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Banks lose latest court appeal over late charges
Seven high street banks and one building society have lost their latest appeal over unauthorised overdraft charges in the Court of Appeal.
The case has been brought by the Office of Fair Trading to determine whether overdraft and unpaid item charges - which can be as much as £38 - are unfair.
If the UK lenders - Abbey, Barclays, Clydesdale, HBOS, HSBC, Lloyds, RBS and Nationwide - lose the case they could have to return around £1bn to customers that they charged for late payments and exceeding their overdrafts.
The financial institutions can appeal against the decision and have the option of taking the case to the House of Lords.
"This case has been going on too long and its about time they tried to regain some of their dignity and paid customers their dues," said Peter Vicary-Smith of consumer group Which?.
Banks have already paid out over £550m to thousands of customers who had incurred the ‘unfair' charges, but until a final decision is reached in this case all customer payouts have been suspended.
Post Date: February 27th, 2009
The case has been brought by the Office of Fair Trading to determine whether overdraft and unpaid item charges - which can be as much as £38 - are unfair.
If the UK lenders - Abbey, Barclays, Clydesdale, HBOS, HSBC, Lloyds, RBS and Nationwide - lose the case they could have to return around £1bn to customers that they charged for late payments and exceeding their overdrafts.
The financial institutions can appeal against the decision and have the option of taking the case to the House of Lords.
"This case has been going on too long and its about time they tried to regain some of their dignity and paid customers their dues," said Peter Vicary-Smith of consumer group Which?.
Banks have already paid out over £550m to thousands of customers who had incurred the ‘unfair' charges, but until a final decision is reached in this case all customer payouts have been suspended.
Post Date: February 27th, 2009
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