Borrowers relying on £500 overdraft buffers will be stung when they vanish as Bank of England finds rates for going into the red are at a record high Overdraft rates have more than doubled since March to 22.52% Banks were required to lower customers’ borrowing costs for 3 months Regulators gave them the green light … Read more
Bank overdraft costs double in a year: Average rate has risen from 12.34% to almost 27% By Amelia Murray For The Daily Mail Published: 22:00 BST, 22 September 2020 | Updated: 22:52 BST, 22 September 2020 Borrowers are being charged more than double the rate for their overdrafts compared with this time last year. The … Read more
Natwest customers slam bank’s poor branches and overdraft services as they rate it one of the worst for service By Lucy White For The Daily Mail Published: 21:50 BST, 17 August 2020 | Updated: 21:50 BST, 17 August 2020 Natwest’s customers have rated it as one of the worst banks, calling out its poor branches … Read more
Borrowers were granted a reprieve from overdraft rates of nearly 40 per cent at the start of April as banks were ordered by the regulator to keep costs low as the coronavirus struck. But last week the Financial Conduct Authority reopened the door to sky high overdraft charges when it said it was not extending … Read more
Barclays announces £750 interest-free buffers for anyone with a pre-agreed overdraft from May 1 until July 9 to help borrowers suffering in Covid-19 crisis Customers with pre-agreed overdraft limits will benefit from the new deal The interest free option applies to the first £750 of the agreed overdraft limit A temporary interest rate of 19.51% … Read more
Government extends overdraft with the Bank of England to pay for its coronavirus spending spree By Lucy White For The Daily Mail Published: 21:50 BST, 9 April 2020 | Updated: 21:57 BST, 9 April 2020 The Government has extended its overdraft with the Bank of England to finance its coronavirus spending spree. The emergency funding … Read more
Take out loan to avoid 50% overdraft fees, says City watchdog as it admits changes will leave three in ten bank customers worse off By Hugo Duncan and Amelia Murray For The Daily Mail Published: 21:50 BST, 24 January 2020 | Updated: 10:35 BST, 27 January 2020 Families are being advised to take out loans … Read more
Struggling families being offered improved overdraft facilities after our campaign By Money Mail Reporter For The Daily Mail Published: 22:01 BST, 7 April 2020 | Updated: 23:07 BST, 7 April 2020 Struggling families are being offered improved overdraft facilities after action by the Financial Conduct Authority (FCA) The FCA suggested banks offer interest-free overdrafts of … Read more
Controversial new overdraft rules come into force today which would have seen some banks increasing overdraft rates to nearly 40 per cent. The changes, announced before the coronavirus outbreak, mean banks can only charge one single annual interest rate for both arranged and unarranged borrowing. But with more households’ under financial strain thanks to Covid-19, … Read more
This morning, the Financial Conduct Authority announced proposals to try and help people struggling with their finances as a result of coronavirus. The proposals are subject to a quick-fire consultation and could come into force next Thursday. Banks have already brought in some measures themselves, but the FCA proposals seek to ensure that customers of … Read more