Money News - Jury is still out on new overdraft charges

The consumer body Which? has warned that recent changes by banks to the way overdraft fees are administered are not always in customers' favour.

Additionally, the changes may just be a smokescreen by the banks in order to distract consumers from the ongoing High Court test case over charges.

Banks may be trying to "muddy the waters", said personal finance campaigner Phil Jones.

He stated: "Some banks are now varying their charging structures following the public outcry over unfair fees, but the jury is still out on whether consumers will benefit.

"We welcome changes where charges are reduced and easier to understand"

Consumers who have been overcharged should claim back money from their bank using the template letters that Which? has supplied, Mr Jones added.

A full 83 per cent of bank customers would like to see the test case reach a clear-cut conclusion, research from MoneyExpert.com.

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