Moneyfacts.co.uk: Test case for unauthorised overdraft charges

Andrew Hagger, Head of News and Press at Moneyfacts.co.uk the money search engine, comments: “Hopefully this long overdue test case will bring this farcical situation to an end, however whether it will end up being a favourable decision for customers is in no way a foregone conclusion.

“The banks will not take any reduction in ‘penalty charge’ income lying down, and although I’m sure the charging tariffs will become far more transparent, it is also highly likely that consumers will end up paying in other ways, either by upfront monthly fees or stealth increases to interest rates or existing ‘non penalty’ charges.”