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Monkey

Bank Charges - The Results Soon Maybe?

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http://news.bbc.co.uk/1/hi/business/8112520.stm

The future of overdraft fees paid by millions of customers could be decided after an appeal in the House of Lords this week, starting on Tuesday.

Five Law Lords will hear an appeal by the UK's main banks against an earlier decision this year by the Appeal Court.

It upheld a ruling from last year that the Office of Fair Trading (OFT) had the power to decide if bank charges were fair or not.

About one million people are waiting to see if they can reclaim their charges.

"We certainly hope the House of Lords will uphold a very strongly worded judgement of the Court of Appeal," said Chris Warner, a lawyer with the consumers' association Which?.

*Snip

Behind the scenes, the OFT and the banks have also been arguing for months over what level of overdraft charges, if any, the OFT might regard as fair.

It has already said it thinks that the current level of charges are probably not fair, but will come to a final conclusion later this year.

But such a decision could lead to another round of High Court hearings if the banks decide they want to challenge the OFT's ruling.

For the banks, total defeat could push them into ripping up their current charging arrangements, which would probably see the introduction of monthly fees for current accounts.

More in the link.

so no idea if they will find them to be ilgeal or not, and no idea on when a result will come about.

public sentiment has changed massivly for the banks and government since this report started in 2007, as well as the Recession etc. the government could massivly save face by deeming the charges ilegal gaining massive plubic support, but this would piss the banks off, and add to the public debt (the nationalised banks) would have, the banks could argue that to deem these charges as legal would save the tax payer more funding to the banks.

either way we (the tax payer) will get shafted

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As mentioned on another thread, the effect of this is a nice little Quease in the general direction of people who would actually spend it - the less well off in society who tend to spend more than they should, hence the original predicament.

If its over 100 million, how much effect would this have on the economy anyone?

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As mentioned on another thread, the effect of this is a nice little Quease in the general direction of people who would actually spend it - the less well off in society who tend to spend more than they should, hence the original predicament.

If its over 100 million, how much effect would this have on the economy anyone?

who knows and i know i am going to get flamed here but i want my 4.5K back that i consider stolen from my childrens pockets by HSBC.

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Guest theboltonfury
The banks are blood-sucking parasites.

Barclays have abolished overdraft charges on my account Instead they now give me an imaginary 'reserve buffer' on my account and charge me £22 for the joy of using it.

cucking funts.

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