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Bank charges appeal is piling on the misery for consumers, says Which?

27 October 2008

As the Court of Appeal prepares for the bank charges test case between the OFT and the UK’s leading high street banks to recommence tomorrow, Which? chief executive, Peter Vicary-Smith, says:

“It’s extremely disappointing that instead of looking for ways to make their customers’ lives easier during these difficult times, the banks are piling on the misery by continuing to hit them with unfairly high unauthorised overdraft fees.

“The banks should not be appealing the High Court's decision. They should be working with the OFT to establish what constitutes a fair overdraft charge and starting the process of refunding the customers they have been overcharging for years.”

Notes to Editor

 

Anyone who has been charged an unauthorised overdraft fee since July 27 2001 can reclaim their charges. For more information, visit www.which.co.uk/bankcharges

Key dates: 

  • 27 July 2007 - Since the test case was announced in July 2007, the FSA has imposed a waiver on bank charges claims, allowing banks to continue charging fees while claims against them are put on hold.
  • 16 January 2008 – The bank charges test case began in the High Court.
  • 24 April 2008 – The High Court ruled that the OFT can assess the banks’ current terms & conditions for fairness but that bank charges could not be counted as penalty charges.
  • 22 May 2008 – The banks announced that they would appeal the High Court’s decision.
  • 28 October 2008 – The appeal will begin in the Court of Appeal.