UK banks lose overdraft charges case but OTC to rule on 'fairness'


LONDON - The UK High Court has decided that the Office of Fair Trading (OFT) is free to determine whether banks can legally charge customers for unauthorised overdrafts. Justice Andrew Smith supported the OFT's argument that the 1999 Unfair Terms in Consumer Contracts Regulations can be applied to overdraft charges imposed by banks and, as such, banks can be sued in court. But he stopped short of ruling on whether the charges were unfair.

The OFT launched the investigation into unfair bank charge

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