How does the scrappage of overdraft fees affect me?

savingjet12

So Lloyds has come out to say they are changing the way they charge unplanned overdraft fees. If I have a sum of money owing to them due to their previously excessive fees, would this amount change once they've brought in the changes? The new charge is meant to be 1p a day which would mean my amount would be substantially less.

StopIt

savingjet12 wrote: »

So Lloyds has come out to say they are changing the way they charge unplanned overdraft fees. If I have a sum of money owing to them due to their previously excessive fees, would this amount change once they've brought in the changes? The new charge is meant to be 1p a day which would mean my amount would be substantially less.

It's 1p per £7 remember of Overdraft, not 1p full stop.


The amount you owe will not change. The amount charged going forward after the changeover date will. However you can always complain about excessive charges and appeal to get some of them refunded. They have no obligation to do so but the worst answer is no.


http://www.bbc.com/news/business-40555175


Remember, if you have anything over around £800 in Overdraft, you will be charged more, not less under this new system.