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If You Use Overdrafts Then Time To Consider Changing As Charges About To Soar

16th January 2020

The Money Advice Service has advice on their blog and what the changes to overdraft fees mean for you.

Major changes affecting your overdraft will be introduced in April 2020, but some banks and building societies will introduce these changes earlier.

But what is changing, how will it affect you, what should you do if you're worried about these changes and how can you stay out of your overdraft?

What changes are being introduced?

There are three main changes being introduced which will affect your overdraft.

Interest on all overdrafts will be charged at a single annual interest rate (APR).

No daily or monthly fees for using your overdraft.

The same interest rate for arranged and unarranged overdrafts.

This means you might lose your interest-free overdraft and overdraft buffer. However, to be sure, you will need to check with your bank.

Not all banks and building societies have announced what their interest rates will be. However, the ones which have already announced the changes, are charging between 15% and 40%............

Read the full article HERE