The Office of Fair Trading (OFT) has today announced it is investigating three major banks as part of its inquiry into the fairness of bank charges.
It is scrutinising charges from HSBC, Lloyds TSB and Clydesdale Bank. The OFT says these banks’ terms are representative of the rest of the market and the study will help it determine whether charges across the board, of up to £39 a time for a bounced payment or for exceeding your overdraft limit, are fair.
Therefore, this does not mean other banks are off the hook.
The news comes after the House of Lords this week granted banks permission to contest the Court of Appeal’s decision in February that charges can be subject to 'unfair contractual terms' laws.
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External Link: British Bankers' Association, OFT,