How You Can Benefit From OFT’s Recent Legal Action Against Banks

With OFT (Office Of Fair Trading) filing a case against seven of the biggest banks in UK, the issue of bank overcharging, it seems, has finally come to the forefront. Before this, the account holders themselves filed most of the cases related to bank overcharging and this is why not much success was achieved on this front. The speculations certainly do not end with OFT’s legal action, but since the OFT has more resources and expertise in fighting court cases, most account holders are anticipating a court ruling in favour of the consumers. Legal experts however are not towing this line because they believe that if something like this happens, the entire banking industry will vanish overnight. They reason that bank charges contribute a significant percentage to the revenues and if that dries up, most banks will have no other option but to wind up their operations.

The verdict may eventually go in favour of consumers, but at this point of time what I would like to recommend is that you don’t waste your time waiting for the final court ruling. I say so because banks have still not stopped overcharging and if you don’t act fast, banks might continue to  do so.  The OFT might be working hard to  get a favourable court ruling, but since no one knows exactly how long that will take, I recommend that you file your claim right away. Filing your case early will help because if OFT wins satisfactorily, you will not have to wait for long to get back your hard-earned money. The success of most of the claims filed  to   date depends on the final ruling in the OFT case and this is why it would be better if you filed your claim today .

The first thing you need to do is call up your bank and request them to provide a detailed bank statement that lists out each and every transaction made in your account. After receiving the statement, you need to go through it and try to locate the unauthorised charges such as those related to bounced cheques, overdraft fees, etc. When you are done with this, you need to write a claims letter to your bank, requesting a full settlement of your claims. If your bank agrees, well and good, but if it does not, which is more likely, then you might have to file a court case. So, I would recommend that you stop wasting time and call up your bank today itself. This journey will be long and it would be better if you made an early start.