UK Money News
21st July 2008
Fresh delay in bank charges case
Britons looking to reclaim overdraft charges will have to wait at least another six months before they can pursue legal action, after a waiver was granted by the Financial Services Authority (FSA).
Under the terms of the disclaimer, banks will not have to address any claims until January 2009.
A waiver was originally put in place in July after eight of the UK's high street banks confirmed that they would seeking a High Court ruling to determine whether the fees could be deemed unfair.
Dan Waters, director of retail policy at the watchdog, told the Times: "The FSA continues to work closely with the OFT and banks in reaching a resolution on the fairness of unauthorised overdraft charges.
"The waiver will be for six months, when we expect to have a decision from the Court of Appeal."
Recently overdraft fees have come in for increasing criticism from consumer groups who claim that although fees are often as high as £35 for a bounced cheque or missed payment, the real cost to a bank is just £2.50.
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