Thousand leave Halifax over bank charge changes

It is reported that around seventy thousand customers have left the High Street banking giant Halifax amidst anger over changes to the way it charges for overdraft facility usage. There is also speculation that customers of the bank are still leaving, which means that eventually the changes may have cost the banking giant in excess of 100,000 customers. Many customers are said to have moved to rival banks, with many others trying to open new current accounts with an alternative bank so that they can leave Halifax. Read more

Tags: overdraft, fee, halifax, Banking in the United Kingdom, Bank charge

Memo indicated that banks told that bank charges are probably unfair

This year’s High Court test case into bank charges saw round one go to the Office of Fair Trading, with the regulatory body being given permission to assess banks# terms and conditions, including overdraft charges, for fairness. According to the contents of a leaked memo that was sent to senior staff members at RBS and Natwest the OFT has concluded that the charges applied by the UK’s leading banks are indeed unfair. Read more

Tags: August, bank charges, Office of Fair Trading v Abbey National plc, office of fair trading, test case, rbs, bill