Banks win round in OFT overdraft battle
The High Court has ruled in favour of the banks in the latest round of legal battle with the Office of Fair Trading (OFT) over overdraft charges.The judge last month said fees imposed over the past several years when customers went into the red or had a cheque bounce could not be unlawful penalty charges.
This follows a decision in July that current terms and conditions are not penalties but could be assessed for fairness under the Unfair Terms in Consumer Contracts Regulation. The latest ruling means that most bank customers will not be able to contest overdraft charges levied mostly between 2001 and 2007.
However, the judge failed to reach a decision on terms and conditions for Natwest Bank.
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