Bank Charges Law from the Office of Fair Trading (OFT)
Introduction
Money Advice Direct helps over 100,000 a year battle unfair fees from banks. Even though the law on bank charges has not been decided we find that the banks are generally quite responsive on refunding unfair bank charges.
The team recommend using an intermediary to claim back unfair bank charges called Claims Financial Limited. They will write to the banks involved and request that unfair charges are refunded.
The law on unfair bank charges is very unclear.
The legality of bank charges has yet to be ruled on by a senior UK court but these will not be enforced if they are found to be 'penalty' or 'unfair' charges. The law is clear on that.
The OFT believes typical bank overdraft fees come under these regulations, that they are unfair and that it therefore has the power to order changes.
But banks argue that the charges are a core feature of their current account business and so they are not covered by the regulations, they are fair and that the OFT has no powers in the matter.
The Office of Fair Trading (OFT) have sided with the consumer and made banks cut their charges on unfair bank charges.
Banks charges are unfair and unlawful. Many consumers have claimed that charges are illegal and unfairly high.
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In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
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