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Not enough people challenging banks, claims consumer group
02 May 2008
People should take on their banks about overdraft charges as they are likely to win, claims the Consumer Action Group (CAG).
With banks refunding around £784 million to nearly 378,000 customers last year, according to the BBC, more people should be encouraged to challenge their banks says CAG.
CAG founder Marc Gander, said: "I find it amazing that there are still people who don't know about this issue, but actually there is an amazing number of people who don't seem to have clocked on to it."
While the Financial Services Authority has issued a waiver allowing banks to freeze claims about overdraft fees until the case is resolved, CAG are "pretty damn sure" the investigation will find against the banks.
"We're suggesting that people should get stuck in and start claiming straight away," said Mr Gander.
Banks have until May 22nd to appeal against a court decision finding that the Office of Fair Trading has jurisdiction to investigate whether overdraft charges by banks are unfairly excessive.
