decision on an appeal by seven banks and the Nationwide building society.

They want to stop the Office of Fair Trading using consumer protection rules to investigate the fairness of their charges for unauthorised overdrafts.

The decision follows more than two years of test case litigation.

So far the banks have lost at both the High Court and Appeal Court stages of the test case.

 

OFT victory?

If the OFT wins then it will open the door for it to announce that overdraft charges are indeed unfair, when it reveals the result of its parallel investigation into them soon.

In theory that should trigger an automatic refund of all banks charges that have been levied since July 2001.

 

Bank victory?

If the banks were to win their appeal, it would completely undermine the efforts of the OFT for the past three years.

 

o.gif

 

 

It would also be a crushing defeat for the attempts of campaign groups and media organisations which have encouraged people to launch refund claims in the county courts.

 

etc etc


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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Cue much gloating from Angela Knight and her merry band of knniggits

 

Barstewards...

 

What next, Europe?

Edited by Mr. Kipling

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The judgement apparently denied the OFT the right to appeal to Europe. Complete and utter whitewash, this smells of an establishment stitch up !!

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This ruling is surely a travesty of justice and has only been made because the 'poor little banks' can't possibly afford to give us our charges back - after all they've handed them out in bonuses to incompetent managers now.:mad:

 

So glad I moved my account when I first claimed so all my old bank have left is an overdraft made up of charges that I have no intention whatsoever of paying them, regardless of this ruling.:p Has it not occurred to them yet that people will vote with their feet if needs be?

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