Summary
THE court case seeking to decide whether charges levied by banks on unauthorised overdrafts are subject to Office of Fair Trading regulation rumbles on. But if there's any consensus over the implications of the case being dragged out for longer, it's that we can enjoy free banking for a while longer.
If, as expected, the case ends with banks having to cap their penalty levels, then they will need to recoup the lost revenue elsewhere. An obvious tactic is to introduce current account charges.See the full content of this document
Extract
You Can Bank On Losing Free Services On Your Current Account
According to financial research firm Defaqto, this could mean that limited-facility basic bank accounts without overdraft facilities will remain ...
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