MSE News: Lloyds TSB in bank charges shake-up

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  • samjef11_2
    samjef11_2 Posts: 454 Forumite
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    I bet they done this to cover themselves for the bank tax.
  • jambosans
    jambosans Posts: 1,493 Forumite
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    samjef11 wrote: »
    I bet they done this to cover themselves for the bank tax.

    Unlikely. Perhaps it's to re-coupe the lost income from reducing their unauthorised overdraft charges.
    Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.
  • samjef11_2
    samjef11_2 Posts: 454 Forumite
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    jambosans wrote: »
    Unlikely. Perhaps it's to re-coupe the lost income from reducing their unauthorised overdraft charges.
    Could be we never know what banks are up to.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    What about the monthly fee for using an approved overdraft?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    What about the monthly fee for using an approved overdraft?

    The start of non free banking begins?
  • paulmcerlean
    paulmcerlean Posts: 831 Forumite
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    At least they are not doing a Halifax and charging a quid a day.
  • samjef11_2
    samjef11_2 Posts: 454 Forumite
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    At least they are not doing a Halifax and charging a quid a day.
    That's true and who do you think the banks will take the bank tax that will come into force i think nextyear the bank or the poor consumer?
  • stator
    stator Posts: 7,441 Forumite
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    This annoys me no end. I liked the old/current system fine.

    All this campaigning about "fairer" banking charges just ends up with all the banks changing their charges into systems that make less sense.
    Changing the world, one sarcastic comment at a time.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    stator wrote: »
    This annoys me no end. I liked the old/current system fine.

    All this campaigning about "fairer" banking charges just ends up with all the banks changing their charges into systems that make less sense.

    Blame Martin ;):D
  • Alpine_Star
    Alpine_Star Posts: 1,354 Forumite
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    Like many banks Lloyds chose a complex array of smaller fees in preference to an expensive single charge.

    Because charging structures are becoming ever more complicated and difficult to compare, from the end of this month the OFT will require that all banks publish the cost of going into unauthorised overdraft in 6 different scenarios.



    1 We refuse a payment from your account because there is not enough money in your account.

    2 A payment from your account takes you into [an unauthorised overdraft] by less than £10. You [are overdrawn] for one day during the month.

    3 A payment from your account takes you into [an unauthorised overdraft] and you make another payment from the account while you [are overdrawn].
    You [are overdrawn] for two days in a row during the month.

    4 A payment from your account takes you [into an unauthorised overdraft], and you make nine more payments from the account while you [are overdrawn]. You [are overdrawn] for 10 days in a row during the month.

    5 A payment from your account takes you [into an unauthorised overdraft]. You [are overdrawn] for one day. However, on three more occasions during the month, a payment takes you [into an unauthorised overdraft]. On each of these occasions you [are overdrawn] for three days in a row.

    6 A payment from your account takes you [into an unauthorised overdraft]. You [are overdrawn] for 21 days in a row during the month and you make 12 more payments from the account while you [are overdrawn].
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