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The end of free-banking is one step nearer as RBS introduces a monthly fee just for using your overdraft. Thousands of customers with a Royal Bank of Scotland or NatWest current account will soon pay more for their overdraft, as the bank is introducing a new monthly borrowing fee. Customers who use their overdraft will now pay a £6 monthly charge. This is on top of interest, payable at 19.89pc on the overdraft. In addition the bank has reduced the interest-free buffer from £100 to £10, meaning customers will be hit with these charges sooner. However, the bank has reduced the maximum fees that customers will pay if they exceed their agreed overdraft limits. Previously customers would be charged for every day their overdraft remained over this limit; now this is capped at a maximum of 15 days in any one month - reducing the maximum charges from £186 to £90. A spokesman for the bank said this was to reduce the disparity between unauthorised and authorised overdraft charges. But critics said this was penalising the majority of those who stuck to agreed limits and only a minority would benefit from such changes. Andrew Hagger, a banking expert said this change was "another step towards the end of free banking". He added it was signficant that these charges aren't imposed on the bank's packaged account, for which customers already pay a monthly fee. More: http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/10001751/RBS-and-NatWest-push-up-overdraft-charges.html
Some four million adults in the UK intend to take out a payday loan to cover the cost of Christmas this year, according to new research. A survey of 960 people by R3, the trade body for insolvency professionals, revealed that 8% of adults are considering turning to a payday loan due to the pressures of spending over the Christmas period. More: http://www.credittoday.co.uk/article/14645/online-news/cost-of-christmas-will-push-four-million-to-payday-loans
Victims are seeing their bank accounts emptied after fraudsters set up fake accounts to take out Wonga loans and use stolen card details to push the debt onto unsuspecting consumers, a This is Money investigation has found. In a series of cases raising concerns about the payday lender's security checks, the first victims know is when they notice that money has been taken out of their account by Wonga. When they call their banks to report the crime they are told to contact the payday lender directly, yet those who have come to This is Money for help have typically found it to be slow to help - leaving them missing almost £1,000 or more for long periods. Read more: http://www.thisismoney.co.uk/money/cardsloans/article-2192482/INVESTIGATION-Wonga-fraudsters-push-debt-unwitting-victims.html#ixzz251SBwbXE