Banks win latest overdraft charge battle

The Supreme Court has ruled in favour of banks, which were battling the Office of Fair Trading (OFT) over whether the charges could be considered unfair. However, the ruling does not necessarily signal the end of the legal battle, as the OFT could still go after banks using other regulations. Around £2.6bn of annual bank income is at stake, and supporters of the charges say free bank accounts could become a thing of the past if the penalties are ruled illegal. Lord Phillips, president of the Supreme Court, said bank customers agreed to overdraft fees when they sign up for their ban...