Date set for bank fees decision

18/11/2009

It's been revealed that the latest stage of the battle over banks overdraft charges will take place later this month at the Supreme Court.

The BBC reports that it could be some time before people know whether they will be refunded or not, as the banks accused of foul play have already appealed against an earlier decision by the High Court and Appeal Court.

The Supreme Court will announce whether to uphold the right of the OFT to regulate bank charges.

Seven banks and one building society want to overturn two previous rulings that would let the OFT investigate their overdraft fees.

New claims were suspended from July 2007, after the banks and the OFT agreed to carry out a test case to see if overdraft charges were legal or not.

Kevin Still Director of debt solutions company EuroDebt says, "The FSA complaint figures in respect of poor client service and over-charging, demonstrate the level of customer dis-satisfaction with their bank.

EuroDebt has launched its own pre-paid current account that is available to all UK residents without the need for a credit check.

There is one low flat monthly charge of £12.50 and no fees for bounced direct debits or standing orders. It’s available to people on Debt Management Plan'>Debt Management Plans, an IVAs or even bankrupt."

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