You are here: Home - Saving & Banking - News -

Banks sinking fast as overdraft claims deluge courts

Written by:

Leeds Mercantile Court in Yorkshire is bracing itself for some 200 cases regarding bank customers’ demands for the return of overdraft charges.

Some have been settled before a hearing, as the banks are extremely wary of going to court and losing a case that may set a precedent which could cost them millions of pounds in refunds as others follow suit and pursue legal redress.

So far only two cases heard by the courts have been lost by claimants, and the sheer scale of the problem is greatly concerning the High Street banks.

They claim that their charges are perfectly legal and that customers have signed up to contracts where the penalties for unauthorised overdrafts are clearly spelt out.

Some cases involve thousands of pounds per customer, with many of these arguing that the charges contravene consumer protection law.


Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
House prices still on the up as prices bounce back

UK house price growth ‘bounced back’ in June, with prices rising 1.1%, according to the latest property price survey from...