No reclaimed bank charges until mid-2008
by Kay Murchie
According to a source involved in the OFT’s consultation, banks at the centre of the argument over unreasonable charges will not be able to reach a compromise that will satisfy the Office of Fair Trading (OFT) before it takes them to court in January 2008.
Consequently, those waiting for an answer over unfair bank charges may have to wait until summer 2008 before they see a return of their money.
The 8 banks being taken to court are Abbey, Barclays, Clydesdale Bank, Natwest and its owner RBS, HSBC, HBOS and Nationwide Building Society.
The OFT recently announced that it could drop the High Court case it is bringing against the High Street banks if the banks themselves put forward a solution to the issue.
The OFT recently estimated that fees and charges for going overdrawn without permission bring in between £2 billion and £3.5 billion a year to the UK banking industry’s revenue.
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