It has been a long time coming but at long last we have a ruling from the appeal court about penalty bank charges. This was the court case where the banking industry was hoping to prove that the way they apply bank charges was beyond the control of the Office Of Fair Trading.

Common sense and justice seems to have prevailed and the ruling is that the OFT does have the right to consider the fairness of the bank charges imposed on customers by the banks. The bad news is that apparently the banks want now to ask the law lords for leave to appeal against the result of the appeal just announced.

If you had any lingering feelings of sympathy or admiration for bankers after the problems the financial industry has caused us all over the last year or so then this surely proves they are beneath contempt and hardly deserve the right to be called human. They have gone to great efforts to prove that they are the lowest form of life on the planet and have succeeded admirably.

They clearly lack morals or any sense of justice, which must surely be two key elements of being considered a normal human being.

The government have been disappointing in this regard as well. There was clearly a moral issue here and the government should have made clear that if the law did not establish that the OFT could rule on the fairness of banking charges then it would be changed to ensure that it did.

The banks have argued all along that they are providing a service to the customer when they allow payments to be made over and above any previously agreed overdraft. In most cases customers would rather the bank did not make the payment which is often far less than the amount of charges the bank then applies to the bank account which, of course, causes further problems for the customer the banks claim they are trying to help.

It is time this was brought to an end and customers, who after all are the electorate, are considered
as important as the greedy and selfish people who seem to be running the banking industry.

Money Magic: Seven Simple Steps to True Financial Freedom (Quick Reads)

Related posts:

  1. Bank Penalty Charges Claim Fails In Court
  2. Some Bank Charges Reduced
  3. OFT To Review Bank Charges Imposed On Customers
  4. 35,000 Pounds In Bank Charges Refunded
  5. OFT Abandons Legal Challenge Over Bank Penalty Charges

Filed under: bank charges

Like this post? Subscribe to my RSS feed and get loads more!