The banking issue that refuses to die sees yet another D-Day tomorrow (16th March), as the Office of Fair Trading will announce the future of bank charges.
According to MoneySavingExpert, the announcement follows talks with themselves, current account providers and consumer groups.
The consumer watchdog is “expected to announce a voluntary code agreed with banks and building societies to improve the structure of charges for exceeding your overdraft limit, that are levied in future. It is not likely to address reclaiming charges you have already received.”
After all of the controversy and the rhetoric from the OFT and MoneySavingExpert over the last couple of years, it’s a little sad to see the results reduced to a voluntary code. But if it does eventually mean more transparent charges and makes it easier to compare bank and building society accounts, then at least some good will have come of it all.
It will be little consolation for those who had hundreds or even thousands of pounds worth of overdraft charges applied to their accounts, and no longer stand to get the charges repaid.
photo credit: shrff
- Zopa Announces Plan to Launch “Next Generation” Bank (November 18, 2016)
- Monzo Killing Off Its Prepaid Cards (January 23, 2018)
- Barclays Top Bank On Facebook (September 20, 2015)
- Contactless Payments “Cause Brits To Overspend” (September 13, 2016)
- Pariti: Free App To Pay Off Debt & Start Saving (September 21, 2016)