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...............dipped into an overdraft to pay for an emergency but, like millions of people in the UK, found it tough to climb back out. daily overdraft charges meant families had nothing to spend after rent and grocery bills and were "one bill from financial disaster". Newly-announced plans on overdrafts would end this kind of charging. The Financial Conduct Authority (FCA) wants banks to charge a single interest rate for all types of overdraft. Banks would set a single rate for going into the red and customers would be able to compare banks for the best deal. The FCA, the City regulator, is also proposing a ban on any fixed fees linked to an overdraft. One analyst has already suggested this could hasten the end of "free banking"
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