We recently highlighted the crazy fees still being charged for unauthorised overdrafts by the high street banks, despite pressure from government and the OFT.
A recent article by ThisIsMoney has now exposed the latest ploy by Halifax Bank of Scotland to extract more cash from customers with approved overdrafts. The popular financial site explains:
Payday loans have started to take off in the UK over the past year and the term payday loan, or payday advance is becoming a more familiar phrase, especially when searching for fast cash online.
As usual, it’s taken pressure from a regulator to make high street banks change their ways! As reported by the Times, the OFT has been calling for more transparency about charges, particularly for going over your bank overdraft limit. With a multitude of potential fees and some fixed charges running up to £20 per DAY, it’s about time they made it easier for people to work out the true cost of accessing emergency cash. Here’s an extract from the article…
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