Now is the time to act on sky-high overdraft fees
Banks have doubled rates for other customers and some may now go to the wall, writes James Moore
Dysfunctional” was how the Financial Conduct Authority (FCA) described the UK overdraft market when it announced a ban on the unfair charges banks currently impose on customers who go overdrawn without prior arrangement.
Trouble is, the ban has simply shifted the dysfunction from the one part of the market to another. A substantial minority of banking customers will soon see their interest bills doubling, prompting the regulator to demand an explanation.
This could yet develop into a nasty fight. But first, the background.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies