Overdraft charges ’still not unfair’
Article Category: Debt Management Help and Advice
Bank charges for individuals going into unauthorised debt on their current account have not yet been ruled unfair, the Office of Fair Trading (OFT) reminds consumers.
A spokesperson for the OFT warns that despite the current test case being pursued in the courts, banking customers could still incur further charges.
The caution comes following the news that HSBC is to alert customers using its machines if they attempt to make a withdrawal which takes them into unauthorised debt.
“Openness and transparency is always something that we would welcome - our case is about the level of the charges,” the OFT spokesperson asserts.
But he notes that “the charges have not been ruled unfair yet”, leaving consumers at risk of worsening their personal debt if they continue to go beyond their overdraft limit.
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