Bank charges court test to open

Banks and their customers are awaiting the start of a High Court test case which could bring a fundamental change to UK High Street banking.

The outcome may decide how much banks can charge millions of account holders who go overdrawn without permission.

The Office of Fair Trading (OFT) is challenging seven leading retail banks and the Nationwide building society.

The regulator claims the banks’ overdraft charges are unfair, but the banks say they are entirely legal.

"We have always believed that what we are doing is correct and legal," said a spokeswoman for the British Bankers’ Association (BBA).

"We are confident and think the hearing is an important opportunity to bring some clarity to the legal position," she added.

News article continues here: http://news.bbc.co.uk/1/hi/business/7178766.stm

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