Is the bank charge court case a waste of time?
Fri, 23/05/2008 - 14:37
I think the OFT were entirely wrong bringing this case in the first place.
The charges the Banks make are clearly shown in their terms and conditions.
People should be responsible for their own actions and should not issue cheques etc if funds are not available.
If they go overdrawn or exceed their overdraft arrangement then frankly they are "stealing" and should be punished in line with the terms and conditions they signed up to.
I know that Martin Lewis on his website has been beating the drum for those who cannot, or will nottake the trouble to manage their finances and have been penalised, but frankly I consider his comments are made for his own self publicity.
I hope the Banks win the case, it will be justice for those of us who take care with their financial planning.
Fri, 23/05/2008 - 22:39
phil stilliard I was overcharged twice but as it was over 6 years ago, there is nothing that I can do. This legislation came in too late, it is now 9 years since, and as it is new, why should it be limited to 6 years? lawyers take years to decide, but others have time limits.
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As expected, the banks have appealed the High Court's April ruling that allowed the OFT to potentially cap charges on unauthorised overdraft usage.
The case is likely to be heard by the Court of Appeal before the end of 2008 - but it could take years to resolve, meaning people entitled to refunds have a long wait on their hands. And in the meantime, more and more people are being hit with fines up to £30 for going overdrawn without permission.
But is there any point to this court case? After all, if the OFT wins, then customers still stand to lose out as banks will recoup their losses elsewhere.
And while banks are paying for the cost of the court case, surely the balloon effect means us consumers will end up footing the bill at the end of the day?
What do you think?