The Banking industry is in court again, this time appealling against a judgement given when the OFT went to court and claimed that bank charges were unfair and that the OFT should be able to decide on what a fair charge would be.

The QC for the banks claimed that the charges provided a significant part of the income the bank received to cover the cost of bank accounts.

You can probably see how obviously unfair this is in that the people who may struggle to maintain their bank accounts in the black end up subsidising people who can easily afford the cost of running a bank account.

One of the appeal judges picked up on this point and said that this seems to be clearly unfair. A view regected by the banks on the basis that the whole range of banking services was covered by this so it was not unfair.

We have recently seen how the banks have considered themselves and their profits more important than any countries economy. So long as they get their bouses they don’t give a toss what happens to anyone else.

It is shocking that the banks have been allowed to get into a position where they can do so much damage but it is even more shocking that they have such arrogance as to think they can decide what is decent, honest and what justice really means.

The banks are supposed to be a service industry but they seem to continue to believe they are the masters of the universe and can do anything they like. The sooner they are cut down to size the better off we will all be.

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Related posts:

  1. Office Of Fair Trading Thinks Excessive Charges Are Unfair
  2. Bank Penalty Charges Claim Fails In Court
  3. Some Bank Charges Reduced
  4. OFT Abandons Legal Challenge Over Bank Penalty Charges
  5. OFT Can Take The Question Of Bank Charges To Court

Filed under: bank charges • Banking • Money

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