Overdraft changes saved borrowers £1bn, says watchdog
Simpler overdraft rates have helped borrowers but some still miss out on support, the FCA says. …
The savings came from reforms in 2019 and 2020 which tackled overdraft pricing, and provided support for customers who used overdrafts repeatedly. The policy was designed to help the 14 million people who suffered most because they slipped into unarranged overdrafts, without getting authorisation in advance from the bank, and paid much higher charges.
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