December 02, 2009

The banks may still be celebrating after the Supreme Court ruled in their favour over unfair charges last week. But it’s a hollow victory.The battle still rages as customers, politicians and the Office of Fair Trading line up to pressure banks into treating customers more fairly.Consumers are angry at being charged extortionate amounts for relatively small sums and being forced into spiralling debt with escalating fees and interest charges.

The issue isn’t whether banks should charge for unauthorised borrowing, it’s how much they charge. And that they rake in millions of pounds from those who can least afford it.Yet again, it’s struggling families being hit with the highest charges.How can banks justify charging up to £38 for a single slip into the red when, in reality, it costs them around £2.50?Banks know charges for unauthorised overdrafts are too high and too complicated.