Smug banks will get to keep your (unfair) overdraft charges

Once again the banks have won the battle waged by the ‘small’ saver to rein in their practices of charging like wild bulls for commiting the crime of going into overdraft by a few pounds – often down to errors in the banks systems.

Banks may be complaining about the recent raft of tax hits, but they pale into insignificance compared with the savings they have made from the Office of Fair Trading’s decision to drop its investigation into unfair bank charges. They will now keep the estimated £10billion they may have had to hand back to customers had they lost this battle over charges, and they will continue to net the £2.6billion a year they collect in overdraft fees.

The OFT though is determined to persuade the banks to sign up to a voluntary agreement on overdraft charges. The government has threatened to legislate if banks don’t act but it seems for now that these mongrels have us over a fence – how many of us would have a bank account these days if we did  not need to have one…?

The OFT is determined to persuade the banks to sign up to a voluntary agreement on overdraft charges and the government has threatened to legislate if banks don’t act. But don’t hold your breath for now…

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