Lloyds TSB cuts unauthorised overdraft fees
Lloyds TSB is the first bank to announce it will cut the charges from £30 a day if customers go over their authorised overdraft amount, to £15 a month and then a sliding scale of £6 to £20 per day based on the size of overdraft. Charges for bouncing a cheque or standing order will be reduced from £35 to £20. I’m sure you’ll agree, all good news for Lloyds TSB customers, and hopefully other banks will follow suit by reducing their charges.
Marc Gander of the CAG (the Consumer Action Group) who have been leading the customer revolt against bank charges, said the revised charges were still extreme; “I think they are still well over the top, on the basis that the real cost of sending a letter or bouncing a cheque is about £2.00; the mark-up is still very high.” Let’s face it; banks aren’t going to let customers borrow unauthorised amounts of money whenever they feel like without a fee. I think it’s about finding a sensible and fair means of charging. At least Lloyds TSB have taken the first steps here.