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Bank customers to escape some 'unpaid item' fees
Bank customers are be spared penalty fees when they miss a payment, but then top their accounts up later in the same day. Seven High Street banks have agreed to "retry" payments later in the day, if a customer does not initially have sufficient funds to make a payment. The move should save customers millions of pounds in charges. Barclays, HSBC, RBS and Santander are among those who have agreed to abide by the new voluntary accord. Previously banks made £200m a year from penalty fees on what they called "unpaid items", usually bill payments that were refused because the account had insufficient funds.....Read more hereYou must be logged in to post a comment.
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The FCA and several banks agree to retry processing bounced payments rather than instantly hitting customers with penalty. Consumers will save millions of pounds a year in penalty fees for bounced payments under a deal between eight current account providers and the City regulator. Previously, most banks and building societies processed standing orders, direct debits and other pre-arranged payments early in the morning, at the same time as salaries were paid in to accounts. If the money coming in had not cleared before the debit was attempted customers could be charged about £25 for each unpaid item – with the total cost to consumers estimated at £200m a year.....Read more here