MSE News

Overdrafts

First Direct and M&S Bank follow HSBC in hiking overdraft fees from March

First Direct and M&S Bank customers have been told their arranged overdraft interest rates will be more than doubled to 39.9% from next year

5 December 2019

Your bank could be about to tell you that you've less cash available – here's what you need to know

Three banks have changed the way they show customers' 'available balances' this week, and at least seven more will by mid-December, as the financial regulator brings in new rules on how overdrafts are displayed to customers. But some HSBC and First Direct customers have been left confused by the new changes and worried they've lost cash - so here's a rundown of what's changing and what to look out for

29 November 2019

Nationwide to cut interest and overhaul overdraft fees on FlexPlus account – is it still worth it?

Nationwide has started telling customers about changes it's making to its FlexPlus packaged bank account in November, which include slashing in-credit interest and raising overdraft fees for many. We've full details of the changes below, plus our analysis of whether the account will still be worth it

27 August 2019

320,000 Nationwide customers owed average £19 refund for overdraft charges

Nationwide will refund £6 million to current account customers, after failing to send customers the correct alerts warning them about unarranged overdraft fees

8 August 2019

Nationwide to hike overdraft fees for majority of customers

Nationwide has announced its overdraft rate will be a whopping 39.9% APR – meaning most of its customers who use their overdrafts are set to be worse off

25 July 2019

10,000s of Coventry Building Society customers to lose debit cards

Coventry Building Society is to withdraw debit cards from more than 30,000 customers using its MoneyManager savings accounts in September - and some will also lose overdraft facilities

14 June 2019

Martin: 'After 10 years there's finally an end to unfair bank charges'

Fixed daily overdraft fees will be banned and replaced with a single interest rate next April, the financial regulator has announced

7 June 2019

Santander to refund 20,000 customers after failing to warn them about overdraft charges

Santander is paying out £1.4 million in refunds to 20,000 customers, after it failed to send out warnings about unarranged overdraft fees

24 May 2019

Lloyds, Halifax and Bank of Scotland to hike overdraft fees for millions

Nearly all customers with an overdraft at Lloyds, Halifax and Bank of Scotland will see their charges increase from January - and someone with a constant £500 overdraft will pay around £40 a year more under the new system

23 November 2018

Santander to scrap unarranged overdraft fees on 123 accounts

From July Santander is removing all unarranged overdraft fees on its current accounts that charge monthly fees

25 January 2018

Suggest a Story

Got a money-related news story that affects you? Email us