Bank Charges OFT Test Case Discussion

Smasher

Yep thats the big idea with bank charges. Sting them for as much money as possible when they're in trouble so as to make it extrmely difficult to make ends meet the following month & hey presto, you've reeled in yet another cash cow..

kev2b3

hi all
just wondering how you feel the oft case is going so far?

Sallysdream

Hi all

I am sure Martin said this morning on GMTV that the court will be decided today. But heard nothing further. Any updates on this. Oh I am so glad that this is speeding up. I was actually still thinking until this morning that will take a year or maybe more to get a decission. Would the (whatever they decide now) courts decision be final? Or will it go through any more stages? Just suprised that after all that "it could take a year or more" it has taken 10 days or so??

Nathan_Spleen

The hearing is due to end this friday lunchtime.

Sallysdream

Hi all

just found this: http://www.guardian.co.uk/money/2008/jan/18/bankcharges.banks

According to the OFT, banks receive up to £3.5bn a year in unauthorised overdraft fees - nearly £10m a day. They charge up to £39 for a bounced cheque, standing order or direct debit, and critics of the system say this does not reflect the actual cost incurred by the banks, which could be as little as £2.

Phoenixx73

Nice article but it is mostly stuff that was covered days (if not weeks) ago. Do we have any more recent news?

Sallysdream

Nathan_Spleen wrote: »

The hearing is due to end this friday lunchtime.

wow that's qiuck right? Considering they thought it would take longer. Only thing is though, after the Northern Rock crisis, plus then what the Banks will have to pay out to us, that would mean other costs with the bank probably will go up. Like handling charges etc.

I remember years ago in Germany the same happenend, but the banks also had to pay back handling fees etc. as they were unfair charges too. The banks then paid all theie customers back semi-automatic, that means you only had to sign a piece of paper in the Branch and you got your money. I know this as it happened to me there and I had not even known that there were any issues re these charges. So was a nice suprise when I walked into Branch.

See you

Mackem1053

Says claims could automatically resume this week? never heard this before

http://news.bbc.co.uk/1/hi/business/7229085.stm

Does this mean all stays lifted?

Sallysdream

Phoenixx73 wrote: »

Nice article but it is mostly stuff that was covered days (if not weeks) ago. Do we have any more recent news?

Is it right that this is the first case and there will be a second one later this year?? They should really have an official website where you could find the latest news

Nathan_Spleen

Mackem1053 wrote: »

Says claims could automatically resume this week? never heard this before

http://news.bbc.co.uk/1/hi/business/7229085.stm

Does this mean all stays lifted?

I think that report is wildly optimistic. The banks asked the judge today for an 'indication' as to what his reccomendation to county courts would be but as the judge hasn't even considered his judgement yet I can't see it happening until judgement is handed down which I doubt would be for many months.