The banks that charge more for an overdraft than a payday loan

is calling on the Financial Conduct Authority to use its High-Cost Short-Term Credit Review to crack down on unarranged overdraft charges - banks currently set their own monthly maximum. Could not subscribe, try again later Invalid EmailCharges for an unauthorised overdraft could cost £156 more than for a payday loan, according to new research. A £100 overdraft will cost nothing, £500 11p per dayM&S Bank charges 15.9% - the first £100 is free. Natwest said: "We encourage all our customers to contact us if they are going to enter unarranged overdraft. A £100 overdraft will cost nothing, £500 17p per dayPost Office Money charges 14.9%.


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The banks that charge more for an overdraft than a payday loan exposed

found that NatWest could charge £180 to borrow for 30 days over two billing periods, a difference of £156 compared with a payday loan costing £24. Payday loan charges were capped in 2015, as part of moves to prevent people getting trapped in a debt spiral. Customers using Lloyds or Santander could be charged £160 to borrow across two billing periods, £136 more than a £24 payday loan. It's not right that people with a financial shortfall can be charged so much more by the big high street banks than they would by a payday loan company. The Competition and Markets Authority (CMA) previously found poor price transparency surrounding overdrafts generally, particularly when a customer slips into an unarranged overdraft.




The pound has fallen by almost 20% against the against the dollar since the Brexit vote, trading below $1.22 and €1.10 on Monday. Alison Cooper received a total pay package of £5.5m in the last financial year, up from £3.6m the year before. Shares in the US fell 16 per cent before being halted from trading, wiping $2.3bn (£1.88bn) off the company's market value. Sapin revealed that the executives of major US banks have told him they were working on contingency plans, after their meeting last week in Washington. Nicolas Mackel said there had been "strong interest" from US and other non-EU firms assessing their options since June's referendum.


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collected by :John Miller