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Banks lose their Appeal

Written by Michael Coyle on 26 February 2009

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Bank charges frozen but Appeal thrown out

Good news for the customer bad news for the banks as an Appeal by the banks to investigate the fairness of overdraft charges has been thrown out. The 8 banks were appealing a previous decision that allowed the OFT to look in to the issue.

The Appeal Court ruled that the Office of Fair Trading (OFT) has the power to look into the issue. Importantly the Master of the Rolls ruled out any further Appeal. However it is not all good news as tens of thousands of claims will remain frozen.

However it is good news for the consumer as I believe the OFT will almost certainly conclude that the charges are unfair. The banks should settle this once and for all by doing a deal with the OFT.

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