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| The Liberal Democrat MP for the West Cornwall and Isles of Scilly Constituency of St Ives, Andrew George, heralded news of the outcome of a recent County Court case on behalf of one of his constituents, Laura Saunders (of Goldsithney) which resulted in her victory against Yorkshire Bank plc in respect of bank charges amounting to £922 during 2004. "As far as contract law is concerned, this test case clearly demonstrates that penalty charges should not be enforceable if those charges are disproportionate." |
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The Liberal Democrat MP for the West Cornwall and Isles of Scilly Constituency of St Ives, Andrew George, heralded news of the outcome of a recent County Court case on behalf of one of his constituents, Laura Saunders (of Goldsithney) which resulted in her victory against Yorkshire Bank plc in respect of bank charges amounting to £922 during 2004. "As far as contract law is concerned, this test case clearly demonstrates that penalty charges should not be enforceable if those charges are disproportionate."
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Thousands of customers have already won compensation since an Office of Fair Trading ruling last April, which caused panic among leading banks. The OFT said penalty charges in the credit card industry were illegal and warned it would investigate almost identical fees levied by banks. The regulator is expected to announce its verdict within weeks.
Last night, however, consumer groups said there was no need for customers to wait for the OFT's ruling.
Helen Ainsworth, of the consumer group Which?, said: "We believe bank customers paid Ј4.7bn in unauthorised overdraft charges last year alone - many have already claimed back some or all of this money, with awards ranging from Ј70 to thousands of pounds."
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Customer sends bailiffs in to seize bank's computers.
A man who was fed up with paying massive bank charges decided to give one of the high street giants a taste of its own medicine.
When Royal Bank of Scotland refused to refund Ј3,400 charges that Declan Purcell believed he was owed, he sent in the bailiffs.
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A&L to pay damages for closing account
Banks have been dealt another blow in their battle to fend off claims against overdraft charges after the Financial Ombudsman ordered Alliance & Leicester to compensate a customer for closing his account.
A&L shut Warren Miles' account after he successfully reclaimed bank charges last year. "Customers who take action on overdraft charges are fundamentally unhappy with the terms of the account, so A&L chose to close it", a spokesman said.
However, Mr Miles complained to the Ombudsman, which last week ruled that the bank's action was "punitive and retaliatory" and awarded Mr Miles Ј125 in damages
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More and more people are challenging what they regard as unfair and excessive overdraft charges which earn banks a reported Ј4.7 billion a year.
Charges for late payments or exceeding your overdraft limit are now thought to be unlawful.
Banks are supposed to only charge what it costs them to deal with people going over their overdraft limits or having insufficient funds in their accounts.
The sum charged must reflect the actual costs incurred by the bank and not excessively exceed this, for example, Ј25 charges for letters sent out informing customers they have exceeded their overdraft limit is deemed unreasonable.
Current account
Current account providers hit us with Ј4.7 billion of unauthorised overdraft charges in the last year according to a Which? report.
Banks have a set charge, normally around Ј25, when you go into an unauthorised overdraft. On top of this, they will charge you a further Ј25 for allowing a payment (direct debit and standing orders) to go through whilst you are still overdrawn. |
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