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Banks will charge to make up for lost income, warns consumer group
07 May 2008
Banks are likely to start charging customers more if they lose the legal battle on overdraft charges, claims the Consumer Action Group (CAG).
Banks have until May 22nd to appeal against a court decision stating that the Office of Fair Trading has the authority to investigate whether overdraft charges by banks are unfairly excessive.
If the banks lose the case they will probably use stealth charges like credit card companies have done to make up for lost income, warned the CAG.
Marc Gander, founder of CAG, said: "I'm quite sure that there will be new charges, but there's never been free banking anyway, and these charges will be borne more equally throughout the population."
By employing the new charges, CAG estimated that banks and credit card companies will make money than before.
With the credit crunch and rising fuel and food costs badly affecting low income families, the banks are being urged by CAG not to over charge those already in financial difficulties.
