The OFT's test case against seven banks and one building society concerning overdraft fees has started in the High Court in January 2008. Andrew Smith J will consider whether fees charged when customers have exceeded overdraft limits without authority are illegal under the Unfair Terms in Consumer Contract Regulations 1999.
The case is said to be one of the largest commercial cases ever and could have a major effect on UK retail banking. Many thousands of claims brought by bank customers have been stayed in county courts pending the outcome of this case. The case was listed for hearing for eight days, with a judgment expected before Easter.
The case is said to be one of the largest commercial cases ever and could have a major effect on UK retail banking. Many thousands of claims brought by bank customers have been stayed in county courts pending the outcome of this case. The case was listed for hearing for eight days, with a judgment expected before Easter.
