Bank Accounts

In 2007 several banks in the UK repaid up to £750,000 in refunds to previously unhappy customers, who had decided to sue and claim back money for such unfair charges.

After thousands of disgruntled customers complained to the Financial Ombudsman who decided the fairest way to sort out the disagreement was to hold a court case.

This went on for 2 weeks in February 2008, however the Judge who presided still needs to make his decision.

Maybe we should rename Northern Rock, National Rock, after the high street bank became nationalised.

A special bill had to be passed in order for the bank to be in the governments control, but last week it finally happened and all shares have now passed to the government.

A court case against several high street banks and building societies for unfair bank charges starts today. The Office of Fair Trading challenges not the charging procedure, but the over inflated amounts passed onto account holders in what the bank calls ‘administration costs’.

 The Times newspaper has revealed it has found several websites, over 100 in fact, that are selling bank details, PIN numbers and credit card numbers from some 32 individuals.

Reports confirm that the details are for active UK bank and credit card accounts, which is quite worrying. It would mean that someone could in theory spend thousands online.

Offset mortgages sound like they are a flexible and easy way to lower your mortgage interest costs,  keeping them to a minimum. It seems to be becoming more popular, about 8% of the total mortgage share are offset mortgages, that’s about 170,000 taken out in 2006.

Remember when it emerged that Northern Rock had been given an emergency loan form the Bank of England? Remember the queues of account holders the next day wanting to withdraw their savings because of the worry about losing it all?

Well, to stop that scenario happening again,  Alistair Darling - the Chancellor has promised that the first £35,000 of savings would be guaranteed.

This protection would be valid with immediate effect and applies to all bank and building society accounts.

Good news for all savers.

Read more at New Guarantee Will Protect Savings