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High Street banks have won their appeal at the Supreme Court today over unauthorised overdraft charges. Martin Lewis explains what to do next
The Supreme Court has ruled in favour of the seven major banks and a building society, which had challenged High Court and Court of Appeal decisions that the charges come under "unfair contract" rules and are therefore subject to regulation by the Office of Fair Trading.
The result represents a huge blow to the one million-plus people with claims on hold and up to eight million more who were eligible to claim.
However campaigners have pledged they will continue to pursue avenues to get consumers their cash back.
What's the bank charges background?
After the banks paid over a billion pounds to reclaimers, in July 2007 the Office of Fair Trading (OFT) agreed to a test case with the banks to sort the law out.
The High Court then ruled fairness laws do apply to bank charges. The banks then tried to overturn it at the Court of Appeal and failed. It also said that should be their last appeal but the banks went to the Supreme Court (then the House of Lords) directly and were given permission to appeal again. The result of that is at 9:45am today.
