The Office of Fair Trading and the UK's Banks have been battling out in court, the subject of Bank Charges.
This week the banks will learn if the Office of Fair Trading has won their case, if the OFT win, its likely they will go away and decide on a fair price for the banks to charge when customers go overdrawn (outside of an agreed overdraft), or when the bank bounce direct debits, standing orders and cheques.
The OFT will then instruct the banks on the FAIR charge, the banks are likely to want to challenge any ruling ... it could be another year before the banks start paying out ... that is if they have too.
I for one think they should payout after the ruling on Wednesday, and all future charges should be pegged at the current rate for UK Credit Cards which is £12 per payment.
The OFT are also likely to insist on a maximum amount of charges being applied, currently banks can bounce every payment going out of your account and charge you for doing so there is not limit on these charges ... that MUST change!
This week the banks will learn if the Office of Fair Trading has won their case, if the OFT win, its likely they will go away and decide on a fair price for the banks to charge when customers go overdrawn (outside of an agreed overdraft), or when the bank bounce direct debits, standing orders and cheques.
The OFT will then instruct the banks on the FAIR charge, the banks are likely to want to challenge any ruling ... it could be another year before the banks start paying out ... that is if they have too.
I for one think they should payout after the ruling on Wednesday, and all future charges should be pegged at the current rate for UK Credit Cards which is £12 per payment.
The OFT are also likely to insist on a maximum amount of charges being applied, currently banks can bounce every payment going out of your account and charge you for doing so there is not limit on these charges ... that MUST change!