Court of Appeal rejects High Street Banks' Overdraft Charges Case

[Alex Alex Dawson oo! oo!]

The Court of Appeal has ruled against the Banks/Building Societies and said that the OFT (Office of Fair Trading) is entitled to look into their overdraft charges. Leave to appeal to the House of Lords is denied.

BBC NEWS | Business | Bank charges appeal is thrown out

 

[surrey jim]

so people who have been charged will be entitled to get claim their money back. as said before this is now the end of free banking and in future interest rates will be determined on risk scores and not one interest rate for all.

 

[sparkie]

Time to reclaim money illegally stolen from our accounts I guess.

 

[Alex Alex Dawson oo! oo!]

so people who have been charged will be entitled to get claim their money back. as said before this is now the end of free banking and in future interest rates will be determined on risk scores and not one interest rate for all.

No, that will depend on the outcome of the OFT investigation.

The Banks have argued that the Office of Fair Trading had no right to undertake an investigation into whether their overdraft charges are fair, reasonable and reflect the actual costs involved. This contention has been rejected by the Court of Appeal.

 

[Napper]

3k already pocketed

 

[eastlondonseagull]

This is good news. For now. The banks are c u n t s and should pay back the money they've stolen from us over the years. Might compensate, albeit only slightly, for the shit f***ing interest rates they're passing onto savers at the moment. And considering interest rates are approaching zero per cent, mortgage rates are ridiculous unless you've got 20% + deposit. Utter tossers, all of them.

.

 

[Beach Hut]

This is good news. For now. The banks are c u n t s and should pay back the money they've stolen from us over the years. Might compensate, albeit only slightly, for the shit f***ing interest rates they're passing onto savers at the moment. And considering interest rates are approaching zero per cent, mortgage rates are ridiculous unless you've got 20% + deposit. Utter tossers, all of them.

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Surely the charges applied are only to those in debt as I managed to pay 50p banking charges kast year.

In other words had you stayed out of debt then you would not pay charges ?

 

[e77]

Should be pointed out that businesses don't have free banking.

 

[sparkie]

Surely the charges applied are only to those in debt as I managed to pay 50p banking charges kast year.

In other words had you stayed out of debt then you would not pay charges ?

No one should have to pay illegal fines ( charges ). It is up to Parliament to set our laws, not the banks to make them up.

 

[Alex Alex Dawson oo! oo!]

Should be pointed out that businesses don't have free banking.

Depends on the number and type of transactions going through the account, whether you use the branch network to any significant degree or write a lot of cheques; my company doesn't currently pay any bank charges with HSBC.

 

[e77]

Depends on the number and type of transactions going through the account, whether you use the branch network to any significant degree or write a lot of cheques; my company doesn't currently pay any bank charges with HSBC.

Mine neither but certainly most shops have to pay charges. My point is the loss of free banking isn't a reason for companies not getting back charges back.

 

[Seagullible]

Surely the charges applied are only to those in debt as I managed to pay 50p banking charges kast year.

In other words had you stayed out of debt then you would not pay charges ?

but the banks allowed the money to go out and then charged you for it. Surely easier for them to just not let funds not in accounts go out. They also charge you if there are no funds to pay for things like direct debits. How can they say you owe them money because something can't be paid?

 

[desprateseagull]

check out Money Saving Expert: Consumer Revenge - Credit Cards, Shopping, Bank Charges, Cheap Flights and more for FREE letter tenplates to use, where to send claims etc.

I got £600 odd of excess charges taken off capital one!

 

[seagully]

I managed to get 1500 quid from Nationwide a few years ago. The trick is not to give up, as they will initially send you an offer of a paltry sum as a 'goodwill gesture'. Keep sending them letters asking for the full amount and eventually you should get it. In the end, they said they would repay me the whole amount but would be closing my account. After the huge amounts of money they'd charged me I wasn't too bothered by that!