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Banks win overdraft charges case
The Supreme Court have ruled in favour of the banks in the dispute with customers seeking billions of pounds of overdraft charge refunds.
The court has overturned earlier court rulings that allowed the Office of Fair Trading (OFT) to investigate the fairness of charges for unauthorised overdrafts.
At stake is an estimated £2.6bn of annual income for the banks, which had appealed against earlier rulings. The decision follows more than two years of test case litigation.
The OFT have said that it will still try and reclaim customers' money that the banks claimed in overdraft fees, possibly by instigating a full competition commission enquiry.
Post Date: November 25th, 2009
The court has overturned earlier court rulings that allowed the Office of Fair Trading (OFT) to investigate the fairness of charges for unauthorised overdrafts.
At stake is an estimated £2.6bn of annual income for the banks, which had appealed against earlier rulings. The decision follows more than two years of test case litigation.
The OFT have said that it will still try and reclaim customers' money that the banks claimed in overdraft fees, possibly by instigating a full competition commission enquiry.
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Post Date: November 25th, 2009
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