The Office of Fair Trading (OFT) has decided not to take any further court action over the fairness of bank overdraft charges.

Last month the Supreme Court ruled that the OFT could not use a part of the unfair consumer contract regulations to decide if bank charges were unfair.

However, the OFT said it still had “significant concerns” about the way banks operate current accounts.

It said “fundamental change” was still needed in the interests of customers. BBC.

So banks can continue shafting us with their exorbitant charges which makes them around £2.6bn a year. What I like is the Supreme Court’s justification.

The judges said that overdraft charges were part of the price that customers agreed to pay for the package of services their banks provided, and as such were excluded from the scope of the regulations. BBC.

It’s not as if we’ve got a choice it’s almost impossible for the average person to survive in the UK without a bank account and every bank makes complex and expensive charges which we’ve little chance of understanding. Isn’t usury illegal? Not any more courtesy of the Supreme Court.