Thursday, November 26, 2009
Office of Fair Trade loses when British Supreme Court Allows Banks to stick it to British Consumers with questionable bank fees and penalties, wow!
As the Brits go, so do americans. Not.
Kind of amazing that the British Supreme Court actually ruled that Banks can charge whatever fees they want. The OFT, Office of Fair Trade was rebuffed by the British Supreme Court in their effort to rein in unfathomable bank fees and penalties.
What I find fascinating about this situation is the ever growing muslim population in England is against usury and surely between the muslim community and the British you'd think there would be critical mass to not let this abuse of power go unchallenged.
Perhaps the British Supreme Court believes the banks are "TOO BIG TO NOT PREVAIL"? Too Big to not reverse a ton of unfairly and overly priced banking fees?
Kind of scary stuff, to think the British Supreme Court rejected the downtrodden consumer and instead may have sided with the banks because they were concerned the banks might fail if could not charge outrageously high banking fees and penalties.
No matter what amount of fees might have been rescinded, instead of refunds all the banks would have had to done is issue credit. So instead of owing the banks 10,000 dollars, the customer may only owe 9,200 dollars.