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The Consumer Council welcomes the announcement that the Office of Fair Trading (OFT) will take a test case in the High Court against eight UK banks and building societies.
To date, we have helped 120 customers challenge their bank and get more than £120,000 in refunds
This test case will establish whether or not the charges placed on bank customers’ accounts for straying into the red are legal and fair.
Until this test case is resolved, banks can put on hold any complaints about the fairness of unauthorised overdraft charges.
Those bank customers currently challenging their bank should not despair, when the court makes a decision they can be confident of getting all that they are entitled to.
Steve Costello, Chairman of the Consumer Council, said:
"The Consumer Council called on the OFT to investigate unfair penalty charges in August 2006. Today’s announcement is a significant and long awaited step. When the judgement is made consumers will know the cost of a fair charge and will be able claim back the money, with legal certainty, if they have been overcharged.
“The OFT is having to take this step because the banks have been unable to demonstrate to their customers that their charges are fair. The Consumer Council welcomes the voluntary involvement of the banks to bring clarity on this issue for their customers.
"This test case must be resolved as quickly as possible for the consumers who have and will continue to pay unfair charges. This is not a win or lose situation – it is about getting a fair deal for all bank customers."
The Consumer Council has worked tirelessly over the past three years to represent Northern Ireland bank customers and we will continue to make their voice heard throughout this process. To date, we have helped 120 customers challenge their bank and get more than £120,000 in refunds
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