Product category:
General insurance
News Release from: Moneysupermarket.com | Subject: Insurance
Edited by the Insidemoneytalk Editorial
Team on 17 May 2007
moneysupermarket.com talks on the
dismissal of unfair overdraft penalty
charges by Lloyds TSB
Commenting on the ruling at Birmingham County Court to dismiss a customer's claim for unfair overdraft penalty charges imposed by Lloyds TSB Nic Cicutti, editor, moneysupermarket.com said:
"I'm sure that there will be some senior bank executives hugging themselves with glee after this ruling" "Yet it's interesting that Lloyds TSB did not even bother attending the court: the bank simply sent in a standard written statement as part of its defence"
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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"This indicates that it didn't consider this to be a test case".
""Moreover, this bizarre decision by the judge appears to fly in the face of long-held expert legal opinion - which presumably is shared not only by the OFT, but also by all the banks that have deliberately ducked out of, literally, thousands of court hearings in the past few months and settled claims at the last minute".
""This is highly unlikely to be the final word in what has been a long campaign to stop banks overcharging their customers".
"Many tens of thousands of consumers have successfully reclaimed millions of pounds in illegal charges".
"My strong message would be to keep on claiming, as the odds are still stacked in your favour.".
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