Unauthorised overdraft charges hearing commences in High Court
This Wednesday, 16th January, the Office of Fair Trading’s hearing begins, regarding the law and unauthorized overdraft charges.
Don’t forget the hearing is not to decide if specific banks are acting unfairly but it will address the Unfair Terms in Consumer Contracts Regulations in order to decide if these terms apply to unauthorised overdraft charges put in place by the banks.
If the hearing decides that unauthorized overdraft charges are unfair I would think it will be months before we see any action taken specifically against the banks this declaration is brought against; Abbey National plc, Barclays Bank plc, Clydesdale Bank plc, HBOS plc, HSBC Bank plc, Lloyds TSB Bank plc, Nationwide Building Society and Royal Bank of Scotland Group plc.
The initial hearing will last 3 weeks, for more information visit the OFT website.