#overdrafts

Overdrafts: A guide to your changing bank fees

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Young people, specifically 16 to 24-year-olds, are the group who use an arranged overdraft the most and 44% have dipped into theirs during the past 12 months.

But on 6 April, overdrafts are changing. Newsbeat Reporter Rick Kelsey has been finding out how.

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British Banks Set New Overdraft Rates

With new regulations declaring that banks need to be more transparent about the rates that they charge overdrawn customers, we’ve been waiting to see some announcements about what level these rates might be set at. Now, there have been a flurry of announcements showing consumers what to expect once the new rules come in.

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Overdrafts: Why you shouldn’t ignore that message from your bank about fees

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Image copyright Getty Images

If you recently ignored a text from your bank with something about “fees”, you might soon wish you hadn’t.

If you use an overdraft, how much you pay could be about to drastically change.

That’s because new rules have come in that some experts have called the biggest overhaul in fees for a generation.

For many of…

Personal Finance 2020: What To Expect From The Coming Year

Every year there are tweaks to government policy and regulations that can affect everything from bills to taxes. These changes often seem small, but they still have an impact on your wallet. If you want  to be in control of your finances, it makes sense to have a view of the year to come. We’ve pulled together some of the biggest incoming changes to help you plan your money more effectively.

Comm…

Santander will return money to customers in the United Kingdom for not reporting overdrafts | Companies

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HSBC and Santander UK will have to reimburse their clients the charges imposed for non-agreed overdrafts of those who had not alerted them, announced Friday Competition Markets Authority (CMA), the aSupervisory authority for competition in the country.

The CMA said that the British bank will return to 115,000 users about 8 million pounds (or 9.4 million euros) as fees charged, while the…

My only experience over-drafting on my bank account came sophomore year of college. The fall semester I was buying books and my loan disbursement hadn't come in yet. I forget exactly what I did that summer, but I didn't make a ton of money so money was tight for the last few weeks of the summer. 

I bought books for all my classes except Microeconomics. The textbook was over $100 but I had just enough in my account. At least, that's what the ATM receipt told me. 

I found out that there were pending charges I hadn't noticed when my dad called to tell me I had overdrawn the account. He was still on the account because I had set it up when I was 16 and the bank contacted him first.