OFT revives bank charges campaign

Published on 1 January 1970 by Raffick Marday

Bank account customers may soon be able to avoid the risk of unauthorised overdrafts.

That’s according to the Office of Fair Trading, which is concerned over the charges some banks make when people inadvertently dip into the red.

The charges – which enable customers to continue to make payments rather than having transactions refused – net banks billions each year in revenue.

And although a challenge to the way banks charge fees failed last year the OFT says it will continue to demand changes to the law if overdrawn customers are not treated better.

The Supreme Court had ruled that banks had the right to charge overdraft fees as they saw fit.

Since the November ruling, however, there has been a general downward trend in charges imposed.

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