Looks like the waiting for the OFT tes case concerning Bank charges could finally be over.

Bank charges ruling due on Thursday | Money | guardian.co.uk

For our American friends, the UK Banks have been in serious trouble due to the large sums charged for people exceeding their overdrafts.
These can be as much as £39 (nearly $80) per day!!

YIPPEE! About bloody time!

A small quote

Quote:

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According to the OFT, banks receive up to £3.5bn a year in unauthorised overdraft fees - nearly £10m a day. (About $20 MILLION)

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.

The OFT claims the charges are illegal under the Unfair Terms in Consumer Contracts Regulation 1999.

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Now you have some idea of the scale of this issue.
It's NOT pocket change amounts.

There's a lot more including some history.
Director of Finance Online - Bank charges verdict issued this week

Hopefully they will not go to appeal, I have heard some interesting situations where the banks have rang people if they are about to go overdrawn and also some cases where they have cancelled charges as the result of a phone call so I think that it is olooking good

This just in.
Judgement in the OFT's favour so the UTCCR does cover bank charges.

The Office of Fair Trading has won its High Court claim that charges levied by banks for unauthorised overdrafts are unfair.

Bank Charges: High Court Rules On Overdraft Fees |Sky News|Business
BBC NEWS | Business | Banks lose overdraft charges case

For those that want to read the judgement here it is: http://www.judiciary.gov.uk/docs/jud...ent_240408.pdf

I am not convinced that this verdict is entirely as reported in the press. The verdict has two conclusions:

1. That the charges are not unenforceable as penalty charges and,
2. That the charges are capable for being assessed under the UTCCR.


The first point is very worrying, as it leaves the door open for a deal between the OFT and the banks, In my opinion, to set fees like they tried to do for credit cards. I must admit, I always thought the first argument was the most damning.

BUT, that being said, credit card companies are still paying out the full amount of claims. ;)
So even if there is a deal with the OFT, like cards, there may not be anything to inhibit the reclaim of all charges.

Mind you this time the OFT/Banks may actually get the wording right in such a way as to close the door they left open on the cards.