HBOS reduces overdraft fee to just five pounds a day
As we covered in one of our earlier post, more and more banks in the UK are reducing their overdraft charges as we await the announcement of a legal challenge to historic overdraft fees. HBOS, via its subsidiary Halifax, is the latest such bank to reduce its charge to just five pounds a day for those making use of unauthorised overdrafts.
Previously Halifax had charge £35 for refusal of payment due to insufficient funds, £35 for transactions carried out while in the red and £28 a month for using an unauthorised overdraft. Taking current and historic charges into account, the most a Halifax customer can be charged on a monthly basis for going overdrawn is now £155 rather than the £200 plus which some customers had been charged on a daily basis!
Recent news regarding the ongoing legal action against UK banks and excessive overdraft charges would seem to indicate that the courts will pass over control of the decision to the Office of Fair Trading to decide whether charges were in excess of legal limits. How long it will take to arrive at a decision regarding compensation remains to be seen but we are slowly approaching the endgame of this particular saga.
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