Following the Supreme Court ruling this morning, Peter Gerrard, finance expert at Moneyextra.com, gives his overview and offers his advice to customers who are struggling with their overdraft charges.

He says, 'I'd be surprised if today's ruling will conclude this debate; the Supreme Court have themselves said that the Office of Fair Trading can look at further regulation which they will no doubt do, especially as it has been decided that banks cannot charge a disproportionate amount.'

In the meantime however, Gerrard suggests there will be many consumers left confused having seen so much public money put into the banking system over the last 18 months, and very little in return. 

Those most affected by the ruling will be those consumers who are already struggling in the current climate. Gerrard concludes, 'In the interim consumers should look around for current account deals which match their needs, such as Alliance & Leicester current account which has 0 per cent interest for authorised overdrafts for 12 months.  Many banks are attracting customers by offering a current account switching service which takes the pain out of moving bank accounts by making the process simple and straightforward.'

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