Banks win Supreme Court case on overdraft charges

Neverwhere said:
yes, that's a thread about the general issue and the date set for the decision, well done, now go get a balloon from the office.
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You didn't look at the last posts when the discussion turned to the result of the case? No worries, thanks for the ballon.
 
maybe someone can correct me but despite the headline this actually appears to be a ruling regarding the OFT investigating various banks charges, this is not the result of the test case, or does this mean the result of the test case is inevitable or something? I know the bbc have been billing this as the date a decision would be reached but this isn't the test case, it is regarding a specific piece of legislation which presumably the OFT needed to get around to conduct a thorough investigation.
 
Meh, I've gone overdrawn twice ever, a quick smile to the people in the bank and charges were dropped.

They do tell you when you open an account about going overdrawn etc
 
Abraham said:
maybe someone can correct me but despite the headline this actually appears to be a ruling regarding the OFT investigating various banks charges, this is not the result of the test case, or does this mean the result of the test case is inevitable or something? I know the bbc have been billing this as the date a decision would be reached but this isn't the test case, it is regarding a specific piece of legislation which presumably the OFT needed to get around to conduct a thorough investigation.
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Quoted from the press release (full decision not up on the site yet):

The Supreme Court said:
This appeal involved a relatively narrow issue. The Supreme Court had to decide not whether the
banks’ charges for unauthorised overdrafts were fair but whether the OFT could launch an
investigation into whether they were fair.
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bledd. said:
Meh, I've gone overdrawn twice ever, a quick smile to the people in the bank and charges were dropped.

They do tell you when you open an account about going overdrawn etc
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I have also found it's usually not to hard to get charges overturned on the odd occaision when I've got them, and I've not tried to be a legal eagle about it, I've just spoken to real people and they've seen that a mistake was made somewhere along the line.
 
RDM said:
You didn't look at the last posts when the discussion turned to the result of the case? No worries, thanks for the ballon.
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Ive got some sticky gold stars in the top draw if you want em too :D


I know about the other thread, just felt the actual breaking news of the decision warranted a fresh thread. :)
 
philjohn said:
Quoted from the press release (full decision not up on the site yet):
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but it's my understanding that the agreement still stands for there to be a test case on which the decision is based. Is this somehow prevented by the OFT not being able to investigate the charges?
 
Do people believe that banks will still continue with the free banking route?

Its another revenue stream for them that you might easily see coming on line as lots of new regulations require the banks to hold substantially more liquidity than previously. An easy way to raise funding is through annual charges.
 
Excellent news. It was telling in the other thread that no one slating bank charges could explain why people in financial trouble didn't just go to their bank, cancel all direct debits and then pay for their bills over the counter/in cash as we used to. It's obvious people in 99% of cases only get charges because of a. being too lazy or b. because they expect the bank to give them free money.
 
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