Many current account holders across the UK have fallen victim to unfair bank charges. Bank Account holders were been charged £30- £40 for going over their overdraft limit, even if it was only £1 over the limit.
Banks should only incur charges on their cutommers when the charge is in proportion to the cost. Even if you agreed to the terms and conditions section of your contract when you opened your bank account, contracts have to be fair. If the terms are u lawful then these charges cannot be impossed on you .If the bank charge isn't proportionate then it's unlawful, and thus you've a right to your money back.
As of April 24, 2008, the OFT has won the right to assess whether the terms and conditions underlying the charges are fair, but we will have to wait until the summer of 2008 for the hearing into whether the actual fees themselves are fair.
Are penalty charges bank robbery?
Banks are making billions of pounds each year from penalty charges. But now the legality of these charges - which cost their customers an average of £30 a time - is being called into question and thousands of customers want their money back. Read More...…
BBC Radio 4's Money Box
Join Paul Lewis as he discusses excessive charges banks pased on to their customers. Read More...
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