Bank charge ruling 'welcomed'

Things could be looking up for teaching professionals who have been unfairly charged by their banks for being overdrawn, after the High Court ruled that unarranged overdraft charges can be assessed for fairness.

The move was welcomed by the Office of Fair Trading (OFT) which brought the case before the High Court, with the agreement of eight of the UK's largest current account providers.

David Kuo, head of personal finance at Fool, said bank customers who have had to fork out been for unfair penalty fees should continue to reclaim their money.

He commented: "There is a six-year limit for reclaiming the charges though the clock stops the moment you lodge your complaint with the court. Customers should not delay."

The OFT has also been looking into whether the personal current account market is working well for bank customers. The findings of the study are expected to be published in the next few months.



Wesleyan Medical Sickness provides specialist financial advice for teaching professionals.