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Why your bank balance may drop today as overdraft rules change

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Millions of UK bank customers could see changes to how their available balances appear on Wednesday, after new rules on overdrafts came into effect.

Regulators have ordered banks to stop including overdrafts in funds marked as ‘available’ for customers, to raise awareness overdrafts are a form of debt rather than customers’ own cash. Overdraft balances will be listed separately.

“Unfortunately too many people fall into the trap of believing that’s their money rather than a debt," said Christopher Woolard, a director at the Financial Conduct Authority (FCA).

https://uk.yahoo.com/finance/news/overdraft-change-bank-why-balance-money-available-fallen-interest-rate-084313976.html

 


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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