| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: BANKS |
Banks challenge OFT overdraft ruling |
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Tue 28 Oct 2008
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LONDON (SHARECAST) - Eight high street banks are today turning to the High Court in a bid to overturn a ruling on bank overdraft charges.
Seven banks and the Nationwide Building Society are appealing against a ruling which allows the Office of Fair Trading (OFT) to decide whether overdraft charges, imposed on customers who go over their limits, are fair or not.
The case is thought to run through to next week, with a ruling expected before the year-end.
The banks involved in the test case are Abbey, Barclays, Clydesdale, Halifax Bank of Scotland, HSBC, Lloyds TSB, Royal Bank of Scotland and Nationwide Building Society.
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