Great bank robbery in UK

"Banks could be forced to refund £7.2bn worth of illegal penalty fees they have levied from customers, according to City analysts, if regulators rule against the charges.

"In the first authoritative study of the charges, banking analysts at Credit Suisse have calculated that high street banks rake in £1.2bn a year from penalty charges. The news will fuel a customer revolt that has taken the banking sector by storm.

"Under consumer law, customers are entitled to claim retrospective refunds going back six years if banks are judged to have imposed illegitimate charges on their accounts. According to the Credit Suisse figures, the total repayment due to account holders will add up to £7.2bn if the maximum number of customers apply for refunds. The calculation is based on an analysis of bank revenue generated from penalty fees. Since The Independent started its campaign last week, more than 400,000 people have downloaded online guides to complain about bank charges, which are levied on services such as unauthorised overdrafts and bounced cheques. Thousands of customers have already won compensation from their banks, with awards ranging to £70 to thousands of pounds ..."
Independent