News Tag: charges
December 22, 2009
Consumer watchdog, the Office of Fair Trading (OFT), has announced it is to abandon plans to take further legal action against banks regarding unauthorised overdraft charges.
At the end of last month, the Supreme Court ruled in favour of the banks over the fairness of the charges.
The test case originally commenced in July 2007 after it was discovered ...
OFT scraps plans to take further court action against banks
by Kay Murchie
November 30, 2009
Last week, the Supreme Court ruled in favour of the banks over the fairness of unauthorised overdraft charges.
The legal battle, which has been ongoing since July 2007, came as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair.
Since the ruling, banking giant Lloyds said it is seeking to ...
Lloyds seeks to dismiss overdraft cases
by Kay Murchie
November 17, 2009
The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week.
Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank charges are fair.
Banks and building societies were ...
Wednesday 25 November is judgement day
by Kay Murchie
October 7, 2009
An investigation by the Office of Fair Trading (OFT) found that consumers struggle to understand current account charges, as well as interest rates and overdraft fees.
As a result, new measures from 2011 will see banks make it easier for consumers to understand their costs and charges, as well as making the switching process easier.
This means it will be simpler to transfer ...
Banks agree to make costs transparent
by Kay Murchie
September 9, 2009
Consumer advice sites Moneyfacts and uSwitch.com have reacted with cynicism to the Royal Bank of Scotland's (RBS) decision to lower overdraft fees.
RBS and sister bank NatWest cut unauthorised overdraft fees in half to £15 earlier this week.
Charges for bounced cheques were reduced from £38 to £5.
The changes come ahead of a ruling by the Supreme Court which will decide whether the ...
Is RBS pre-empting the Supreme Court?
by David Masters
April 15, 2009
A victim of the housing market downturn, the Land Registry is increasing its registration fees for properties in England and Wales.
From 6th July the cost of registering an average first-time buyer property worth £100,000 will rise from £100 to £130.
The fee for a home worth £150,000 is increasing from £150 to £200, while registration of a one million ...
Land Registry hikes fees to make ends meet
by Gill Montia
April 7, 2009
International travellers are best to opt for the Post Office Platinum credit card, according to research by moneysupermarket.com.
Debit card holders, meanwhile, are advised to choose the Nationwide FlexAccount.
The price comparison website said the Post Office's card offers free purchase protection, no overseas charges, and zero percent on purchases for three months.
"This is a far better prospect than other ...
Post Office and Nationwide cards best for international travel
by David Masters
February 26, 2009
A ruling by the court of appeal could see millions of pounds returned to customers after the case of unauthorised overdraft charges was thrown out.
The ruling follows a test case last year between the Office of Fair Trading (OFT) and eight High Street Banks with regard to charges for unauthorised borrowing and bounced ...
Millions of pounds set to return to customers as overdraft charges case thrown out
by Kay Murchie
July 23, 2008
Research from price comparison website, mform.co.uk, shows that the arrangement fees applied to the most competitive mortgages on the market have increased by an average of 20% during the past 12 months.
The average fee paid buy borrowers for a best-buy product has risen from £738.33 in August 2007 to £889.69.
For three-year fixed-rate deals the rise is even steeper, with the ...
Mortgage fees rise 20% in a year
by Gill Montia
