April 25, 2008

Banks have to pay out

Following the recent result in the high court, the banks where told that their charges for unauthorised overdrafts and other fees have been charge in an unfair way. As if it was not bad enough for the banks, they are expected to have to pay back all of the money that they over charged customers by.

But in true business like fashion the banking industry is stalling the progress of this result and consumer groups fear that they will appear to be getting ready to appeal against the ruling. This is to be expected, but consumer groups are asking the banks to just concede defeat and get on with paying the compensation.

The amount banks may have to fork out is around £700 million, probably more so, but an appeal that would have to be lodged by the 22nd May would hold off all of those payments, which would help the banks as they are in a bit of mess, but then again so are the people who they have over charged.

Source [Times]