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OFT Statement on Bank Charges not Credit Card Charges

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Hi All

Correct me if i am wrong but im sure i read somewhere and from letters from Lloyds who say they are in talks with OFT, but is it true the OFT are going to make another announcement in April about Bank Accoutn charges?

Probally lowering the charges to £12 like they did with credit cards

If so what will this mean for claimants?



Lloyds TSB (SARS) request sent 9th June 2006

£2191 Moneyclaim Issued 11/08/2006, Acknowleded 17th August Defence 14 Sep, AQ returned 5/10/2006.SETTLED IN FULL £2,670 26/11/2006/ Lloyds Credit Card SETTLED IN FULL £267

MBNA SETTLED IN FULL 15/09/2006 £829

Citicard (SARS) request sent 22nd June 2006 Moneyclaim issued 19th Sep, Defence and AQ received 5/10/2006, AQ returned 5/10/2006, part refund received 10/10/2006


Barclaycard Me and Mrs SARS sent 19/10/2006 settled £350

Welcome Finance PPI 2 accounts one settled £1018 waiting on other

GE Money PPI 1 account settled 8/5/2008 £560 2nd account SETTLED IN FULL £3,599.78p 15thAugust 2008

Lloyds TSB PPI CC complaint sent 10/04/2008

Black Horse PPI with FOS 20/05/2008

HFC PPI complaint sent 22/05/2008


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I don't know whether it's true and even if it were I don't think it will mean much to claimants. The banks would still have to prove in court that a £12 charge represents exactly what it costs them to deal with account breaches without any profit involved.

Halifax - Credit Card: 14/11/06 sent S.A.R, 29/12/06 sent Prelim, 11/01/07 1st bog-off received, 15/01/07 LBA sent, 01/02/2007 MCOL started for £1801 (inc court costs and 8% int.), 02/02/2007 MCOL cancelled... , 09/06/2007 Court claim started, 01/06/2007 Claim Acknowledged, 07/06/2007 Claim concluded, £1540 to be reimbursed into CC account.

GE Capital Bank Ltd - Storecards (3): 11/06/07 sent S.A.R, 15/06/07 Acknowledgement of S.A.R received

GE Capital Bank Ltd - Wife's Storecards (2): not started yet...

Nationwide - Current A/C: not started yet...

Lloyds TSB Bank Ltd - Current A/C: not started yet...

Lloyds TSB Bank Ltd - Business A/C: not started yet...

and the rest I haven't remembered so far... : not started yet...

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The OFT are indeed investigating bank charges as opposed to credit card charges. There is no date set as yet for an announcement, and my personal opinion is that April would be too early to get a decision, as they only launched their investigation a couple of months ago, and they usually take a lot longer than 6 months to come up with their response. It may be that because their last one was announced in April 05, someone got their wires crossed?


It is likely, especially in view of the c/c statement, when the OFT advised that the principle could broadly be applied across all financial institutions (a statement which sent ripples of dismay through the banking industry), that the decision will fall more in less in line with the April 05 one.


However, don't forget that the OFT didn't "lower the charge to £12", as you state. They specifically said that £12 was NOT to be seen as an acceptable level, and that only a court could decide what constitutes a fair charge. They also said that £12 was the threshold above which they themselves would take legal action, but encouraged people to pursue their charges through the legal system if they were unhappy with the level of charges levied.


So all in all, business as usual. Until such time either a precedent has been set in court, or the banks lower their charges to a level which truly reflects the loss incurred through our breach of contract, (otherwise commonly known as "when Hell freezes over"), we keep going, nothing changes. :-)

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