OFT focuses its investigation into unarranged overdraft charges on 3 banks
The OFT have announced that they intend to streamline their investigation into unarranged overdraft charges by focusing their attention on the terms of 3 banks in a bid to progress the case in the shortest and most efficient way.
The OFT has written to all 3 banks (namely Lloyds TSB, HSBC and Clydesdale) to outline its decision. The OFT has selected these 3 banks as it believes they will provide the best representative selection of all the banks’ unarranged overdraft charging terms.
It should be noted that no assumptions should be made as to whether the OFT is more or less likely to find the terms of these banks' unfair than those of the other banks.
The current investigation into the other banks term is on hold and the OFT have emphasized that no banks’ terms have been give a clean bill of health.
Final conclusions on fairness are expected later this year.