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Michael Browne

3.7m Lloyds basic account customers still charged fees

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Millions of people who have basic bank accounts may be paying higher fees than necessary..


Basic bank accounts are designed for people who do not already have a bank account and are ineligible for a standard current account


.While eight million people have basic accounts, around half of them are still liable to pay fees for failed payments.


Completely fee-free basic accounts have been available since January 2016, following an industry agreement.


Vulnerable customers who have such accounts are not charged for failed payments, or for going overdrawn.


The Treasury figures show that 3.7 million people have accounts that do not conform to the agreement, struck between the government and the banking industry, in 2014.


Of those, 3.6 million bank with Lloyds, the rest being RBS customers


All the other seven big High Street banks do not charge fees for basic account customers



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