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Are you in line for a £600 refund from your bank?

This week should see the UK Supreme Court rule on whether the Office of Fair Trading is able to push ahead with the prosecution of UK banks in relation to unauthorised overdraft charges which have been in the headlines for some time. It is believed that more than 8 million banking customers in the UK could be in line for claims of around £600 each which would cost the UK banking sector a significant amount of money!

Finally it seems as though the ongoing overdraft saga is drawing to a conclusion and if the informed information is correct it seems as though the UK Supreme Court is set to rule in favour of the Office of Fair Trading and allow the compensation program to begin. Even though many UK banks have already paid out millions of pounds in compensation, without admitting any liability whatsoever, the overall bill could run into hundreds of millions if not billions of pounds.

However, as we suggested yesterday, this could well be a hollow victory for UK consumers because eventually the UK banks will claw back any lost income by other methods and indeed we could see the end of "free banking" in the UK.

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