24/04/2008
Customers Win First Round In Bank Charge Battle
A small victory has been won by customers who have so far borne the brunt of excessive bank charges, as the Office of Fair Trading (OFT) has won the right to investigate them.
The High Court has ruled that charges imposed for unauthorised overdrafts are subject to "unfair contract" regulations.
Eight of the UK's leading banks and one building society maintain that the charges levied for unauthorised overdrafts are fees for a service and are not unfair.
Presiding over the decision, Mr Justice Andrew Smith said however, that the current charges imposed were not "necessarily" unfair under the 1999 Unfair Terms in Consumer Contracts Regulations.
Further hearings are required before the deluge of customers who have been charged can reclaim their fees.
It has been reported that banks make between £2 million and £3.5 billion per annum penalising customers who go into the red. Bounced payments also carry fees of up to £35 atime.
Those who vehemently oppose the charges say it only costs banks about £2.50 to redress difficult situations that customers find themselves in.
Martin Lewis is a known campaigner against bank charges and his website www.moneysavingexpert.com encourages customers to reclaim their charges.
Industry analysts have warned that if banks lose the case it could spell the end to free banking, with charges for every transaction. This is likely to cause controversy among customers who manage their banking responsibly.
The banks and building society involved; Abbey, Barclays, Clydesdale, Halifax Bank of Scotland, HSBC, Lloyds TSB, Royal Bank of Scotland Group and the Nationwide have until 22 May to make an appeal.
(DS)
The High Court has ruled that charges imposed for unauthorised overdrafts are subject to "unfair contract" regulations.
Eight of the UK's leading banks and one building society maintain that the charges levied for unauthorised overdrafts are fees for a service and are not unfair.
Presiding over the decision, Mr Justice Andrew Smith said however, that the current charges imposed were not "necessarily" unfair under the 1999 Unfair Terms in Consumer Contracts Regulations.
Further hearings are required before the deluge of customers who have been charged can reclaim their fees.
It has been reported that banks make between £2 million and £3.5 billion per annum penalising customers who go into the red. Bounced payments also carry fees of up to £35 atime.
Those who vehemently oppose the charges say it only costs banks about £2.50 to redress difficult situations that customers find themselves in.
Martin Lewis is a known campaigner against bank charges and his website www.moneysavingexpert.com encourages customers to reclaim their charges.
Industry analysts have warned that if banks lose the case it could spell the end to free banking, with charges for every transaction. This is likely to cause controversy among customers who manage their banking responsibly.
The banks and building society involved; Abbey, Barclays, Clydesdale, Halifax Bank of Scotland, HSBC, Lloyds TSB, Royal Bank of Scotland Group and the Nationwide have until 22 May to make an appeal.
(DS)
Related UK National News Stories
Click here for the latest headlines.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
07 April 2008
HSBC Loses Customers' Details Disc
The HSBC bank has admitted that a computer disc, containing details of 370,000 customers, has been lost. The disc contains customers' names, dates of birth and levels of life assurance cover. It is understood that the disc went missing four weeks ago after it was sent via courier from the bank's Southampton offices.
HSBC Loses Customers' Details Disc
The HSBC bank has admitted that a computer disc, containing details of 370,000 customers, has been lost. The disc contains customers' names, dates of birth and levels of life assurance cover. It is understood that the disc went missing four weeks ago after it was sent via courier from the bank's Southampton offices.
07 November 2013
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
30 May 2008
Network Rail Bans Work On Bridge
Network Rail's Chief Executive Iain Coucher has wrote to Transport for London's (TfL) Commissioner Peter Hendy to seek urgent answers about the severe disruption caused to tens of thousands of passengers as a result of the failure of TfL infrastructure outside Liverpool Street station on Wednesday evening. At about 7.
Network Rail Bans Work On Bridge
Network Rail's Chief Executive Iain Coucher has wrote to Transport for London's (TfL) Commissioner Peter Hendy to seek urgent answers about the severe disruption caused to tens of thousands of passengers as a result of the failure of TfL infrastructure outside Liverpool Street station on Wednesday evening. At about 7.
19 May 2008
40% Drop In House Sales According To RICS
Sales of houses could fall by 40% this year according to a study by the Royal Institution of Chartered Surveyors (RICS). RICS warned this rapid decline will effect house buyers who are looking for a mortgage as the credit crunch bites. Adding further to property owners woes, prices are to slip by around 5%.
40% Drop In House Sales According To RICS
Sales of houses could fall by 40% this year according to a study by the Royal Institution of Chartered Surveyors (RICS). RICS warned this rapid decline will effect house buyers who are looking for a mortgage as the credit crunch bites. Adding further to property owners woes, prices are to slip by around 5%.
-
Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.