http://www.ft.com/cms/s/0/60734ff0-69a3-11dd-91bd-0000779fd18c.html
Overdraft fees 'unfair', says OFT
By Megan Murphy
Published: August 14 2008 03:00 | Last updated: August 14 2008 03:00
The Office of Fair Trading has told leading retail banks that it believes the fees levied on customers who exceed their agreed overdraft limits are unfair.
The OFT has sent letters to eight high street lenders, including HSBC and Royal Bank of Scotland, setting out its preliminary views in connection with a High Court test case, that is scheduled to resume next month, over the fairness of overdraft charges.
The agency said that the correspondence was designed to "start a dialogue" with each bank and to identify which of its findings are contested. "No bank's terms have been given a clean bill of health and all banks remain under investigation," an OFT spokesman said.
Megan Murphy
Copyright The Financial Times Limited 2008
Overdraft fees 'unfair', says OFT
By Megan Murphy
Published: August 14 2008 03:00 | Last updated: August 14 2008 03:00
The Office of Fair Trading has told leading retail banks that it believes the fees levied on customers who exceed their agreed overdraft limits are unfair.
The OFT has sent letters to eight high street lenders, including HSBC and Royal Bank of Scotland, setting out its preliminary views in connection with a High Court test case, that is scheduled to resume next month, over the fairness of overdraft charges.
The agency said that the correspondence was designed to "start a dialogue" with each bank and to identify which of its findings are contested. "No bank's terms have been given a clean bill of health and all banks remain under investigation," an OFT spokesman said.
Megan Murphy
Copyright The Financial Times Limited 2008
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