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MSE News: Overdrafts cost too much, financial watchdog says
Former_MSE_Helen
Posts: 2,382 Forumite
"Overdrafts are to be investigated by the Financial Conduct Authority after it found borrowers are paying too much..."
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Overdrafts cost too much, financial watchdog says
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Overdrafts cost too much, financial watchdog says
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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The regulator that thinks paid for in-credit bank accounts are the way forwards.0
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Can't remember when they limited how much payday lenders can charge, and restricted their practices to something that is commonly considered fair. Can someone remind me?0
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And clean accounts that have no introductory bonus.PeacefulWaters wrote: »The regulator that thinks paid for in-credit bank accounts are the way forwards.
So here we go, another "popular" push that is likely to result in everyone having to pay more for their banking, and get less out of it.0 -
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Use of overdrafts has become a 'habit' for consumers,
This is the real direction of the FCA's attack one suspects.0 -
I've been "living in" my overdraft for many, many years. I didn't mind paying the £7-£10 a month charges, it was just another monthly outgoing I accounted for. Now, my bank have increased my charge to £20 a month (without warning :mad:) but it's given me the kick up the bum to pay it off and I'll have done so within the next 2 months
Small business owner 🧵 Ex MSE comper 🏆 Student loan repayer 💴 Romanian dog rescuer 🐕 Hopefully a cost of living survivor 🤞🏻0 -
They won't have it done without warning, but the relevant bit is that you got a wake-up call and are getting rid of your overdraft - congratulations! Hope you are with a bank that actually pays you interest for being in credit (TSB, Lloyds, Santander, nationwide etc).I've been "living in" my overdraft for many, many years. I didn't mind paying the £7-£10 a month charges, it was just another monthly outgoing I accounted for. Now, my bank have increased my charge to £20 a month (without warning :mad:) but it's given me the kick up the bum to pay it off and I'll have done so within the next 2 months0 -
Disgusting I call it. If I use my overdraft the first £100 is free and then 10.9 per annum. Should never be allowed!0
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Archi_Bald wrote: »Can't tell whether you a jesting. But assuming you are not - what should not be allowed, and why not?
Apologies I was just being flippant. For me a very good deal and has not changed in years.0
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