Banks to be banned from charging rip-off unarranged overdraft fees

BANKS are to be banned from charging more for unarranged overdraft fees than arranged ones in a high-cost credit crack down.

The new rules introduced by the money watchdog will come into effect from December 18 2019.

In 2017, banks made over £2.4billion from overdraft fees and around 30 per cent of that figure came from unarranged overdrafts.

An unarranged overdraft is when you spend beyond the agreed amount set with your bank.

The Financial Conduct Authority says that half of banks’ unarranged overdraft fees came from 1.5 per cent of customers in 2016.

More to follow…

For the latest news on this story keep checking back at Sun Online.

Thesun.co.uk is your go to destination for the best celebrity news, football news, real-life stories, jaw-dropping pictures and must-see video.

Download our fantastic, new and improved free App for the best ever Sun Online experience. For iPhone click here, for Android click here

Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.

Link

(Visited 13 times, 1 visits today)

Leave a Reply