Test case into charges continues

As the High Court test case relating to bank charges in the UK continues, both sides are putting their arguments forward in a bid to convince the court that they are right. The test case was brought by the Office of Fair Trading, which is challenging seven main banks along with the Nationwide Building Society.

Opinions relating to the test case vary from one party to another. Naturally, officials from the British Bankers Association have stated that the charges are fair, stating:  "We have always believed that what we are doing is correct and legal. We are confident and think the hearing is an important opportunity to bring some clarity to the legal position."

Campaigners are rooting for the Office of Fair Trading to win, so that these charges will be reduced or abolished, with one official from Which? stating:  "We are very hopeful the OFT will win. We think they have a strong case and so do consumers in the court of public opinion."

There are concerns, however, that if the OFT does win the banks will find another way to recoup the lost profits from these charges by adding monthly account fees to all accounts, which means that all bank customers will have to pay a monthly fee to have an account and free banking will come to an end.