While the UK is currently in the grip of the banking charge compensation issue, it seems that there may be a knock on effect to worldwide banks.  Current estimates indicate that thousands of UK banking customers have successfully applied for the repayment of millions of pounds in “over charges”, with banks often shying away from court, and settling “on the steps”.  However, there have also been a number of high profile cases lost in court for various reasons.

It is now believed that banking customers in countries such as South Africa, Australia, Israel and the Czech Republic have started to revolt, with many making official complaints about their local charging structure.  In fact the Israeli government have appointed the country’s Central Bank to regulate the bank charging structure of the country, with changes not too far away.

The UK situation has received much press worldwide, and it appears that this has been the seed for the ongoing revolt.  As more and more people take a hands on approach to their banking, weird and wonderful charging mechanisms are being revealed.  For many banking customers around the world it has been a real eye opener to see what amount of their income actually goes on charges. 

Whether the authorities can actually instigate an approach similar to that in the UK remains to be seen, but it seems highly likely that the banking industry will be under pressure for some time to come.