HBOS angers customers with new overdraft fee charges

The banking industry is already at the centre of heated controversy with the problems that it has been caught up in over the past couple of years, but one bank has now angered customers yet again with changes to its authorised overdraft charges. Read more

Tags: hbos, hbos bank charges, overdraft fees, hbos banking changes, bank charges

Good news for bank customers due to new measures

Banks have been at the centre of a great deal of controversy over the past couple of years for a range of reasons, ranging from the controversial bank charges on unauthorised overdrafts – which is still being dealt with by the courts – to security breaches, unfair treatment of customers, and lack of clarity when it comes to terms and conditions. Read more

Tags: bank accounts, consumer affairs minister, controversy, Fair Trading, bank charges, measures, switch accounts, kevin brennan

Whopping overdraft charges from Halifax

The High Street lender Halifax is to increase its borrowing costs from December of this year, and this will see customers having to spend a small fortune on the cost of borrowing, with the lender planning to hike up borrowing costs significantly. Read more

Tags: halifax bank charges, interest, bank charges, charging structure, overdraft facility, halifax, income

Millions of RBS customers to benefit from bank charge cuts

Starting from next month around twelve and a half million RBS current account holders are set to benefit from bank charge cuts, with the bank announcing that it is going to be cutting charges on millions of accounts. Read more

Tags: bank fees, Banking, account holders, Bank charge, bank charges, cut, rbs bank charges, money

Consumers not happy over treatment by banks

A recent report has suggested that many consumers are still furious over how they are treated by some of the nation’s major banks, and think that many of the banks are badly managed. Read more

Tags: bank customer service, bank loans, rbs, banks, bank charges, Citizen Advice Bureau

Watchdog makes pledge over bank charges

The UK consumer watchdog, the Office of Fair Trading, has recently promised the no matter what the outcome of the ongoing battle against the banks in relation to bank charges it will still continue to pursue these charges as unfair. Read more

Tags: initial rulings, cheque, bank charges, overdraft charge claims, office of fair trading

At least a million have their bank charge claims frozen

According to recently released figures at least one million consumers have their bank charge claims frozen, as the appeals relating to the original High Court decision continue. Read more

Tags: office of fair trading, firm legal beagles, fair, bank charges, original ruling, decision, bank claims, banks

Banks filing further appeal over bank charges

The battle between the UK’s High Street banks and the Office of Fair Trading over bank charges has been raging for some time, and has been longer than most people imagined. Read more

Tags: industry, Fair Trading, baks, appeals court, bank charges, office of fair trading, watchdog authorisation

RBS will take action over refunding bank charges

High Street bank Royal Bank of Scotland has reportedly decided that in the event that the ongoing High Court case in to bank charges is lost by the banks it will be pro-active in ensuring that all customers receive a refund on their bank charges that were applied for exceeding the credit limit on the account. The banks, along with seven others, is currently appealing against a ruling made by the courts earlier this year, when it ruled in favour of the Office of Fair Trading. Read more

Tags: year, high street bank, bank charges, rbs, finance, base, bank, bank charge refunds

What does the latest ruling in the High Court test case into bank charges mean?

The presiding judge in the ongoing High Court test case in to banking overdraft charges has recently made an announcement that has pleased the banking industry at a time when many are relieved to finally have some good news. The battle over bank charges began several years ago, when the Office of Fair Trading branded the charges that banks charge when someone goes over their overdraft limit as being unfair and unlawful. Read more

Tags: court, past charges, andrew smith, ongoing high court, british bankers association, bank charges, someone, oft

Many banks get all clear over bank charges

Following recent hearings in the next stage of the overdraft bank charge High Court case, many of the UK’s banks have received a clean bill of health from the presiding judge, who has said that most customers will not be able to use the law to challenge the terms that the banks in question have used. However, he has not given the all clear to Intelligent Finance or NatWest. And is still looking at the terms laid out by these banks. Read more

Tags: recent decision, bank, court, bank charges, right, overdraft, presiding judge, question

Banks find out that their charges are most likely unfair

Over the past couple of years the bank charges applied to accounts by banks have been at the centre of controversy, with some banks charging close to £40 per fee when the customer went over their overdraft limits and for returned direct debits and bounced cheques. Officials from the Office of Fair Trading were concerned because the charges were far too high, because they did not in any way reflect the costs incurred by the bank, which amounted to just a few pounds. Read more

Tags: oft, rbs, decision, test case, Law Crime, office

Memo indicated that banks told that bank charges are probably unfair

This year’s High Court test case into bank charges saw round one go to the Office of Fair Trading, with the regulatory body being given permission to assess banks# terms and conditions, including overdraft charges, for fairness. According to the contents of a leaked memo that was sent to senior staff members at RBS and Natwest the OFT has concluded that the charges applied by the UK’s leading banks are indeed unfair. Read more

Tags: test case, year, bill, August, bank charges, rbs, Office of Fair Trading v Abbey National plc, office of fair trading

Impact on Northern Rock could have been softened

In a recent report the chairman of the Financial Services Authority, Callum McCarthy, has stated that the impact on stricken lender Northern Rock could have been softened had consumers been made more aware of the savings guarantee that was in place from the government. Mr McCarthy stated that many consumers had not been aware of the savings guarantee that was in place, and had they been more aware of this it could have made a big difference to the level of trouble that Northern Rock found itself in. Read more

Tags: nose, half, government, money, fsa, flock, bank of england, bank charges

Don’t pay through the nose to claim back your bank charges

Experts have been urging bank customers to think carefully before allowing charge reclaim companies to deal with reclaiming bank and credit card charges, stating that often the customer ends up paying a huge chunk of the amount reclaimed in fees to the company. Experts state that some customers are being charged hundreds of pounds but all the company does is fill out some forms that the customer could very easily do themselves. Read more

Tags: agency, reclaim bank charge, company, work, bank charges, sums of money, pay, online

High court case appeal should not delay case by a year

According to the judge presiding at the recent High Court test case into bank charges, the decision by the UK banks to appeal against the ruling should not result in as serious a delay as some reports have indicated. Recent reports claimed that if banks appealed against the judge’s decision to allow the Office of Fair Trading to assess banks’ terms and conditions for fairness the case could be further delayed by over a year. However, Justice Andrew Smith has stated that this is not the case. Read more

Tags: commence, oft, Court test case, court case appeal, uk, monthly bank, bank charges

Prospect of monthly bank charges unpopular with consumers

According to a recent report the vast majority of consumers do not want to see the introduction of monthly banks charges even if it means that there will be a fairer system in place with regards to penalty fees for unauthorised overdraft use, bounced cheques, and returned direct debits. Research was recently carried out by MoneyExpert.com, and showed that nearly 60% of consumers did not want to see monthly account fees brought in even if there were caps placed on penalty fees. Read more

Tags: recent announcement, notice, office, presiding judge, year, bank charges, OFT states, United Kingdom

OFT rejects banks’ main defence

The main defence put forward by UK banks just ahead of the bank charges super-case to be held in 2008 has been rejected by the Office of Fair Trading.
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Tags: banks, office of, bank charges, bank fees, office of fair trading

Court still allowing consumers to sue over bank charges

The row over unlawful and unfair bank charges has been raging for some time, and many bank customers have managed to reclaim past charged for exceeding the overdraft limit and for returned cheques and direct debits – some going back up to six years – after UK financial regulators stated that the fees were unjust and unfair last year. Finally, earlier this year, regulators and banks decided that a test case was needed in order to determine whether or not the charges were fair.

In the meantime courts and judges were advised that pending cases filed by bank customers that were trying to reclaim their charges could be put on hold until after the test case had gone ahead in order to make a decision easier. However, despite this many consumers are continuing to successful sue their banks, which indicates that many courts and judges are continuing to let these actions to through.

One claimant who won nearly £3000 stated that her case was only heard as a result of the bank not turning up to defend itself. She stated: “When it was my turn, I found out that there was nobody from Abbey to deal with my case and went in to face the judge alone. She told me that as Abbey hadn’t turned up to defend against me, she would be finding in my favour, but had Abbey turned up, she would have granted a stay, as that was what they were all doing until after the test case.”

Apart from in Wales, and in Devon and Cornwall, where a blanket stay of outstanding cases has been granted, courts and judges can make their own decisions, and many are doing this on a case by case basis according to some officials.

• Claimants strike back at banks

Tom Smith
29th September 2007

Tags: Banking, test case, bank charges, fee, bank customers

Bank charge victory for Lloyds TSB

One of the UK’s banks has made history by being the first to have its banks charges upheld in the fight against unfair and unlawful bank charges.
Read more

Tags: Business Finance, position, none, lloyds tsb, bank charges

Bank charges investigation to be widened by Office of Fair Trading

The investigation into illegal and unlawful charges imposed by banks has been going on for some time, with regulatory bodies in the UK looking into the amounts that banks have been charging customers that exceed their overdraft limit or in cases where cheques bounce or direct debits are returned. Read more

Tags: ongoing investigation, office of fair trading, bank charges, bank charges going, banks

64% of Brits won’t reclaim bank charges

Despite headlines that Brits can reclaim bank charges, many are failing to do so for fear for being rejected by their bank or having their accounts closed.

Many consumer struggle with banking charges which mean a penalty is put upon on those who spend more than their overdraft limit and many people are now due a refund.

But a survey by Which? shows that up to 64 per cent of Britons are delaying approaching their banks.

Over one-fifth told the consumer group that they had not written to their bank or asked them about the fees because they “fear how their bank would react”.

Emma Bandey, Which? personal finance campaigner, said: “It can’t be good for the banks’ image that so many people found them less than helpful.”

Recent figures show that 85 per cent of those who have launched a claim against their banks have been successful in reclaiming at least a part of their fee.

Those banks which are most feared in terms of reprisals such as closing bank accounts are said to be Nationwide, HSBC, Alliance & Leciester and Abbey.

Tags: image, Brits won't reclaim, bank charges, Brits, fee.Those banks, helpful."Recent figures, Bank charge, headlines