News Tag: overdraft
March 16, 2010
Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities.
Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red.
The announcement comes as the OFT took legal action against banks regarding unauthorised overdraft ...
Consumers to benefit from overdraft opt-out
by Kay Murchie
March 15, 2010
Young people are risking their financial future by opening multiple current accouts to maximise their access to overdraft facilities, according to a new report.
Research by YouGov, on behalf of Callcredit, found that nearly one in ten (9%) 18 to 24 year olds have three or more current accounts in their name with an overdraft available.
Of those with more than one bank account, ...
Young people exploit multiple overdrafts
by David Masters
March 8, 2010
Virgin Money, which is set to launch as a retail bank later this year, has announced it will charge a monthly fee for current account customers.
However, the company said the fees will be low and will replace high overdraft charges.
Sir Richard Branson’s Virgin Money recently acquired regional bank Church House Trust.
Virgin Money, which was unsuccessful in ...
Virgin Money to become first bank to charge upfront fees
by Kay Murchie
February 26, 2010
UK consumers who never manage to escape their overdraft should seek debt advice, the Consumer Credit Counselling Service (CCCS) said this week.
It issued the guidance after research by moneysupermarket.com found one in ten British adults live on their overdraft.
CCCS said relying on credit for day-to-day expenses is one of the signs of a debt problem, and those ...
Relying on your overdraft is a debt problem, claims CCCS
by David Masters
December 22, 2009
Consumer watchdog, the Office of Fair Trading (OFT), has announced it is to abandon plans to take further legal action against banks regarding unauthorised overdraft charges.
At the end of last month, the Supreme Court ruled in favour of the banks over the fairness of the charges.
The test case originally commenced in July 2007 after it was discovered ...
OFT scraps plans to take further court action against banks
by Kay Murchie
November 30, 2009
Last week, the Supreme Court ruled in favour of the banks over the fairness of unauthorised overdraft charges.
The legal battle, which has been ongoing since July 2007, came as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair.
Since the ruling, banking giant Lloyds said it is seeking to ...
Lloyds seeks to dismiss overdraft cases
by Kay Murchie
November 17, 2009
The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week.
Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank charges are fair.
Banks and building societies were ...
Wednesday 25 November is judgement day
by Kay Murchie
September 7, 2009
Abbey and Alliance & Leicester (A&L) are offering new customers a £100 incentive to switch to their current accounts.
The Santander-owned banks are offering the bonus to new customers opening an Abbey Preferred Overdraft Rate account or an A&L Premier Account from today.
To receive the cash bonus, customers must fund the account with a minimum of £500 per month at A&L, or ...
Santander offers £100 to new customers
by David Masters
August 11, 2009
Abbey's 6% savings account for small businesses will only be available until the end of this month, the business banking provider warned this week.
"The clock is now ticking and I would urge small businesses who haven't already taken advantage of this offer, to do so before time runs out," said Paula Ickinger, Abbey Business Banking product executive.
The account, available for ...
Abbey warns businesses: 6% deal closing soon
by David Masters
June 5, 2009
Millions of current account holders have been stung by a hike to overdraft rates this week, with both Nationwide and Barclays increasing overdraft charges.
Nationwide, Britain's biggest building society, has increased interest charged on overdrafts for the third time in a year, with overdrawn customers paying nearly double compared to 12 months ago.
Barclays, meanwhile, has put the overdraft rate on its ...
Current accounts stung by overdraft rates hike
by David Masters
December 16, 2008
Halifax has announced a new current account that will charge overdrawn customers up to £2 per day.
The Halifax Reward Account offers fixed cash payments for customers in credit, and fixed daily charges for overdrawn accounts.
Customers who deposit more than £1,000 into their account at least once per month will be rewarded with a fixed monthly sum of £5, regardless of their ...
New Halifax account simplifies interest payments
by David Masters
