Radical shake-up of overdraft charges will restrict fees

The Financial Conduct Authority (FCA) has described its new rules as the “biggest overhaul of the market in a generation”. Fixed fees for borrowing through an overdraft will be banned and banks and building societies will have to price overdrafts by a simple annual interest rate. Banks and building societies will no longer be able to charge more for unarranged overdrafts than they do for arranged overdrafts.

Source: Sky News
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