| 14 January 2008 |
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Bank Charges Test Case Set To Open |
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A High Court test case, which could bring major charges to banks' unauthorised overdraft charges is due to begin today.
The case has been brought by the Office of Fair Trading against seven banks, including Barclays, Clydesdale Bank, HBOS and HSBC, and the Nationwide Building Society.
The OFT has claimed that the charges are unfair, arguing that the overdraft charges come under the provisions of the 1999 Unfair Terms in Consumer Contracts Regulations. However, banks say that the charges are legal and are not a penalty fee, but a charge for a service.
Banks are believed to earn £10 million a day from the fees.
The case is due to begin formally later on Monday, but the hearing is not expected to open until Wednesday.
If the banks lose the case, they face the prospect of having to pay compensation to anyone who has been overcharged for the past six years, leading to a bill of potentially billions of pounds.
The hearing is expected to three weeks with judgement to follow some time later.
(KMcA)
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