A decision date for the bank charges test case has been announced by the Supreme Court.
The judgement will take place on Wednesday 25 November, with the court’s decision expected at around 9.45am.
Martin Lewis, creator of MoneySavingExpert.com who has campaigned for overdraft charges to be assessed using fairness rules, said: “After nearly two and a half years, it looks like we’re about to get a firm result.
“The High Court and Court of Appeal have ruled and it’s to be hoped the Supreme Court continues to stick up for the million plus people with reclaims on hold and follows their ruling.”
The case has been ongoing since the banks have continued to appeal the decision of the High Court and the Court of Appeal, which could change the way bank charges are handled for good.
At present, if the court rules against the banks, the Office of Fair Trading will be able to reassess bank charges using these rules. However, Mr Lewis urged caution saying there is nothing stopping the banks from challenging the decision and “dragging the whole thing on for years more”.
“The real hope of a quick solution is for political intervention after this result, to get a negotiated settlement,” he added.
