Banking on trouble 2

NOW, would you believe, we're having to await a decision from the House of Lords!

I'm referring, of course, to the dispute we're having with out bank, about the charges they've imposed on our £18 overdraft.

We've had some success on a refund: the first £35 fee is to be returned to us, and the first, monthly £28 penalty has been cancelled. The second one, however, remains, and is a definite bone of contention between us and the bank.

The bank appears to think this charge is wholly reasonable - after all, we were overdrawn. We disagree.

A £28 penalty on an £18 overdraft is a charge of about 130% - a rather steep rate of interest, at least to us!

The bank is insisting that this money will be drawn out of our account at the end of the month, unless the House of Lords turns down their appeal against a court ruling that bank charges are too high.

(Seems we're not the only ones complaining about such extortionate rates!)

So, here we are awaiting their lordships' decision with more than just an academic interest.