Banks Get Slammed for Over-Charging
"Last summer, the OFT said that it had written to eight companies - including Barclaycard, HSBC, Halifax and Lloyds TSB - warning it believed their charges were ' excessive'. But the ruling, which is expected in the next few weeks, will affect all credit card companies, not only those involved in the investigation.
The OFT said the fees, which have helped plunge millions of families into debt, are ' disproportionately high'. The late payment charge, also known as a 'default charge', could be cut to £15 and possibly even lower. Most banks currently charge £20."Well I know banks that charge £25 to £35, which is outright robbery. If you dare to challenge them, they say "Our charges reflect the costs involved", which we (and they) know is utter BS. They are making a good part of their obscene profits from these charges and now they have been found out.
If you have any of these ridicuous charges on your bank statement, telephone your bank and remind them of the OFT's judgement, asking them to remove the charges immediately.