The ongoing battle with the consumer’s right to reclaim their bank charges could have come to it’s final hurdle before the matter is resolved for good.
7 high street banks and one building society have been taken to court by the Office of Fair Trading (OFT) and after the banks lost their appeal hearing against a High Court ruling last year, the case has moved to the House of Lords court, the highest level of court in the UK.
If the ruling is in favour of the OFT, banks could be forced to repay billions of pounds to over 1 million people who have overspent and gone into an unauthorised overdraft. If this happens it is expected that the OFT will release a highly critical report slating the ethics of banks and building societies, particularly as those people worst off financially are the ones who have incurred the most amount of charges. The result could be devastating for many UK banks, which would mark the end of a 2 year case in which all current disputes for reclaiming charges have been put on hold.
Experts are urging the public to get their reclaims in now to benefit from the excellent backdated interest rates offered, better than many saving accounts at 8%! Power to the people? I think so! However, there are threats that banks will begin charging their customers for the use of current accounts and cashing cheques in an attempt to retrieve their losses. It appears it’s becoming increasingly hard for Joe Bloggs to damn the man.
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