Consumer Legal Update

OFT announcement on bank charges expected this month.

The Office of Fair Trading is expected to make an announcement in the next few weeks on bank charges for unauthorised overdrafts. You might remember that last year the credit card companies were prevented from charging more than £12 for late payments or accidental transactions over the credit limit. Many banks however, are still charging fees of around £30 for unauthorised overdrafts and some even charge increased interest on the whole overdraft if you go over the limit by a few pounds.

Which, and other consumer groups, have been campaigning for these charges to be capped at a reasonable limit and the OFT is expected to announce its decision this month.

If you feel that you have been overcharged by your bank for overdrafts you may be able to claim back fees paid over the last 6 years. You may be able to do this by:

  • approaching your bank directly
  • making a claim against them in the small claims court
  • seeing a solicitor

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This article has been prepared for general interest and information purposes only; it does not constitute legal advice and should not be relied on as such. While all possible care has been taken in the preparation of this article, no responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by the firm or the authors.