The Mirror - Bank on more rip off misery

BANKS could hammer customers with another £3.5billion in penalty fees this year after a probe into rip-off charges was extended by nine months.

After a six months inquiry, the Office of Fair Trading said it was launching a full investigation - which would take until the end of the year to complete.

The OFT was slated by MPs and consumer groups for "dragging its feet"

Its decision came as a "whistleblower" told the Mirror it actually cost no more than £2 to bounce a cheque.

That is a tiny fraction of the £30 to £35 the banks typically charge customers who bounce cheques or exceed their overdraft limit.

Read Full Article...