Moneynet issues warning on Lloyds TSB overdraft fees
Lloyds TSB customers who frequently access their overdraft should seriously consider moving their current account to another bank, Moneynet.co.uk has claimed.
The financial advice site made the remarks after Lloyds TSB announced a new monthly fee of £5 for customers who use their planned or unplanned overdraft.
This fee is in addition to the monthly interest already charged, and will come into effect from December this year.
“We have seen a number of high street providers reduce unauthorised borrowing costs which is not surprising given the government focus on ‘unfair’ charges,” said Andrew Hagger, Moneynet.co.uk spokesperson.
“However it’s worrying that authorised borrowers are now being targeted with increased costs, particularly so if other providers follow the moves from Halifax and Lloyds TSB.”
In December last year, Halifax started charging customers £1 per day for using their authorised overdraft.