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…
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