Banks bring back eye-watering overdraft fees of nearly 40%

Industry News | 10/07/20

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 those rules after they ran for three months.
While people struggling financially will be able to ask for support and still take advantage of a £500 interest-free overdraft until October, many borrowers are in for a shock.

Source: This Is Money