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Andyorch

Banks should cap overdraft fees, says competition watchdog

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Banks should cap unarranged overdraft fees and warn customers before they go overdrawn, the competition watchdog has said.

The Competition and Markets Authority says this and other measures could save bank customers £1bn over five years.

 

The provisional conclusions of the 18-month study into personal and business banking suggest competition is weak in the industry.

 

http://www.bbc.co.uk/news/business-36309396


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The way the banks get away with this is pay out DD's and bills 1st then credit the account after this has been done. This makes the accounts go overdrawn and fees become payable.

 

By this I mean payments are due on Monday a credit is due on Monday they pay out 1st then pay in 2nd.

 

If they credited the money in 1st then the bills after this then there fees would not become due and they would lose a fortune would they not? We call this being cash cowed!

 

Just an observation..


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