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UK Banks set to learn fate regarding overdraft charges

This week should see the UK Supreme Court issue its verdict on the overdraft charges saga which has been dragging on for some years now. In a nutshell, the ruling from the Supreme Court will confirm whether the Office of Fair Trading is within its remit to rule if bank overdraft charges are fair and what compensation should be paid out to those who have suffered.

The situation has been ongoing for a number of years now even though the UK banks have in the past paid out, without admitting liability, hundreds of millions of pounds already. However, once the full enormity of the situation was revealed the majority of the major UK banks got together to launch a rival action against the Office of Fair Trading (OFT) which has been leading the chase to obtain compensation for customers. In many ways this has been nothing but a delaying tactic but this week should see a monumental shift to the next stage.

It is widely believed that the Supreme Court will rule in favour of the OFT which will then take the process further forward and allow a negotiating period between the OFT and UK banks to arrange compensation. Many UK consumers and businesses will be crossing their fingers this weekend hoping that significant compensation could be coming their way!

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