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October 09, 2006
How Much?
News that Lloyds TSB are to introduce new tougher penalties for going overdrawn. Applying charges of £30 for going overdrawn, and then £35 a throw, up to 3 times in a given day, for bounced payments.
A change indeed, considering it used to be £30 for going overdrawn, and then a lot less than £35 for bounced payments. And, I'm pretty sure, it was only the one charge, not a charge per item.
Cynical view, from the Moneybox article, is that like other banks, they're getting in while they can with extortionate charges. The Office of Fair Trading (OFT) will be ruling on bank charges early next year, and many see that as an end to the high charge regimes present today.
Interestingly the Lloyds TSB interviewee refused to comment on whether the new charge reflects the cost to the bank of having to bounce a payment.
Posted by alan at October 9, 2006 01:11 PM
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