The FCA have fucked up, in order to treat all customers fairly they have instructed that they don’t discriminate between agreed and non-agreed overdrafts. FFS! Guess what they’ve chosen to do 😫. Here are some notes and links.
- https://moneyfacts.co.uk/news/banking/overdraft-interest-rates-set-to-rise-tips-for-paying-off-your-overdrafts/, they say that many banks announced that they would be increasing the interest rates on their arranged overdrafts. Barclays, for example, will be increasing its rate to 35.00%, while first direct and HSBC will increase their rates to 39.0%.
- https://www.independent.co.uk/news/business/news/bank-overdraft-interest-rates-fca-explain-a9306176.html
- There’s a lot more about it on google.
I struggled to find a picture to decorate the article, I made this one, from the FT, it has HSBC & Barclays, it’s missing Lloyds and Nat West.
I also tried to make one from my “Steadman Logoes” picture but felt this didn’t work; I couldn’t work out how to make it 200px high. (Dec 2020, looks like I did.
