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Overdraft charge ruling due today

The UK Supreme Court is set to announce its decision on the UK overdraft charge saga with indications that it will rule in favour of the Office of Fair Trading (OFT). This will give the OFT the right to rule on whether various overdraft charges were in fact fair and whether customers should be compensated by UK banks. However, this may not be the end of the saga!

There is speculation that the UK banking profession as a whole will appeal against any ruling from the UK Supreme Court and any OFT action and indeed there may be various delaying tactics with regards to the payout of compensation in the years to come. There is some confusion as to whether customers will need to apply for compensation, or will the UK banks compensate customers automatically, whether interest will be paid, what happens to debt sold on to debt agencies and other various technicalities.

When you bear in mind there are literally billions upon billions of pounds at risk it seems inconceivable that the UK banks will "roll over" and payout these vast sums without any further appeals. The announcement is almost imminent and we will be reporting on the details later in the day.

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