Bank charges reclaiming has largely fallen off the radar after the banks' 2009 Supreme Court victory. But GLC's Mike Dailly thinks the fight is still on.
In a guest comment piece on MoneySavingExpert.com, Mike argues that last month's High Court defeat of banks on mis-selling payment protection insurance (PPI) may present the catalyst for change that consumers having been waiting for. That case clarified the precise status of the Financial Service Authority's (FSA) rules.
Consumers may found upon the FSA's new banking rules to argue that overdraft charges are not 'fair' to the individual customer who has to pay them because their price is calculated to cross-subsidise 'free banking' for customers who remain in credit. They can use them to seek financial redress. Read Mike's article here.