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Article: Squash some bank charges and others rise up in their place As the watchdog prowls, current account customers suffer
- Article from:
- The Independent on Sunday (London, England)
- Article date:
- October 8, 2006
- Author:
CopyrightCopyright 2006 The Independent on Sunday. Provided by ProQuest LLC. (Hide copyright information)
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ILLUSTRATION BY GARY NEILL
The Office of Fair Trading (OFT) is digging deep.
A third of the way into a fact-finding exercise to gauge the
justice - or otherwise - of pounds 30 penalties on current accounts,
the regulator is still sifting through reams of information about
bank charges.
It plans to report back before Christmas on the penalties for
customers who don't seek authorisation before going into the red -
whether it's a direct debit paid without sufficient funds, a bounced
cheque or a breach of an agreed overdraft.
If it finds enough to suggest that bank fines are unfairly large,
the OFT will instigate an in-depth study. This could lead - as it did
with the recent investigation ...