Interest free overdraft

Flanaganm

I am looking for some advice - I currently have a £300 arranged overdraft interest free due to having a platinum lloyds current account. They are increasing that to £500 but on the 9th July will be lowering it to £50 according to their website (image attached). Are they able to just change this amount on a paid account?
Also surely making it £500 and reducing to £50 in 3 months time will surely put people into more financial trouble as they will have to pay interest on a larger amount of their overdraft than they would have done beforehand.

eskbanker

They announced back in January that the interest-free facility would be reduced to £50 from 6 April, so that's the new normal - as a completely separate exercise they've introduced their temporary increase to help during the coronavirus crisis but this is currently planned to cease on 9 July, after which it'll revert to the originally planned £50....

jonesMUFCforever

If you don't want to pay any interest - don't use the facility - after 9th July anyway.