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Originally Posted by Chrysalis
credit cards I believe its a better situation since if I am right the banks are having to change their charges on credit cards and have a deadline for it. For bank accounts this isnt the case which I think is stupid the regulator seemed to stop halfway short of actually legislating the max fee and left people to fend for their own refunds without protection from future excess fees.
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As the law stands fees charged which do not represent the
liquidated losses only (ie. penalty fees / charges) are illegal whether incurred in respect of credit cards, bank accounts or any agreement covered by consumer contract law.
The OFT merely gave
its opinion on the law, it did not quote the law.