Bank charges test case to open
Banks and their customers are awaiting the start of a High Court test case which could bring a fundamental change to UK High Street banking. The Office of Fair Trading (OFT) is challenging seven leading retail banks and the Nationwide building society on the issue of overdraft charges. The regulator claims the charges are unfair, but the banks say they are entirely legal. The case is an attempt to resolve the legal issues at the heart of the unprecedented wave of mass litigation, which has swept the country during the past two years. The outcome will decide how much banks can charge millions of account holders who go overdrawn without permission.
Frontier (London) advises two of the seven banks being challenged.
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