Wednesday, November 25, 2009

Supreme Court Rules In Favour Of Banks

The UK’s brand new Supreme Court has today ruled in favour of the banks in the current account overdraft charges case, and I welcome the decision. Now for those who don’t know, millions of bank customers took the banks to court because they claim that they were being unfairly charged when their current accounts got overdrawn.

However, what these cuntstomers, er I mean customers, don’t realise is that the overdraft charges pay for the free banking that millions of British customers have enjoyed for years. If the banks had lost the case then they would have lost an estimated £2.6bn per year and an additional £1bn in refunds (1).

In order to pay for this the banks would have to start charging current account customers a monthly charge for running the account, and could even start charging customers for withdrawing their own money from a cashpoint. A frightening prospect!

So I am ecstatic that the banks have won the case because now, as someone who never goes overdrawn, I will not have to pay for the running of my current account just because some tosser doesn’t know how to budget properly. At the end of the day if you overspend, then you are going to be in trouble.

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