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The Supreme Court of England and Wales has ruled that banks do not have to repay fees charged to customers for overdrafts and other account penalties. The news is a blow to many campaigners but also a relief given the sabre-rattling threats of universal cash machine charges. The banks have won the battle, essentially on a technicality: that the OFT did not have the power to determine whether the charges were unfair.

However, long before this battle was concluded, the banks had lost the war.

They have lost the respect of customers and will struggle to win it back. It’s a market ripe for a new entrant to break the mould.

Dear Brian Hartzer Thank you for your letter to me as a customer of Nat West.I’m sorry that the following letter is not more entertaining but bank charges makes for a dry subject. I was surprised to read about it in a full page advert in The Times. I don’t usually get the Times in [...]