Banks lose appeal over unfair charges
We’re planning a party – there’ll be hot dogs and cheese cubes on cocktail sticks, mini sausage rolls, crisps, juice and party games… and the banks are paying for the lot!
That’s because eight high street banks have lost their appeal in the High Court over charges levied by them against customers who had gone overdrawn or had payments returned. The banks were appealing against a ruling which decreed that the Office of Fair Trading had the power to decide whether the charges were fair or not.
On top of that, the banks were firmly told to scram by the Master of the Rolls when they tried to climb further still up the appeal ladder to the House of Lords. They have chosen to ignore that ruling and are planning to appeal directly to the Lords anyway, the howling shits that they are.
On a day when the Royal Bank of Scotland announce record corporate losses and with many banks partially in the hands of the taxpayer, their audacious attempt to use more of OUR money to fight a case which they hoped would stop them from refunding OUR money was nothing short of ridiculous.
Pending another appeal, the OFT now has the power to determine if charges are fair or not (get down the bookies and put all your spare cash on ‘not’) although the tens of thousands of pending claims remain on hold, so don’t start battering on your bank manager’s door demanding a bag of refunded charges just yet.
Another interesting side-issue has arisen. If and when these charges are deemed to be unfair and are billions of ill-gotten pounds refunded, it stands to reason that millions of credit files will have to be amended, with all references to exceeding overdraft limits struck from the record. Gonna be a lot of work for some number crunchers in the not too distant future.