Which?: Banks could refund charges
www.moneynews.co.uk > Banking > Which?: Banks could refund charges
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Which?: Banks could refund charges
Mon 23rd Nov 2009
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A ruling by the Supreme Court is due to be delivered on November 25th, and it will decide whether the Office of Fair Trading can judge if fees levied by banks on their customers are fair or not.
The consumer group estimates that up to 63 per cent of adults have not reclaimed their money back after incurring charges since July 2001.
Around 42 per cent of claims that are currently being processed are for sums of £500 or above.
Which? personal finance campaigner Phil Jones said that the banks could face a huge number of fresh applications if they lose the case. However, he warned that, considering the amount of money the banks may be forced to pay out, it could be some time before consumers see their cash refunded.
For consumers interested in avoiding any potential charges in the future, last week Santander announced plans for a zero-charge account for customers who hold a mortgage with the financial group.
Click here for more banking news
Related News : Banking |
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