Banks could be in store for 8 million more overdraft claims

24/11/2009

Consumer champion Which? claims that UK banks could be flooded with another 8 million bank charges claims.

New figures from the consumer champion show that, of around 12 million people that have been hit with bank charges since July 2001, over three in five (63per cent) haven’t asked for their money back.

With the Supreme Court's ruling on the test case due tomorrow (25th November), the banks could face thousands upon thousands of new complaints if the Office of Fair Trading (OFT) win.

This is in addition to the estimated million plus claims that are currently on hold.

Of the 4,161 UK adults interviewed in September 2009, around 4 in 10 claims waiting to be resolved are for £500 or more.

Four in ten people waiting for a claim resolution say that they would use any refunded money to pay off bills or debts and around two in ten say they would spend it on shopping or a holiday.

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