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Banks and card lenders have, for years, been imposing unfair penalty bank charges on customers for referred cheques, direct debits, late payments and exceeding overdraft limits with scandalous costs per transaction. However, ‘The Unfair Terms In Consumer Contracts Regulations 1999' states penalty charges must reflect the true administration costs and banks cannot make a profit from you being overdrawn.
Investigations into these bank charges have produced evidence that the actual costs to the bank is no more than a couple of pounds, yet they regularly charge in excess of £30 per transaction.
Last year, the major UK banks declared an
estimated £4.7* billion in earnings attributed to
Bank Charges.
PAGE << 1 / 2>> ______ * As reported in Which? Magazine, June 2006 |
