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Add Moneynet.co.uk to your safe senders list.  Issue 91 - April 2008  Home Loans Credit Cards Insurance Mortgages Banking & Saving Product Guides The Office of Fair Trading has won the first round of its challenge against unfair bank charges but don't get the champagne glasses out just yet. The banks could still challenge the Court ruling and even if they don't this is not a straightforward win for the consumer - it's likely that the banks will fight back and it could be the death knell for free banking! Unfair Bank Charges - A Victory For Some But At What Cost? Campaigners are celebrating after a judge has ruled against UK banks and in favour of consumers in the first round of their challenge against unfair bank charges. The case has been brought by the Office of Fair Trading (OFT) in an attempt to clarify the situation regarding bank charges levied for unauthorised overdrafts and bounced cheques. Over 1 million bank customers have claims on hold and many more have already been successful in reclaiming charges levied against their accounts. The OFT has now sought to clarify in the High Court whether these charges are covered under existing consumer contract regulations. The result of the case is that the Court has ruled that the OFT is allowed to assess the fairness of these charges under the Unfair Terms in Consumer Contracts Regulations (UTCCR). This doesn't mean that the Court has ruled that these charges are unfair but it leaves the OFT free to determine fairness or otherwise of these charges. As it was the OFT who brought the test case in the first place, it now seems highly unlikely that they would not rule in favour of the consumer leaving the way clear for millions to reclaim charges going back as far as the last 6 years. But don't celebrate just yet. It's likely that the banks will launch a challenge to this ruling which means there will be further delay before this matter is finally settled. Our concern is that whilst a positive ruling is great news for those who have suffered from charges for breaching their account terms it's not such good news for other bank customers who have managed to avoid them. It's perhaps naive to expect the banks to swallow this loss of revenue without fighting back. It's estimated that the banks make in the region of £3 billion each year from these charges and if customers are allowed to claim back up to six years worth of charges it's clear that the overall cost to UK banks could be substantial. Continued.... Compare Current Accounts>>> Best Buy Current Accounts>>> Compare & Buy Car Insurance Banking & Saving Secured Loans Home Insurance Best Buys Travel Insurance  Life Insurance 2 great reasons to review your live cover today. Go >>>  Loans Compare the market to find the best loan deal Go >>>      Credit Cards Compare 0% balance transfer cards plus many many more. Go >>>  Mortgages Get impartial advice from one of our experts Go >>> American Express Platinum Moneyback Credit Card Typical 18.9% APR variable. Time to treat yourself. Enjoy up to 5% MoneyBack with The American Express Platinum MoneyBack Credit Card more >     spotlight on... credit cards MBNA Platinum Typical 15.9% APR variable 0% on balance transfers until June 2009 (2.9% handling fee applies) 0% on purchases until August 2008 more > Barclaycard Platinum Typical 14.9% APR variable 0% on balance transfers for 14 months 0% on purchases for 3 months more > MBNA Rewards Amex Typical 15.9% APR variable 0% on balance transfers for 12 months 0% on purchases for 3 months more > personal loans Alliance & Leicester 7.7% APR Typical On loans from £7,500 to £15,000 1 to 5 year term. Apply online more > insurance Nationwide Home Insurance Save 30% on home insurance when you buy Buildings and contents together online Get a quote now! more > Sainsbury's Bank Life Insurance Don't miss life cover for less Help protect your family From £5 a month more > Tesco Life Insurance Now up to 10% cheaper and if you find cheaper We'll give you 1,000 Clubcard Points Great value cover for your family and mortgage more > Norwich Union Life We just make it easier We can't make you immortal We can offer your life insurance from £10 a month more > CIA Let Property Insurance GUARANTEED to beat any UK Insurer's quote! We will not be beaten on price or service Find out more. more > Moneynet is a trading name of Sterling Business Consultants Limited of Sussex House, 8-10 Homesdale Road, Bromley, BR2 9LZ. Registered office is 51 Eastcheap, London EC3M 1JP, Reg No: 03165711. Moneynet is authorised & regulated by the Financial Services Authority. This site is intended for UK residents only. Information correct at time of publication. You are subscribed to the Moneynet.co.uk newsletter. Unsubscribe