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    Wednesday, November 25, 2009

    U.K. Banks Win Court Ruling On Overdraft Fees

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    By Simon Kennedy
    MarketWatch Pulse
       

      LONDON -- The U.K.'s Supreme Court on Wednesday unexpectedly ruled in favor of the banking sector in a long-running case over the legality of overdraft charges. The case was brought by the Office of Fair Trading after thousands of consumers demanded refunds on the charges they had paid banks for going overdrawn without prior agreement. The OFT wanted to investigate whether overdraft charges were fair, but the court ruled that the OFT cannot challenge the charges because they are part of the price paid in exchange for banking services. However, the court also said it wasn't ruling on whether the charges themselves were fair.

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