From IVANews:
The Battle of the Bank Charges continues…
The Office of Fair Trading is drawing closer to reaching a decision on whether or not banks will have to repay millions of pounds worth of bank charges to ordinary consumers. Last month, a High Court Judge gave the OFT permission to make a ruling on whether or not banks have been overcharging for missed direct debits, bounced cheques and other late payment charges. Banks routinely charge up to £39 for each infraction, allegedly to cover administration costs – independent research suggests that the true costs of these charges to the banks is as little as £2 a time, and that the banks are making a small fortune from them.
But it isn’t going to be an open and shut case. Several large banks have already successfully been granted the right to appeal against the OFT’s decision when it eventually comes. Whether or not the appeals are successful, they will prolong the case and delay any return of money to consumers by up to two ye…
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