Since 2007 the UK banks have been reported to have paid out almost £800 million to 378,000 customers for unfair bank charges. Some of these charges included overdraft charges, direct debit bounces and cheque bounces which brought in a recorded £2.5 billion a year for the banks. However from yesterday the case has been brought in front of five Law Lords in The House of Lords to resolve the two year drawn out process of whether the charges from the banks are all legal.
The banks are said to have employed one of the best civil barristers for the United Kingdom, Jonathan Sumption QC, but it will be an uphill climb for him in this case. Either way, the resulting verdict will cause waves amongst individuals and the banks. OFT have been debating with the banks for a period of time now on what level of charges should be implied if any.
It is now estimated that up to one million people are still waiting to see if they can reclaim their bank charges.
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