The OFT ruling gives consumers the green light to claim back bank charges such as overdraft fees. In the eyes of many, banks have been getting away with overcharging for years, others see them as vital if banking is to remain free (if you're in credit!).
"If you exceed your overdraft limit you breach your contract with the bank.
The law says the penalty for this should not exceed the cost of the breach. The OFT said default charges higher than £12 were unacceptable in law as they were in effect a fine imposed by the banks."
What do you think of the banks, and what are your own experiences with charges?
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