Tweet
as FCA puts spotlight on unfair overdraft charges
Santander is the latest to slash or abolish charges for transactions or direct debits made by someone in the red. Its move follows scrutiny from the City regulator, the Financial Conduct Authority, into overdrafts. Money Mail understands banks are nervous these penalties, which can be £25 per payment, might be judged unfair as part of this investigation. One insider said charges ‘stand out like a sore thumb’. He told Money Mail: ‘There’s no way a £25 penalty for not processing a payment can be justified.’ Last June, the FCA launched a probe into overdrafts. In April, it published an initial report that said borrowers were confused by the charges.....Read more here
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.