The number of people looking to switch bank account is expected to rise this year, following the overdraft charges controversy of 2009.
The Office of Fair Trading (OFT) argued the charges for going over your overdraft limit were unfairly high.
After a lengthy process, the Supreme Court finally ruled in November that banks’ charging terms couldn’t be fully assessed for fairness under the Unfair Terms in Consumer Contract regulations.
The OFT described the decision as “disappointing for many consumers,” but Barclays says the ruling provided clarity for customers and banks alike.
Experts believe many customers were holding off from making any decisions about their bank accounts until the outcome of the case, and this year will start looking for a better deal.
The banks meanwhile insist they’ll be developing products in response to customer feedback, and the British Bankers’ Association say banks have created new overdraft pricing models and improved the switching process.
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