moneysupermarket.com: OFT bank case

Commenting on the UK's biggest banks losing the test case in the High Court, Kevin Mountford, head of current accounts at moneysupermarket.com, said: "After many months of uncertainty, the Office of Fair Trading is now free to intervene on overdraft charges, setting what it feels is a fair rate. However, this will be a complicated and lengthy process, and consumers should not expect to know their fate for a long while yet. It is also likely that the banks will appeal, further delaying the saga.

"So what does this mean for consumers? As with the credit card industry, we may see a cap on charges and an increase in transparency on how customers are charged and what for. However, it is very likely this could trigger the end of free banking, meaning people who never abuse their banking facility will subsidise those who do. moneysupermarket.com research* revealed fee-based banking would not be a popular option - with just nine per cent saying they would choose to pay a fee for each transaction or an upfront monthly or annual fee instead of the current system.

"We know one thing for sure; banks will not take this lying down and will find other ways to maintain profits regardless."