Consumers urged to fight bank charges

Posted 2008-05-6

Consumers are being urged to fight against allegedly unfair bank charges that could have blotted credit ratings.

Marc Gander, founder of the Consumer Action Group, has claimed that if customers did challenge the charges against them and won, the result would be a nightmare for banks and could cost them large sums of money.

He pointed out that black spots appear on peoples credit rating if they have exceeded their overdraft limits which could affect a persons ability to secure funding in the future.

"Anybody who has had a bank charge, meaning that they have exceeded their overdraft limit, has this black mark put on their credit record. Your whole existence is compromised - its a savage blow," he said.

For that reason, Mr Gander is pushing people to challenge any charges they feel to be irregular which would be "super expensive and a super nightmare" for banks.

The Office of Fair Trading recently won the right to investigate whether overdraft charges issued by banks are excessive or not.

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