The Office of Fair Trading declared that these kind of bank charges were unfair and not reasonable. It is really a scandal and many have called it daylight robbery. When banks had been asked to make documents to justify the bank charges didn't work to do so. However, chances are that the banks will have gathered some ammunition to create at the High Court in the test case on bank charges in January 2008. The test case relates only to current accounts and not business accounts. The brutal truth is that unfair bank charges are already imposed on millions of people. It has been a merciless punishment on folks who may have simply overlooked their current account status or had a late payment of wages. Excessive charging has lead to many people getting into debt which also has drastic consequences in credit ratings.
The High Court will no doubt be asked to consider whether the bank charges are fair. The penalties which may be imposed and which no doubt may be in the individual contract between client and bank, relate to a range of services following troublesome banking. However, the OFT's investigation confirmed that the banks were imposing bank charges that are unlawful and illegal. It is broadly thought that the High Court will rule in favor of the customers.
Recent research has proposed that about 41% of people do not know that the interest rate applicable to an unauthorized overdraft. Many more have just swallowed the unfair bank charges imposed on them without even a letter of complaint or fight. It is usually worth nothing that 19% of people are always overdrawn. These surveys additionally show that overdraft charges of 4.7 billion pounds were paid by 43% of current account holders in the past year.If you think maybe you are paying unfair bank bills you can certainly file a complaint against your bank and start reclaiming your money. If your bank rejects your request, you can take your case to the Ombudsman
Author Resource:
Nancy Williamsspecialises in Bank charges and other financial products for United Kingdom based business www.bankcharges.com . She also lifts the lid on unfair credit card charges and the financial claims sector generally, in addition to writing articles on personal finance, house sales, repossession and business finance.
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