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The recent bout of refund claims into banking fees took a new turn last week when Yorkshire Bank did not settle all of the 44 claims that had come before Hull County Court. The banking industry is very keen to avoid a case getting to the stage where a precedent is set that is not in their favour.
Despite tens of thousands of claims being made for the refund of fees, banks have chosen to settle these claims out of court to avoid a full hearing. The judge in the Yorkshire Bank cases, where seven of the original 44 cases were eventually heard, agreed a disclosure order, which means that the bank has until the end of september to settle the outstanding claims or face an investigation into their charges in open court.
No doubt the bank will settle these remaining cases in a more timely manner than the original cases, some of which were settled just minutes before the hearing took place. So far, no bank has had to explained their fee charging structure in open court, an action that consumer groups are pressing hard to bring about.
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