Lloyds TSB has announced that it will be reducing its charges for unauthorised overdrafts and bouncing cheques. This announcement comes as the bank confirmed that it had refunded £36million to customers, after they had threatened to legal action.
Our view
The financial services industry regulator the Financial Services Authority FSA has been looking very closely at excessive charges by banks and building societies under its Treating Customers Fairly program. This move is good news and we expect more banks to follow suit.
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