Now is the time to act on sky-high overdraft fees

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Banks have doubled rates for other customers and some may now go to the wall, writes James Moore

ysfunctional” was how the Financial Conduct Authority described the UK overdraft market when it announced a ban on the unfair chargesTrouble is, the ban has simply shifted the dysfunction from the one

 

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Banks asked to explain 40% overdraft interest ratesWatchdog asks lenders how they decided on new charges after HSBC, First Direct, M&S Bank, TSB and Nationwide all introduce 39.9 per cent APR TheFCA needs to make banks take some responsibility for their customers’ wellbeing. It’s called theft. ... easy, they are greedy...I hope TRUMP gets to them next.. and sacks the lot
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Banks asked to explain 40% overdraft ratesThe City watchdog says most banks have set 'very similar prices' under the new rules. It’s pretty simply. They can’t over charge the small portion of those using an overdraft unexpectedly any more so are now upping the charge to those with arranged overdrafts to cover the funding short fall. It's what they charge. And you agree to the charge by using the overdraft. This culture of government and Quangos setting or questioning pricing is absurd. Another example of how pathetic and weak the so called watchdogs are in the Uk.
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Banks asked to explain 40% overdraft interest ratesWatchdog asks lenders how they decided on new charges after HSBC, First Direct, M&S Bank, TSB and Nationwide all introduce 39.9 per cent APR TheFCA needs to make banks take some responsibility for their customers’ wellbeing. It’s called theft. ... easy, they are greedy...I hope TRUMP gets to them next.. and sacks the lot
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Banks asked to explain 40% overdraft ratesThe City watchdog says most banks have set 'very similar prices' under the new rules. It’s pretty simply. They can’t over charge the small portion of those using an overdraft unexpectedly any more so are now upping the charge to those with arranged overdrafts to cover the funding short fall. It's what they charge. And you agree to the charge by using the overdraft. This culture of government and Quangos setting or questioning pricing is absurd. Another example of how pathetic and weak the so called watchdogs are in the Uk.
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